Russia’s second-largest lender, VTB, has rolled out a three-year
strategy plan and said it is aiming to more than double annual
profits between now and 2013.
In a presentation to analysts on 27 May, VTB
deputy CEO Herbert Moos said:
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- VTB would aim to grow its branch network by 40% in the next
three years, from around 476 branches to more than 700 units; - The bank would target a three-fold increase in front-office
sales; - VTB would invest heavily in its online channel, and
- The lender would ramp up its cross-sell efforts, with the aim
of a cross-sell metric of around three to four products per
customer, by 2013.
Russian banking group VTB made a net loss of
RUB59.6bn ($1.93bn) in fiscal 2009, due to “inevitably rising
impairments”, which stood at RUB154.7bn; the three strategy plan
targets net earnings of RUB120bn by 2013.
Retail banking should account for around 20%
to 25% of assets and net profits by 2013, according to VTB’s
plan.
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