VTB Bank says recalls 2020 net profit forecast of 220–230 bln rbl

MOSCOW, May 8 (PRIME) -- Russia’s second largest bank VTB has recalled its 220–230 billion ruble net profit guidance for 2020 of as calculated under International Financial Reporting Standards (IFRS), Dmitry Pyanov, member of the bank’s management board, told reporters on Friday.

“We will put several components of the annual target, including the net profit, which you are asking about, up for a revision. We will recall our net profit target the until the third quarter, we will put it up for revision,” he said.

VTB Bank issued the guidance in late February before the Russian economy worsened due to the coronavirus pandemic and contraction in oil prices.

(74.1169 rubles – U.S. $1)

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