Russia’s Bank VTB posts 49% rise in net profit

Baku. 26 February. REPORT.AZ/ The net profit of Russia’s Bank VTB amounted to RUB 178.8 billion in 2018, up 48.9% from the previous year.

Report informs citing Bank VTB that the increase was caused by fixed incomes, increase of effectiveness of the expenditures and decline in expenses for allocation of reserves.

Net interest incomes rose by 1.8% to RUB 468.6 billion.

Loan portfolio surged by 18.7% settling at RUB 11.43 trillion, individual loans soared 28.7% at RUB 3 trillion, the loans of the legal entities grew by 15.5% to settle at RUB 8.44 trillion. The share of non-performing loans dropped from 6.9% to 5.7%. Customers’ deposits went up 15.9% to RUB 10.4 trillion with individual deposits ascending by 21.7% to RUB 4.4 trillion, and legal entities’ deposits rising by 8.6% to settle at RUB 6 trillion.

The State Oil Fund of Azerbaijan (SOFAZ) holds 2.95% equity in the bank.