Exec: VTB Group’s IFRS net profit at 61.8 bln rbl in April

MOSCOW, Jun 7 (PRIME) -- The net profit of the banking group of Russia’s second largest bank VTB amounted to 61.8 billion rubles in April, as calculated under International Financial Reporting Standards (IFRS), Deputy CEO Dmitry Pyanov told reporters on Wednesday.

“The net profit calculated under IFRS amounted to 61.8 billion rubles in April, which means a net profit of 208.5 billion rubles in the first four months,” he said.

The bank previously forecasted its net profit at 327–400 billion rubles in 2023, and the results of April show that the net profit would be closer to the upper threshold of the forecast, he said, adding that the net profit may also reach triple digits of billions of rubles in April–June.

He also said that VTB Bank raised 94 billion rubles through a second share issue. Following the placement, the government’s stake in the bank should fall to 61.8% after growing to 76.4% from 60.9% during the first issue of additional shares.

Pyanov did not disclose the anchor investor who partook in the secondary public offering, saying only that it was a Russian non-governmental institutional investor.

“We have a large amount of ‘small’ private investors within these 94 billion rubles (in addition to the anchor investor). Private investors, individuals obviously dominate there, I mean our retail investors,” he said.

VTB Bank also plans to spin off the blocked assets and liabilities in 2024.

“We plan to carry out reorganization and the spin-off of this special financial entity in 2024,” he said, adding that the bank will transfer hundreds of billions of rubles to the special entity that would be excluded from the banking group.

(81.2502 rubles – U.S. $1)

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