VTB Group expects “extraordinarily high” results for the first half of the year, the profit for six months may exceed 150 billion rubles., Dmitry Pyanov, a member of the bank’s board, told reporters. Net profit for January-May increased 3.3 times compared to the same period last year and amounted to 137.4 billion rubles, he said.
“We see that the results of the first half of the year will be extraordinarily high, historically high. It is now almost 140 billion rubles. based on the results of five months, so the profit for six months will probably exceed 150 billion rubles. But in principle, each next month will be closer to the results of May than to the results of the first quarter or April 2021 due to the still low values of the cost of risk and low costs in our income statement. We expect these two components to accelerate in the next months, ”said Mr. Pyanov (quoted by Interfax).
He added that the net profit of VTB Group in May amounted to 22.8 billion rubles, and by the end of five months the accumulated net profit will amount to 137.4 billion rubles. The results of five months of 2021 were 3.3 times higher than last year’s indicators, and in May there was an increase of more than 45 times.
Earlier it was reported that VTB’s net profit for the year could reach 270 billion rubles. Meanwhile, based on the bank’s reporting for four months under IFRS, the annual result could be expected in the amount of 340-350 billion rubles. This is due to the need for the bank to spend significantly on digital transformation, as well as to increase provisions for the corporate portfolio.
Details – in the material “Kommersant” “Profit VTB will adjust the figure.”