VTB revealed the reasons for the losses of FC Otkritie in October – Kommersant

The reason why FC Otkritie Bank became the leader in losses among the entire sector in October is the assignment of a securities portfolio as part of the process of integration into the VTB Group. The first deputy chairman of the board of VTB, Dmitry Pyanov, who is in charge of the merger process of the bank purchased at the end of 2022, told reporters about this.

According to calculations According to Kommersant, based on the 101st reporting form, the net loss of FC Otkritie in October amounted to 10.55 billion rubles. As Mr. Pyanov explained, in October Otkritie FC sold to VTB Bank part of the OFZ portfolio with fixed income, which was reflected on the balance sheet at amortized cost.

“This is an intra-group transaction,” explained the top manager, so it did not affect the consolidated result. The group’s projected net profit in 2023 will be about RUB 430 billion. According to Mr. Pyanov, by the end of this year, VTB will cover two-thirds of the expenses aimed at purchasing FC Otkritie. The bank was purchased for 340 billion rubles, and “we recognized 160 billion rubles as profit of the first day,” the top manager noted. In addition, it is expected that another 100 billion rubles. Otkritie FC will earn net profit this year.

However, the session held in October is not the last. “We have embarked on the path of business migration (FC Otkritie.— “Kommersant”), we will assign the portfolio, not only OFZ, we will sell the entire loan portfolio of the retail business, we will re-lend corporate clients,” said Mr. Pyanov. According to him, the migration of Otkritie FC assets will be completed by the end of 2024.

Olga Sherunkova