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VTB Could Get Boost

By The Moscow Times

The release of provisions made to cover problems at recently acquired Bank of Moscow could boost earnings at VTB by up to 15 percent a year, Troika Dialog analysts said Tuesday.

"Bank of Moscow provision releases are the potential earnings wildcard, with $2 billion or so possible in the next two to three years, which could add 10 percent to 15 percent to annual earnings," analyst Andrew Keeley said in a research note.

After ousting the bank's management last year, VTB discovered nearly half of its loan book was doubtful, leading the Central Bank to approve a $13 billion bailout scheme.

(Reuters)

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