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VTB reports high net profit

According to preliminary data, VTB Bank's net profit under IFRS grew 28.8% to $1.051 billion during the first nine months of 2007 compared to the $816 million posted for the same period a year earlier, the Russian bank announced in a press release today.

VTB's total assets increased 41.7% to $74.255 billion, loan portfolio rose 53.3% to $46.345 billion, and operating profit climbed 41.9% to $2.57 billion.

President-chairman Andrei Kostin said the company is on track to reach its year-end targets, and will face the challenges of 2008 with a 'solid and stable' foundation.

Current share price of VTB Bank on the MICEX: 0.12 rubles