Kostin spoke about the difficulties in the dividend policy of VTB

The head of the board of VTB Andrey Kostin announced a difficult situation in the bank’s dividend policy due to the affected capital. He said that, most likely, this year the credit institution will not pay dividends, and in the coming years this possibility will be limited.

“In terms of dividend policy, the situation will be more complicated for the time being. This year, most likely, we will not pay dividends, because the bank’s capital has suffered. I think that in the coming years this will leave a certain imprint on the bank’s ability to pay large dividends,” said Mr. Kostin on the sidelines of the conference of the Graduate School of Management of St. Petersburg State University (quote from Interfax).

He believes that in 2022 the credit institution will receive losses, like the entire banking sector of the Russian Federation. However, VTB hopes to return to profit in 2023.

“We expect a significant profit next year, already a return to profitability, so the bank will work steadily and profitably. These are our forecasts, I would say, moderately optimistic,” Andrey Kostin said.

According to the head of VTB, the bank has overcome the most difficult period, since the sanctions against it were introduced on the day of the start of the military operation in Ukraine.

VTB did not pay dividends for 2021. During this year, the bank received a net profit on the IFRS in the amount of 327.4 billion rubles, which is 4.3 times more than the result of 2020.