NEWS & EVENTS: Breaking News
30.06.2009 10:03
June 30. The share of overdue loans in the credit portfolio of Russia’s second largest state-run bank VTB has tripled over the last six months to nearly 6%, the lender’s chairman Andrey Kostin said. “The share of overdue loans currently equals to 6%. It has tripled since the beginning of this year”, Kostin said at an AGM Monday. “The state provides cash, which enables us to handle bad debts. We are not losing heart”, he noted. Earlier, the top manager said that VTB gave up hope of avoiding losses this year due to higher provisions against bad debts. “It is not quite correct to classify these loans as bad. These could be just non-performing loans”, Kostin said at a press conference after the meeting, adding that the bank plans to release reserves in one-three years including via sale of collateral. “We expect to return a significant part”, he said.
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