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VTB Group posts $3.3 bln profit for 7M, expects over $4 bln for FY 2023

Despite a notable increase in the key rate in the middle of August to 12% per annum, the group does not change its annual targets, Dmitry Pianov said

MOSCOW, August 31. /TASS/. VTB Group earned 325.4 bln rubles ($3.3 bln) in January-July 2023 and, despite an increase in the key rate, plans to reach the level of net profit for FY 2023 of 400 bln rubles ($4.1 bln), Deputy Chairman of the Management Board Dmitry Pianov said during a conference call with analysts.

"Results for seven months amounted to 325.4 bln rubles, which is 30.7% of return on investment. Consequently, the figure of 325 bln rubles is very close to a record annual result of the pre-sanctions year of 2021 when we earned 327 bln rubles for full year," he said.

Despite a notable increase in the key rate in the middle of August to 12% per annum, the group does not change its annual targets, Pianov said. Previously VTB did not rule out that the 400 bln rubles net profit target might be surpassed, whereas now it is suggested that the group’s net profit will equal 20 bln rubles per month and more, not 30 bln rubles and more, due to interest risk occurrence, he added. That said, the group plans to reach the net profit level of 400 bln rubles by the end of the year.

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