VTB Group Tumbles Most in Week as Profit Falls: Moscow Mover
VTB Group, Russia’s second-biggest lender, declined the most in a week after first-quarter profit dropped 13 percent.
VTB shares retreated as much as 2.3 percent before trading down 1.9 percent at 5.92 kopeks by 10:43 a.m. in Moscow. The Micex Index (VTBMICX) declined 0.5 percent to 1,437.21.
Net income attributable to shareholders fell to 22.7 billion rubles ($700 million) from 26 billion rubles a year earlier, the Moscow-based bank said in a statement today. The average estimate in a VTB poll of 21 investment banks was for profit of 22.2 billion rubles.
“We delivered solid results with a strong return on equity of 15 percent for the first three months of 2012,” Andrey Kostin, chairman of VTB, said in the statement. Optimizing VTB’s asset base, improving operational efficiency and risk management policies will help VTB “maintain a strong position in an extremely challenging global market environment.”
Gross loans slid 0.8 percent in the first quarter to 4.55 trillion rubles.
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