With a record third quarter total of 26.6 billion roubles, or some $800 million, the bank is on track to generate the 90 billion rouble target ($3 billion) it achieved last year. 

      

Herbert Moos, Deputy President and Chairman of VTB Bank Management Board, praised the bank's results pointing to the huge potential VTB has to develop further.

      

The bank boasts a unique business model and its shares are undervalued, he said. Even today it generates a return on capital worth a remarkable 15 percent. 

      

Retail and transaction banking are the key drivers of growth, with retail credits up 25-27 percent, far ahead of the pace of corporate lending, Moos said. ING analyst Egor Fyodorov says the bank is very likely to boost its share in the retail.

      

Author: Mikhail Vesely

---