Mumbai: Vneshtorgbank (VTB), the second largest public sector bank in Russia, will open its first branch in India by mid-February, a top
official said.

The bank has already received Russian government''''s nod and a licence from the Reserve Bank of India (RBI) for operation in India, Andrei Kostin, president of VTB, said.

"VTB will most probably open its branch in India around February 12 to coincide with the inauguration of Year of Russia in India and 2nd
Indo-Russian Business Forum in New Delhi," he said.

Zubkov is expected to lead a large Russian business delegation to participate in the 2nd Indo-Russian Business Forum in New Delhi in mid-February.

VTB Group reported a 29 per cent year-on-year rise in its unaudited consolidated net profit calculated to international financial reporting standards (IFRS).

Net profit for the January-September 2007 period rose to $1.05 billion, up from $816 million in the same period last year, as a result of an increase in interest and fee income, VTB Group said.

VTB''''s assets increased 41.7 per cent to $74.26 billion and the group''''s credit portfolio grew 53.3 per cent to $46.44 billion in the reporting period.

Net interest income climbed 46.2 per cent to $1.73 billion, while net income from fees and commissions increased 56.8 per cent to $414 million.

In May, VTB raised $8 billion in an initial public offering in London and Moscow, pricing the Russian shares at 0.136 roubles and the global depository receipts at $10.56.