Exec: VTB posts record IFRS net profit of 147 bln rbl in Jan–Mar

MOSCOW, Apr 27 (PRIME) -- Russia’s second largest bank VTB posted a net profit of 146.7 billion rubles in January–March as calculated under International Financial Reporting Standards (IFRS), hitting a record quarterly net profit, deputy CEO Dmitry Pyanov told reporters on Thursday.

“The net profit for the first quarter is 146.7 billion rubles, it comprises 144 billion rubles from continuous operations and 2.5 billion rubles from operations that are shutting down, into which we included the profit of RGS (Rosgosstrakh) Group that we listed as for sale,” he said.

The net interest income of the bank amounted to 173 billion rubles, which accounts for the net interest margin of 3.1%, and net fee and commission income reached 42 billion rubles. Other net operating income reached 88 billion rubles, he said.

Given the results, the bank’s forecasts that it would post the net profit of 2023 of more than 327 billion rubles and less than 400 billion rubles, he said.

Spending on reserves under IFRS amounted to 50 billion rubles in January–March.

Lending to individuals grew by 4.2% in the quarter to 5.8 trillion rubles, while the corporate loan portfolio expanded by 2.9% to 12.1 trillion rubles.

Corporate deposits with the bank rose by 10% to 12.2 trillion rubles, while deposits of individuals gained 4.1% to 7.7 trillion rubles, Pyanov said.

VTB Bank’s net profit for the period calculated under Russian Accounting Standards (RAS) reached 99.9 billion rubles, he said, adding that the capital adequacy ratio stood at 6.5%.

Pyanov also said that VTB Bank would not be obliged to make a one-time contribution to the Russian federal budget because it posted a net loss in 2022.

(81.6274 rubles – U.S. $1)

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