Bloomberg News

Russia’s State Development Bank VEB Boosts First-Half Profit 65%

November 09, 2011

Nov. 9 (Bloomberg) -- Vnesheconombank, Russia’s state development bank known as VEB, posted a 65 percent increase in first-half profit to 23.3 billion rubles ($762 million) based on international accounting standards, the lender said today on its website.

The bank had a second-quarter profit of 2.4 billion rubles compared with a 14.2 billion ruble loss a year earlier. Interest income in the first-half was 75 billion rubles.

--Editors: Tim Farrand, Lukanyo Mnyanda

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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