VTB says Jan-July net profit rises 360%, outstrips entire 2019

MOSCOW, Aug 30 (PRIME) – VTB’s net profit rose by 360% to 200.9 billion rubles in year-on-year terms in January-July 2021 or almost as much as the group earned for the entire 2019 under International Financial Reporting System (IFRS), the bank said on Monday.

“VTB Group’s net profit was 200.9 billion rubles in the first seven months of 2021 and 30.2 billion rubles in July 2021, increasing 4.7x and 27.5x, respectively, year-on-year. Return on equity was 18.3% in the first seven months2021 and 17.6% in July 2021, up from 4.3% and 0.8% in the respective periods of 2020,” VTB CFO Dmitry Pyanov said.

“Our results for July and the first seven months affirm our guidance and establish a solid basis for successful results for the full year.”

VTB Group’s net profit under IFRS was 201.2 billion rubles in 2019, 75.3 billion rubles in 2020.

In the first seven months of 2020, the profit was 43 billion rubles. In July 2020, the group earned only 1.1 billion rubles.

According to Pyanov, the provision charge amounted to RUB 63.5 billion for 7M 2021 and RUB 9.2 billion in July 2021.

“Our results for July and 7M affirm our guidance and establish a solid basis for successful results for the full year,” Pyanov said.

“As of 31 July 2021, the total loan book before loan loss provisions amounted to 14.1 trillion rubles, an increase of 7.2% since the beginning of the year (adjusted for currency revaluation, the increase was 7.9%). Since the start of 2021, loans to individuals have increased by 12.6% to 4.3 trillion rubles, while lending to legal entities has increased by 5.0% to 9.8 trillion rubles over the same period (adjusted for currency revaluation, the volume of loans to legal entities increased by 6.0%),” Pyanov noted.

For more details, click on the link below:

https://www.vtb.com/o-banke/press-centr/novosti-i-press-relizy/2021/08/2021-08-30-gruppa-vtb-obyavlyaet-finansovye-rezultaty-po-msfo-za-iyul-i-7-mesyatsev-2021-goda/

(73.5800 rubles – U.S. $1)

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