VTB reduced profit under IFRS for 2008 to 7 times and decided not to pay bonuses to members of the Board

Net profit VTB under IFRS for the year 2008 decreased by 7,1 times and amounted to $ 212 million compared with $ 1.514 trillion in 2007. This is stated in the report of credit issued on the London Stock Exchange. Bank Profit before tax decreased in 2.4 times and amounted to $ 743 million compared with $ 1 billion and 819 million for 2007. Net interest income VTB under IFRS for the year 2008 amounted to $ 4.567 trillion and has increased compared to 2007 in 1,8 times ($ 2556 billion). Bank assets increased from $ 92.61 billion at 31 December 2007 to $ 125.85 billion as at 31 December 2008. The report also said the bank, which decided not to pay bonuses to members of the Board on the basis of 2008 fiscal year. This decision was taken in the light of "the current difficult market conditions."