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Russia's state-run VTB Group said on Thursday its net profit calculated
Russia's state-run VTB Group said on Thursday its net profit calculated to International Financial Reporting Standards (IFRS) increased 28.4% year-on-year to $1.514 billion in 2007.

Asset value rose 76.7% in the reporting period to $92.6 billion, Russia's largest banking group said.

Net profit climbed largely due to considerable growth in the volume of crediting. The portfolio of loans to clients, net of provisions for devaluation, doubled to $58.55 billion, and the portfolio of loans to households before deductions for devaluation provisions, increased threefold to $7.68 billion, VTB Group said.

"These are our first annual results presented by us as a public company and we are delighted that they reflect our strong financial position," VTB Bank Board Chairman Andrei Kostin said.

VTB Bank and its subsidiaries comprise VTB Group, which provides banking services and products in Russia, former Soviet republics, Western Europe, Asia and Africa.


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