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Russian VTB Group's net loss under IFRS in 8 months totals $223.05 mln

September 28, 2015, 10:14 UTC+3 MOSCOW
1 pages in this article
© ITAR-TASS/Natalya Medvedeva

MOSCOW, September 28. /TASS/. VTB Group net loss under the International Financial Reporting Standards (IFRS) for 8 months of 2015 amounted to 14.6 bln rubles ($223.05 mln), the bank said Monday.

At the same time VTB reported that in August of 2015 the net profit amounted to 400 mln rubles ($6.1 mln).

The profit earning of VTB in August was influenced by the growth in net interest margin from 2.1% to 3.2%, increase in net commission income to 6.3 bln rubles ($96.1 mln) in August and 44.9 bln rubles ($684.9 mln) for 8 months of 2015, increasing by 43.2% and 20.1% compared to the same period last year.

Expenses on creation of reserves in January-August of 2015 decreased by 17.6% compared to the same period last year.

Total VTB expenses for creating reserves for impairment of financial assets and liabilities amounted to 109.7 bln rubles ($1.67 bln), which is 23.5 bln rubles ($359.03 mln) less than a year earlier.

Corporate lending before allowance increased by 5.3% over 8 months of 2015, loans to individuals decreased by 1.5%.

The share of non-performing loans (NPL) in the total loan portfolio amounted to 6.9% as of August 31, 2015, decreasing by 10 basis points compared to June 30, 2015.

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