Thursday, September 27 2012 19:17

VTB24 gets rids of its problem loans


ArmInfo. VTB24 Group has substantially improved the quality of its loan book by selling its "old" portfolio of problem loans, President of VTB24 Mikhail Zadornov said during a video bridge on Thursday.

He said that in Jan-June 2012 the bank sold bad loans worth 3bln RUR and is negotiating for selling 4bln-5bln RUR more.

"In order to avoid accumulating new bad loans, we have decided to stop issuing loans in foreign exchange," Zadornov said.

He said that in Jan-Aug 2012 the percentage of the bank's bad loans in Russia dropped by 15-20% to 5% of all loans, with only 2% of the loans issued in 2010-212 being bad. The same is for the bank's subsidiaries, including the one in Armenia.
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