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Russia's VTB aims to grow profits by up to 80pct by 2016
April 10, 2014 / 10:42 AM / 3 years ago

Russia's VTB aims to grow profits by up to 80pct by 2016

MOSCOW, April 10 (Reuters) - Russia’s second largest bank VTB said on Thursday it aimed to grow profits by nearly 80 percent in 2016 but that profits this year may be harder to achieve due to provisions related to Ukraine risks.

VTB said in a presentation of its next three-year strategy that it aimed to grow profits to 160-180 billion roubles ($4.5 - $5 billion) in 2016, from 101 billion last year.

It forecasts total assets will grow to 12-13 trillion roubles, from 8.8 trillion roubles last year. Return on equity will grow to 15 percent, from 12 percent, VTB said. ($1 = 35.7264 Russian Roubles) (Reporting by Oksana Kobzeva, writing by Megan Davies, editing by Elizabeth Piper)

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