In 2023, VTB may break the record for 2021 profit
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According to the results of the first quarter of 2023, VTB Group earned RUB 140 billion. net profit under IFRS, follows from the disclosure of preliminary results. This amount included a one-time income from the consolidation of RNCB into the VTB Group (31 billion rubles), said Dmitry Pyanov, a member of the VTB board.
In addition, the weakening of the Russian currency exchange rate by more than 10% since the beginning of the year contributed to the positive result. “This is the reverse side of the volatility that brought us a loss in 2022, and will bring profit, and brings it, in 2023,” the top manager explained. The positive revaluation of the open currency position gave more than 50 billion rubles.
In January-February 2023, the group’s net profit under IFRS amounted to RUB 91.7 billion. against a net loss of 78.1 billion rubles. for January-February 2022. The return on capital was 36%. The group’s net interest income grew by 1.5% to RUB 112.8 billion, while net fee and commission income grew by 7% to RUB 25.9 billion. The net interest margin was 3.1% vs. 3.7% in the same period last year and vs. 1.8% overall in 2022. The recovery of the net interest margin “is driven by a decrease in the cost of funding,” the bank explained. At the same time, personnel and administrative expenses in the first two months of 2023 increased by 17.9% to RUB 53.4 billion. “due to the effect of consolidation” of FC Otkritie. By the beginning of 2023, the group’s assets in annual terms increased by 17.1%, to 24.4 trillion rubles. The FC Otkritie group brought in 4 trillion rubles. assets.
The recovery of profits at the beginning of the year, according to Mr. Pyanov, suggests that 2023 for the VTB Group, taking into account the consolidation of FC Otkritie and RNKB, has every chance not only to repeat the record of 2021 (over 327 billion rubles of net profit), but also beat him.
More details – in the material “Kommersant” “VTB reported for the losses of the entire sector”.
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