VTB has decreased profits

State Bank VTB's net profit under Russian accounting standards was in the first quarter of 2011 12.778 billion rubles, a decrease compared to the same period of 2010 to 7,6%. Then the profit amounted to 13.827 billion rubles. Report of a credit institution has been published on the website of the Central Bank. The main income came in the first two months of this year: in January-February, VTB received 12.4 billion rubles in net profit. By the end of 2010 net profit VTB rose by 1,7 times in comparison with 2009 and amounted to 47.6 billion rubles. Recall VTB is the second largest Russian bank. Ordinary shares of VTB are traded on MICEX and RTS, as well as on the London Stock Exchange.