Vneshtorgbank posts IAS results for 2003

Total assets of the Vneshtorgbank group surged 54.4 percent in 2003 to $11.228bn, according to the bank's statement. Shareholders' equity under IAS grew 12 percent to $2.373bn. The bank's loans advanced 58.9 percent to $4.759bn. Customer deposits jumped 74.8 percent to $4.259bn.

IAS profit of the Vneshtorgbank group for 2003 totaled $270m compared to $384m in 2002. However, its net income grew by $3m to $264m.

The Russian government is the major shareholder of the bank with a 99-percent stake. The bank has 46 affiliates in Russia and 5 subsidiaries abroad.