MOSCOW, September 27 (RIA Novosti) - VTB, Russia's second largest bank, said Thursday its net profit calculated to International Financial Reporting Standards had fallen 12.5% year-on-year to $504 million in the first half of 2007.
The state-controlled bank said in a news release that the decline was mostly due to a decrease in securities gains, which in January-June 2006 included income from the sale of the shares of truck producer KamAZ worth $116 million.
Earnings per share were $8.6 per 100,000 shares compared with $10.6 in the same period of 2006.
As of June 30, the bank's total assets had grown 26.4% to $66.2 billion.
VTB's total equity increased to $15.2 billion as of June 30 from $6.99 billion as of December 31, 2006, largely due to the net equity increase related to proceeds from its global initial public offering in May, which raised around $8 billion.
Total gross loans and advances to customers increased by 21.7% to $36.8 billion.
