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VTB Bank Posts 2M IFRS Financials
April 24, 2016 15:54

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VTB Bank, the parent company of VTB Group, has unveiled its unaudited consolidated IFRS results for the 2 months ended 29 February 2016.
In terms of the Income Statement, net profit in 2M 2016 totaled RUR 2.1 billion “versus net loss of 13.5 billion for 2M 2015, driven by solid 50.8% year-on-year growth of net operating income before provisions,” according to an official statement.
In 2M 2016, “net interest income was RUR 63.7 billion, up 147.9% year-on-year (2M 2015: RUR 25.7 billion) due to recovery of net interest margin (3.2% in 2M 2016, versus 1.4% in 2M 2015),” said the press release.
Other highlights included:
·         In 2M 2016, net fee and commission income grew 23.4% year-on-year to RUR 11.6 billion (2M 2015: RUB 9.4 billion);
·         Total provision charges for impairment of debt financial assets and for impairment of other assets, credit related commitments and legal claims amounted to RUR 30.7 billion in 2M 2016, up 7.0% year-on-year (2M 2015: RUR 28.7 billion);
·         Staff costs and administrative expenses amounted to RUR 39.1 billion in 2M 2016, up 10.8% year-on-year. Cost-to-income ratio was 51.9% in 2M 2016, versus 71.9% in 2M 2015.   
In terms of the financial position, “total assets amounted to RUR 13,315.0 billion as of 29 February 2016, down 2.4% in 2M 2016,” said the press release.
“Gross loans and advances to customers contracted 2.6% in 2M 2016. Gross loans to legal entities contracted 3.5% year-to-date, while gross loans to individuals grew 1.0% year-to-date,” reads the statement on the bank’s website.
The NPL ratio hovered around 6.8% of total gross loans as of 29 February 2016, up 50 bps year-to-date. The NPL coverage ratio as of 29 February 2016 was 105.4% (31 December 2015: 105.8%).
Below are other highlights:
·         Total customer deposits grew 10.2% in 2M 2016, reaching RUR 8,010.0 billion as of 29 February 2016. During 2M 2016, deposits from legal entities grew by 16.0%, while deposits from individuals grew 1.4%;
·         The adjusted loan-to-deposit ratio was a comfortable 102.5% as of 29 February 2016 (31 December 2015: 104.9%);
·         The Group’s capital base is very strong. As of 29 February 2016, Tier 1 CAR was 12.8% (31 December 2015: 12.4%), and total CAR was 14.7% (31 December 2015: 14.3%). 
VTB Bank is Russia’s second largest lender by assets. Classified as blue chips, VTB shares are among the most liquid on the Russian stock market. The Bank’s securities are traded on Russia’s joint MICEX-RTS Exchange and as global depository receipts on the London Stock Exchange under the VTBR ticker. The Russian government owns 60.9 percent of VTB Bank’s equity.

VTB Bank is part of VTB Group, a global provider of financial services, that offers a complete range of financial services including retail, corporate and investment banking; broking and other stock-market services, insurance, asset management for pension and unit funds, leasing, and more. The services are available to clients in more than 20 countries across the CIS, Europe, Asia and Africa. 

Author: Mikhail Vesely


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