VTB’s net profit for nine months amounted to 375.9 billion rubles

Group net profit VTB according to IFRS for the nine months of 2023 amounted to 375.9 billion rubles. This is stated in the bank’s financial statements.

“Based on the results of nine months of 2023, VTB Group demonstrated high business profitability, earning 375.9 billion rubles, which corresponds to a return on capital of 26.7%,” the press service said in a statement.

In the third quarter, net profit reached 86.1 billion rubles. First Deputy President – Chairman of the Board of the Bank Dmitry Pyanov noted that based on the results of the quarter and nine months VTB “demonstrated strong business growth on the back of record profitability.” He noted that the group remains “highly resilient” amid tightening monetary policy.

At the end of nine months, the group’s assets increased by 15.7% to RUB 28.2 trillion. From January to September, loans issued to individuals increased by 19.4% to 6.68 trillion rubles, and to legal entities by 13.9% to 13.39 trillion rubles. As of October 1, the total funds of VTB clients increased by 12.4% to RUB 20.84 trillion. In particular, the volume of funds from legal entities increased by 9.5% to RUB 12.19 trillion. The portfolio of funds of individuals reached 8.65 trillion rubles. (+16.8%).

During SPIEF Chairman of the Board VTB Andrey Kostin stated that profit VTB this year may amount to about 400 billion rubles, then it raised forecast up to 420 billion rubles. Pyanov noted that financial results for nine months allow the group to “improve the forecast for net profit for the full year.”

Previously VTB reportedthat its net profit according to IFRS for the first eight months of 2023 amounted to 351.2 billion rubles. In the second quarter, the bank earned 142.6 billion rubles, and in the first quarter – 147.2 billion rubles.