CEO: VTB sees ‘17 IFRS net profit at 107 bln rbl, raises ‘18–19 plan

DAVOS, Jan 23 (PRIME) -- VTB expects a 107 billion ruble net profit in 2017, as calculated under International Financial Reporting Standards (IFRS) and has raised the 2018 and 2019 forecasts to 150–170 billion rubles and 200–220 billion rubles from 150 and 200 billion rubles respectively, CEO Andrei Kostin told PRIME Tuesday.

“Next year we expect a profit of about 150–170 billion (rubles). And we are absolutely sure that if there are no shocks, we will attain an at least 200–220 billion net profit in 2019. I think this is quite realistic,” Kostin said.

VTB can pay the same dividends for 2017 as for 2016 but the issue has not been discussed with the government, Kostin said. “The government has given no recommendations yet this is why we presume that the dividends will probably be on the last year’s level. We have not submitted the proposals and have not discussed this with the government.”

VTB earned a 98.8 billion ruble net profit in January–November 2017 under IFRS. Kostin said earlier that he sees 50% of the IFRS net profit as maximum for dividends.

Kostin also said he plans to meet with several representatives of large U.S. banks during the World Economic Forum in Davos.

(56.6261 rubles – U.S. $1)

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