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Eastern Economic Forum

VTB to reach $4.4 bln net profit under IFRS in 2023

In the remaining months of this year the lender is expected to make net profit of around 20 bln rubles

VLADIVOSTOK, September 12. /TASS/. VTB Group’s net profit under International Financial Reporting Standards (IFRS) may total 420 bln rubles ($4.4 bln) in 2023, Chief Executive Officer of the bank Andrey Kostin told reporters on the sidelines of the Eastern Economic Forum (EEF).

"We plan profit at over 400 bln (rubles) by the end of the year, probably around 420 bln rubles," he said, adding that this level of profit would be record for VTB.

In the remaining months of this year the lender is expected to make net profit of around 20 bln rubles. "In August, according to preliminary expectations so far, (profit is expected) at around 26 bln (rubles)," he said.

Net profit of VTB Group under International Financial Reporting Standards amounted to 35.6 bln rubles ($369 mln) in July 2023.

In 2022, the bank’s loss under IFRS reached a record 612.6 bln rubles ($7.7 bln).

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