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Tuesday August 4, 2009
Russia's VTB posts US$661mil loss in Q1
MOSCOW: Russia's second-largest bank on Tuesday posted a 20.5 billion ruble ($660.2 million) net loss for the first quarter of the year as it had to boost its provisions for bad debts.
VTB's net profits in the first quarter of 2008 stood at $121 million.
Provisions went up 4.8 percent compared to the fourth quarter of 2008 to 7.1 percent of the average gross loan portfolio.
Despite the net loss, bank's core income rose an annual 30 percent to 38.6 billion rubles ($1.2 billion) in the first quarter.
The bank said, however, that it does not expect to turn profit this year. - AP
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