Profit VTB will be corrected
bank declared results for three quarters 2008
Yesterday group VTB declared preliminary neaudirovannye activity results on MSFO for nine months 2008. According to the bank reporting, group VTB actives for nine months have grown on 22 %, to 113 mlrd dollars In VTB do not exclude that the bank net profit in 2008 can appear less sounded earlier 1 mlrd dollars In particular, from - for losses which the bank has incurred in the second quarter 2008 from management of a portfolio of securities and increase in reserves at possible losses under credits.
the credit portfolio of bank for nine months 2008 has increased by 40,7 %, to 84,5 mlrd dollars the Rest of means on accounts of clients for the same period has grown on 41,7 % and has made 52,6 mlrd dollars Income VTB of primary activity has grown on 83,8 %, to 3,8 mlrd dollars According to bank, dead loss VTB in the third quarter 2008 has made 363 million dollars
The bank Loss in the third quarter has been connected with losses from management of a portfolio of securities (273 million dollars) And increase in reserves at possible losses to 788 million dollars (from 592 million dollars following the results of the first half of the year). Expenses on reservation for nine months 2008 have increased to 2,5 % from total amount of a credit portfolio in comparison with 1,3 % in 2007. We will notice that in the first quarter 2008 on operations with securities VTB has lost 450 million dollars, and in the second, on the contrary, has received 276 million dollars of profit.
as trustee VTB Nikolay Tsehomsky has declared yesterday, proceeding from results of the third quarter the bank can receive a loss and following the results of the fourth quarter and consequently, forecasts on net profit for all 2008 will be corrected also. As a result the group net profit will appear below the predicted size in 1 mlrd dollars “ This indicator, probably, will be corrected, as situation deterioration in economy of Russia throughout all second half of the year " is available; - Nikolay Tsehomsky has declared. As he said, negative tendencies will remain and in the first half of the year 2009.
according to operating actives “ AG the Capital “ Vladimir Levchenko, formation of reserves under problem loans will negatively be reflected in the bank reporting in the fourth quarter. “ considering active position VTB in the market of crediting from - for nonpayments under credits that is quite probable, on balance of bank can upat “ dead “ the put actives which will distract passive weight “ - it explains. As he said, this tendency also is marked at other banks.
in 2008 ordinary actions VTB on the Moscow Interbank Stock Exchange have fallen to 74 % (the Moscow Interbank Stock Exchange index for the same period has decreased on 67 %). According to analysts, falling of bank papers will proceed almost till the end of 2009. “ during an epoch of reduction of monetary weight bank actions at the best are not bought, - Vladimir Levchenko considers. - And growth of their prices it is necessary to wait for an investment demand for bank actives more close by the end of 2009 when the trend of a course of yen and dollar will change to euro and currencies of the countries of emerging markets “.