VTB called their quarterly earnings a sign of stabilization in the economy

Net profit of VTB Bank for the first quarter of 2016 amounted to 600 million rubles. against a loss of RUB 18.3 billion received by the Bank for January—March 2015. In message VTB improvement associated with higher interest (more than doubled, to 98.3 billion rubles) and commissions (+13%, to 17.4 billion RUB). the Bank’s income.

“The results of VTB group for the first quarter reflect the further stabilization of business activity in the Russian economy in General and a more predictable macroeconomic environment following a period of volatility in the same period last year. The capital ratios of VTB group continued to strengthen, creating good opportunities for the development of our business as the recovery growth of the Russian economy”, — noted the President-Chairman of Board of Bank VTB Andrey Kostin.

According to VTB, the net profit of its units engaged in corporate and investment banking (CIB), in the first quarter of 2016 amounted to RUB 13.9 billion, and net profit of the retail business 4.6 billion RUB In the future, VTB intends to increase the profitability of their retail through Commission products and services, particularly products mortgage insurance company “VTB Insurance” and insurance programs of the company “VTB Insurance life”.

“The position of VTB Bank in the retail segment will be strengthened with the development activities of the Post Bank’s nationwide, joint venture with “Russian Post”, announced in the beginning of the year,” — said Kostin.

The Bank emphasized that the Bank was able to significantly reduce their expenditures on creation of reserves (-17%), compared to the first quarter of 2015, the total expenses of the Bank for these purposes decreased by 8.3 billion rubles.