The net loss of VTB under IFRS for the 10 months reached 7.9 billion rubles

MOSCOW, November 27. The net loss of VTB international financial reporting standards amounted in January-October 2015, 7.9 billion rubles, according to the statements of the group.

In October 2015 the group’s net profit amounted to 3 billion rubles, resulting in a net loss, derived from the beginning of year has decreased.

“On the profitability of the group in October had a positive impact of the continuing recovery of net interest margin (to 3.4% in October 2015, compared with 3.2% in the third quarter of 2015 and 2.5% in 9M-2015), as well as the increased net fee and Commission income (7.4 billion rubles in October and 61.4 billion rubles for 10 months of 2015, corresponding to an increase of 34.5% and 22.1% compared to the same periods last year”, – stated in the message Bank.

With the beginning of the year loans to legal entities before provisions increased by 4.9%, in October this indicator has decreased on 0,5%. The volume of loans to individuals before provisions declined from the beginning of the year by 0.9%, but rose in October by 0.2%.

Total expenses for the establishment of a reserve for impairment of debt financial assets decreased from the beginning of the year by 19.2% and reached 155,3 billion. In October, costs on reserves amounted to 18.4 billion rubles.

As previously reported, VTB was the first Russian Bank to publish IFRS statements on a monthly basis, starting in August 2015.