Russia's Vnesheconombank said on Monday its net profit under International Financial Reporting Standards grew 230% year-on-year in January-June 2009 to 11.94 billion rubles ($416 million).

Vnesheconombank, Russia's national development bank, which finances infrastructure and other investment projects in Russia and extends loans to domestic businesses, said its interest income in the reporting period grew to 65.7 billion rubles ($2.3 billion) from 14.56 billion rubles ($507 million) in the same period a year earlier.

The bank, which manages more than two thirds of Russia's funded pension assets, said its non-interest income in the reporting period equaled 37.16 billion rubles ($1.29 billion) compared with 0.34 billion rubles ($11.8 million) expenses in the same period last year.

Vnesheconombank's net profit under Russian Accounting Standards in the first nine months of 2009 reached 24.66 billion rubles ($859 million) compared with a loss of 2.34 billion rubles ($82 million) in the same period last year, the bank said.

MOSCOW, November 16 (RIA Novosti)