MOSCOW, October 19 (RIA Novosti) - Vneshtorgbank (VTB), Russia's state-run foreign trade bank, said Thursday its consolidated net profit calculated to International Financial Reporting Standards (IFRS) rose 295% year-on-year in the first half of 2006 to $576 million.
VTB attributed its profit growth mainly to larger revenues from core business operations (interest income and fees), which climbed 95.9% year-on-year to $1.75 billion in the reporting period.
Net interest income grew 75.2% in January-June from the same period of 2005, while net fee and commission income more than doubled.
VTB's assets expanded 23.4% in the first six months to $45.33 billion, while loans and advances to clients were up 18.9% to $23.69 billion, and the value of client accounts with the bank rose 45.6%.
