OREANDA-NEWS. VTB announced the audited consolidated IFRS financial results of the VTB Group for 2006.

Net profit of the VTB Group in 2006 increased to US$1,179 million, up 130.7% from US$511 million.
 
Net interest income increased to US$1,745 million, up 91.8%, or US$835 million;
Net fee and commission income increased to US$351 million, up 108.9% or US$183 million.

Profit before taxation was US$1,404 million in 2006 compared to US$703 million in 2005. The 99.7% increase was mainly driven by the significant increase in net interest income, foreign exchange translation gains and increase in net fee and commission income, attributable to the expansion of the Group’s customer base and increase in volumes of lending, deposit taking and other customer transactions, underpinned by consolidation of the banks acquired in the end of 2005.