The decline followed "a decrease in the number of securities transactions, which included profits from the sale of [Russian truck maker] Kamaz shares in the first quarter of 2006," the company said in a statement.
The bank's assets in January-March increased to more than $56 billion, up 7.2% from January.
The group's loan portfolio amounted to $31.7 billion, up 8.3% against the same period last year. Its share of retail loans grew 19.5% to $3 billion in the same period.
As of March 31, 2007, the group's consolidated owner equity totaled $7 billion, up 2% since early 2007. "The increase in the group's owner equity resulted from a net profit of $232 million and a currency re-assessment worth $44 million," the group said.
Established in 1990, VTB Group includes three large Russian banks - VTB, VTB-24 and Promstroibank; seven banks in Western Europe, including VTB Europe; and four banks in former Soviet republics. VTB Group also has offices in Africa and plans to open new offices in Asia.
