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VTB losses in 2022 reach record-breaking $7.7 bln

In 2022 the group posted a net profit of 327.4 bln rubles ($4.11 bln)

MOSCOW, April 5. /TASS/. VTB's loss under IFRS at the end of 2022 amounted to record-breaking 612.6 bln rubles ($7.7 bln), the bank said on Wednesday.

In 2022 the group posted a net profit of 327.4 bln rubles ($4.11 bln).

VTB Group's IFRS assets hit a new historical high at the end of 2022, having grown by 17.1% year on year to 24.4 trillion rubles ($305.16 bln). According to VTB, as of February 28, 2023, the total assets of the VTB Group had dropped slightly to 24.3 trillion rubles ($303.91 bln) due to changes in Russia's tax period beginning in 2023, as well as a rise in the cost of liquidity.

The total loan portfolio before provisions amounted to 17.4 trillion rubles ($217.61 bln), up 18.1% or 4% year-on-year, excluding the consolidation of Otkritie Bank. The group's loan portfolio grew by 0.7% in the first two months of 2023.

"VTB Group faced unprecedented difficulties and challenges in 2022. As a leader in international trade and investment banking, we became the first target for the most severe sanctions, resulting in very significant losses," Deputy President - Chairman of the VTB Management Board Dmitry Pyanov told reporters.

The United Kingdom and the United States issued sanctions against VTB on February 24, 2022. The bank was put on the list of SDNs (Specially Designated Nationals and Blocked Persons). The organizations on this list are subject to the most stringent restrictions - their assets are frozen, and dollar settlements, as well as and transactions with US counterparties are banned.

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