April 5, 2012 / 11:09 AM / 5 years ago

Russia's TransCreditBank aims for 50% profit rise

MOSCOW, April 5 (Reuters) - Russia’s TransCreditBank, an arm of state-controlled lender VTB, aims to increase net profits by 50 percent this year to 12.5 billion roubles ($424 million), Chief Executive Alexei Krokhin said on Thursday.

“Will try to achieve it. Based on the first quarter (results) we are on track,” Krokin told reporters, adding that the bank plans to increase lending by 30 percent in 2012.

VTB itself is aiming for a net profit of “a little over” 100 billion roubles ($3.39 billion) this year, up from a preliminary figure of around $3 billion last year.

VTB is due to report results for 2011 later this month. ($1 = 29.5045 Russian roubles) (Reporting by Oksana Kobzeva:; Writing by Katya Golubkova; Editing by Greg Mahlich)

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