VTB says Jan–Nov IFRS net profit quadruples to 309 bln rbl on year

MOSCOW, Dec 27 (PRIME) -- The net profit of Russia’s second largest bank VTB Bank more than quadrupled on the year to 309 billion rubles in January–November, as calculated under International Financial Reporting Standards (IFRS), Deputy CEO Dmitry Pyanov told reporters on Monday.

“We will close the eleven months of 2021 with a net profit of 308.8 billion rubles. This is four times more than the profit of the 11-month period of the previous year. … It is a record in the whole public history of VTB Group,” Pyanov said.

VTB’s net profit amounted to 28.9 billion rubles in November, mainly due to the sale of the stake in retail chain Magnit for 26.8 billion rubles, Pyanov said.

The bank raised the target net profit for the year to 310 billion rubles when the previously set goal of 300 billion rubles was surpassed, he added.

(73.1886 rubles – U.S. $1)

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