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Russia's second-largest bank, VTB, said on Friday its net profit calculated
Russia's second-largest bank, VTB, said on Friday its net profit calculated to Russian Accounting Standards (RAS) rose 70% year-on-year to 1.99 billion rubles ($58.95 million) in January-March.

Net profit was $16.8 billion rubles ($497 million) in January-February 2009, while March saw a net loss of 14.8 billion rubles ($438.4 million).

"The drop in profit in March was largely due to an increase in reserve payments to make up for potential losses on loans, whose volume reached 2.9% of the corporate credit portfolio as of April 1 [against 2% as of January 1]," the bank said in a statement.

Another factor harming the bank's financial performance in March was the negative revaluation of currency positions due to the strengthening of the ruble against the dollar, the statement read.

VTB Group is Russia's largest international lending establishment, with subsidiary banks and financial companies in 17 countries across Western Europe, the CIS, Asia and Africa.

VTB floated a 22.5% stake on the London and Russian stock exchanges in the spring of 2007.


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