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VTB posts 3.2% decrease in IFRS net profit for five months to $2.7 bln

As of May 31, 2024, the group’s total loan book before loan loss provisions amounted to 22.8 trillion rubles ($265 bln), up by 1.7% in May and by 8.6% year-to-date

MOSCOW, June 28. /TASS/. Net profit of VTB Group under International Financial Reporting Standards (IFRS) decreased by 3.2% in January-May 2024 year-on-year to 233.4 bln rubles ($2.7 bln), while in May the group earned 30 bln rubles ($348 mln), which is 7.7% lower than in the same period last year, Russia’s second-biggest lender reported.

"VTB Group posted a net profit of 30 billion and 233.4 billion rubles in May and 5M 2024, having decreased by 7.7% and by 3.2% year-on-year compared to the same periods last year. The decrease compared to last year was caused by the presence of a significant one-off component in the results of the 1st half of 2023 in the form of a positive revaluation of the structural foreign exchange position," the report said.

As of May 31, 2024, the group’s total loan book before loan loss provisions amounted to 22.8 trillion rubles ($265 bln), up by 1.7% in May and by 8.6% year-to-date. Loans to legal entities increased by 9.7% to 15.4 trillion rubles ($178 bln) in the reporting period. Lending to individuals grew by 1.9% in May and by 6.4% in 5M 2024, with the retail loan portfolio reaching 7.4 trillion rubles ($86 bln).

The group's total customer funding increased by 5.5% year-on-date to 23.6 trillion rubles ($274 bln), with the funding from legal entities going up by 3.5% to 13.2 trillion rubles. Funding from individuals saw an 8.2% rise during the first five months to 10.4 trillion rubles. "In May, there was a seasonal decrease in funding from legal entities against the backdrop of payments of taxes and dividends by enterprises - clients of VTB Group," the bank noted.

"We maintain robust profitability supported by strong growth in our business and our loan book. This success unfolds against a backdrop of consistent asset quality, resilient balance sheet structure, and commendable cost efficiency. The financial results for May and the first five months align with our expectations, further bolstering our projections for record-breaking profits this year," First Deputy Chairman of the Management Board, Chief Financial Officer Dmitry Pianov was quoted as saying.

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