MOSCOW, June 19 (Reuters) - The CEO of Russian bank VTB told shareholders on Thursday that the bank is unlikely to be able to repeat 2013’s record profit levels this year.
“The outcome of nearly six months’ work does not allow us to say that we can repeat the record profits of 2013,” CEO Andrei Kostin told the company’s annual shareholder meeting.
VTB reported full-year net profit of 100.5 billion roubles for 2013, in line with its expectations, after previously missing annual targets. The bank reported a plunge in profits in the first quarter of 2014 and a rise in bad loan provisions.
Reporting by Oksana Kobzeva and Alexander Winning, writing by Megan Davies; Editing by Kevin Liffey