Russian VTB bank’s H1 2012 net down 37.3 %

VTB bank, Russia’s state bank and second largest lender, saw net profit fall by 37.3-percent in the first half of 2012, compared to the same period last year, down from RUB 53.6 bln in 2011 to RUB 33.6 bln in 2012.

“The fall was caused by market volatility, but this does not change privatization plans for 2012,” said Igor Shuvalov, Russia’s deputy prime minister.

The bank is most likely to debut on the stock exchange in spring of 2013, selling a stake worth USD 2 bln. The launch will follow a second public offering of Sberbank’s sale of a 7.58-percent stake launched on Tuesday, Sept. 18, 2012. Sberbank hopes the stake will sell for USD 5 bln.

“We have been waiting for the Sberbank sale,” Andrei Kostin, VTB CEO told Moscow Times, on Sept. 19, 2012. “We aim to sell in early 2013 after the publication of the results for 2012.”

VTB reported results to The International Financial Reporting Standards, posting results for Q2 2012 at RUB 10.3 bln (USD 1.08 bln) net profit against last year’s Q2 2011 RUB 27.5 bln (USD 1.73 bln) profits. The statements were published on Sept. 20, 2012.

Sberbank net profits fell only 0.5-percent in comparison to the first half of 2011, at USD 5.65 bln for the first half of 2012.

Gazprombank, Russia’s third largest bank, saw net profit fall 72.2-percent in the first half of 2012 compared to 2011, posting profits of RUB 10.6 bln (USD 341.9 mln).