MOSCOW, September. /TASS/. VTB Group's net profit under IFRS decreased by 3.6% in January-August compared to the same period last year and amounted to 338.5 bln rubles ($3.65 bln), the bank's Deputy President and Chairman of the Management Board Dmitry Pyanov told reporters during a conference call.

"VTB Group's net profit amounted to 40.6 bln rubles and 338.5 bln rubles for August and the first eight months of 2024, up 56.8% and down 3.6% year-on-year, respectively. The year-on-year decrease was due to the presence of a significant one-off component in the results for the first half of 2023 in the form of a positive revaluation of the structural currency position," Pyanov said.

In January-August, the total volume of VTB Group's loan portfolio before deducting reserves amounted to 23.6 trillion rubles ($254.71 bln) (+12.5% since the beginning of the year). Including loans to individuals, the volume of loans has grown by 10.1% since the beginning of the year to 7.7 trillion rubles ($83.1 bln), to legal entities - by 13.8% to 15.9 trillion rubles ($171.6 bln). The share of retail loans in the Group's portfolio amounted to 33% as of 31 August, remaining at the same level as at the beginning of the year.

The total volume of VTB Group's client deposits grew by 10.4% over 8 months to 24.7 trillion rubles ($266.6 bln). At the same time, the volume of funds of legal entities increased by 5.8% to 13.5 trillion rubles ($145.7 bln), individuals - by 16.5% to 11.2 trillion rubles ($120.9 bln).

"For 8 months of 2024, the cost of risk was 0.7%, which decreased by 30 basis points year-on-year. The cost of creating reserves for 8 months of 2024 was 98.3 bln rubles, down 29.3% year-on-year," Pyanov added.

The Group also maintains its net profit forecast for 2024 at 550 bln rubles ($5.9 bln), Pyanov concluded.