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VTB CEO says bank expects steady profit in 2023, loss in 2022

Earlier, Andrey Kostin said he projected notable profit in 2023, adding that no dividend payments for 2022 were expected

BAKU, October 27. /TASS/. VTB does not expect losses in the second half of 2022, though the bank will most likely post full-year loss, Chief Executive Officer of Russia’s second-biggest lender Andrey Kostin said on the sidelines of the 15th Verona Eurasian Economic Forum in Baku on Thursday.

"We expect good results in Q3-Q4. <…> We do not expect losses in the second half of the year. Currently it is difficult to project results, with many factors such as the ruble’s exchange rate still and so on affecting. But overall, we expect stability in the second half of the year. We expect steady profit in 2023," he said. "For this year we will post loss, obviously, <…> so far we do not reveal its amount, let’s put it like that," Kostin added.

Earlier, VTB CEO said he projected notable profit in 2023, adding that no dividend payments for 2022 were expected.

Net profit of VTB Group under International Financial Reporting Standards (IFRS) soared 4.3-fold in 2021 compared with the previous year to 327 bln rubles.

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