Kostin called the main reason for the losses of VTB was the withdrawal of currency at the beginning of the special operation
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The head of VTB Andrey Kostin believes that the main reason for the losses of the credit institution was the withdrawal of funds in foreign currency by the population in the period from February 24 to March 10, 2022. As Mr. Kostin clarified, a total of $26 billion was withdrawn. On February 24, Russia launched a military special operation in Ukraine.
“The main thing on which we received losses is that in the period from February 24 to March 10, until decisions were made to limit the free distribution of funds in foreign currency to the population, $ 26 billion was withdrawn from our accounts. And since we did not have such funds, we were forced to go to the market and buy them, and if you look at the weighted average price for this period or the rate, it was over 101 rubles / $ 1, ”he said (quoted by Interfax) .
The head of VTB noted that it was the difference between the exchange rate of 101 rubles / $ 1 that was in effect at that time and the current 70 rubles / $ 1 that became the main reason for the losses for the organization. “But we consider this justified, because in this way the stability of the banking sector was ensured, panic was avoided, and in general it was, it seems to me, an important element at that time, to restore the situation, to freeze it,” Mr. Kostin added.
In 2022, VTB suspended the publication of financial results. The organization did not present official results of last year, however, the head of VTB admitted that it had become unprofitable for the bank. According to Alfa-Bank analysts, he could exceed 500 billion rubles Andrey Kostin said that VTB started 2023 in positive territory.
“We have just summed up the results of the first month, it was a profitable month, this gives us reason that if some cataclysms that are beyond our control do not occur, then we are on the way to a fairly successful and highly profitable year,” he said.
VTB was one of the first Russian banks to be sanctioned after the start of Russia’s military operation in Ukraine. The volume of frozen assets of the bank reaches 0.6 trillion rubles. On January 30, the meeting of VTB shareholders approved an increase in the bank’s authorized capital by placing ordinary shares by private subscription for 301.96 billion rubles. 30.196 trillion issued shares will be bought out by the Federal Property Management Agency and the Ministry of Finance.
More details – in the material “Kommersant” “VTB requested capital”.
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