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Vnesheconombank profit 2011 to reach 20 billion rubles

December 29, 2011, 19:04 UTC+3
Dmitriyev explained the lower-than-expected performance was due to the bank’s involvement in a number of low-yield projects
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NOVO-OGARYOVO, December 28 (Itar-Tass) — Vnesheconombank’s profit this year will reach 20 billion rubles, and the forecast for next year is 20-30 billion rubles, VEB CEO Vladimir Dmitriyev told the media on Thursday. Earlier, the bank had forecast its year-end profit of 30 billion rubles.

Dmitriyev explained the lower-than-expected performance was due to the bank’s involvement in a number of low-yield projects.

“For commercial banks, including those co-owned by the state, the normal yield is 5-7 percent, while in our case it is no more than two percent,” he said adding that the VEB had only two income sources – property contributions and borrowings.

About next year Dmitriyev said that the VEB hoped it would make a 20-30-billion profit.

 

 

 

 

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