Andrey Kostin, VTB President and Chairman of the Management Board, said: 'VTB Group's results for the first quarter reflect the continued stabilisation of business activity in the Russian economy as a whole, and more predictable macroeconomic conditions following the volatility seen in the same period a year ago.
'The Group started 2016 with solid performance: net interest income more than doubled, and fee and commission income also grew strongly. Cost of risk and provision charges have reduced both year-on-year and quarter-on-quarter, as the Group continued to strengthen its risk management policies.
'VTB Group's already strong capital adequacy ratios improved further, leaving us well-positioned to expand the business as the Russian economy moves back towards growth.
'We continue to focus on efficiency and streamlining our businesses as we seek to benefit from improvements in sentiment across the Russian economy. The recently completed integration of Bank of Moscow will generate further cost savings over time. VTB Bank's position in the retail segment will be further strengthened by the nationwide roll-out of Post Bank, the joint venture with Russian Post announced at the beginning of this year.' Read the full story RUSSIA: VTB Group announces IFRS results for 1Q 2016