VTB Bank says IFRS net profit at 280 bln rbl in January–October

MOSCOW, Nov 26 (PRIME) -- The net profit of Russia’s second largest bank VTB almost reached 280 billion rubles in January–October, Dmitry Pyanov, member of the bank’s management board, told reporters on Friday.

“The October net profit stands at 22 billion rubles, and the results of the first 10 months amount to almost 280 billion rubles,” he said.

In 2020, the net profit of the bank amounted to 5.4 billion rubles in October and to 64.5 billion rubles in January–October.

Pyanov also said that VTB has no plans to revise its 400 billion ruble net profit target for 2021, even including the sale of shares in retailer Magnit.

Earlier in November, the bank offered a 17.28% stake in Magnit for sale, of which about 4.9% were offered under accelerated book building at 5,700 rubles per share.

“Regarding the Magnit sale, we expect that the November IFRS report will reflect this result, it is rather big, and it will be reflected in the November financial report,” Pyanov said, adding that the deal was closed.

“This deal will have a net positive impact of several dozens billions of Russian rubles on the group. We don’t plan to revise our annual target significantly because of the deal, as the target range was very wide. We put the target at above 300 billion rubles, and for better or worse, this deal will not allow us to top 400. Which means the result will still be above 300 billion rubles … the result will just be higher by several billion rubles than we supposed before.”

(74.6004 rubles – U.S. $1)

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