The VTB Group released financial data with the Independent Auditor's Report for 2014 on Friday, in accordance with International Financial Reporting Standards (IFRS).
The group commented that, despite the economic turbulence within the Russian Federation, the government has provided support to what they call "systemically important" banks, which has allowed these institutions to keep a strong level of capital and consistency.
“2014 was a very challenging year for both the Russian economy and the banking sector, and in this context I am satisfied that VTB’s business model has demonstrated its resilience in the face of the economic downturn," VTB President and Management Board Chairman, Andrey Kostin, said. "During 2014, our clients were affected by an economic slowdown and tough geopolitical environment, as well as by the rapid depreciation of the rouble and subsequent spike in interest rates."
In the report, VTB shows growth in many areas, including income from commissions, fees and interest and overall assets. Increases in these areas grew 13.9 percent, 9.7 percent and 39 percent, respectively.