VTB Predicts $3Bln Profit

By The Moscow Times

July 1, 2013

VTB expects to achieve net profit of more than 100 billion rubles ($3 billion) in 2013, the bank's deputy CEO, Herbert Moos, said at the annual shareholders meeting on Friday, Interfax reported.

"We have confirmed a plan that presupposes an increase in profit. Judging by the first quarter results, we expect that our corporate credit portfolio will grow by about 4 percent and our retail credit portfolio by 7 percent. This is profitable growth, delivering basic income," said Moos.

Previously, VTB had forecast a rise in net profit in 2013 of up to 140 billion rubles.

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