Russia’s VTB Bank eyes record 2024 profits despite Q1 drop

By Jerry  Published On April 25, 2024
MOSCOW, April 25 (Reuters) – Russia’s second-largest bank VTB (VTBR.MM), opens new tab reported a 17% drop in first-quarter net profit to 122.4 billion roubles ($1.33 billion), CFO Dmitry Pyanov said, but expects to make record profits in 2024 as net fee and commission income continues growing.
VTB made a record 432.2 billion roubles in 2023, rebounding from a sanctions-induced loss of 667.5 billion roubles the year before, but still expects to surpass that total in 2024.
“The second quarter will definitely be better in terms of net profit, than the first,” Pyanov told reporters in comments cleared for publication on Thursday.
First-quarter profit in 2023 had been abnormally high, Pyanov said, partly as VTB had consolidated Russian National Commercial Bank (RNKB).
Net fee and commission income increased 23% to 51.7 billion roubles, while net interest income fell 13% to 154 billion roubles. Return on equity (ROE) in the first quarter stood at 22%.
Source: REUTER

Leave A Reply

Your email address will not be published. Required fields are marked *

*