VTB Group announces IFRS financial results for 4M 2020
Net interest income was RUB 161.7 billion for 4M 2020 and RUB 42.0 billion in April 2020, growing year-on-year by 15.6% and 17.6%, respectively.
JSC VTB Bank (VTBR) VTB Group announces IFRS financial results for 4M 2020 Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. VTB Group announces IFRS financial results for 4M 2020 2 June 2020 VTB Bank, the parent company of VTB Group (the "Group"), today publishes its unaudited consolidated financial results in accordance with IFRS for the first four months of 2020 ("4M 2020"). Andrey Kostin, President and Chairman of the Management Board of VTB Bank, said: "VTB Group's net profit for the first four months of 2020 amounted to RUB 40.7 billion, which corresponds to a return on equity of 7.2%. "The COVID-19 pandemic continued to put pressure on our business: a noticeable deceleration in commercial activity led to a significant reduction in transactional revenues and we continued to build up more provisions to reflect deteriorating loan quality across a number of portfolios. At the same time, net interest margin and net interest income continued to rise, and we kept costs under control. "In recent months, VTB Group has demonstrated its ability to quickly adapt to a changing operating environment while continuing to support customers by providing them with a full range of high-quality financial products and services. I would emphasise that while we prioritised ensuring business continuity, VTB has in no way slowed down the transformational processes or the implementation of strategic initiatives, both of which have in fact accelerated. "I am confident that we will be able to take full advantage of new opportunities to strengthen our market position and acquire a significant number of new customers as their bank of first choice." Business growth in April and the first four months of 2020 was affected by the COVID-19 pandemic
Profitability metrics were under pressure in the context of the COVID-19 pandemic, while operating income was supported by improving net interest margin amid the easing of monetary policy by the Bank of Russia.
Attachment Document title: VTB Group IFRS Unaudited Financial Highlights as of 30 April 2020 Document: https://eqs-cockpit.com/c/fncls.ssp?u=PHCPNRULXB |
ISIN: | US46630Q2021 |
Category Code: | MSCH |
TIDM: | VTBR |
LEI Code: | 253400V1H6ART1UQ0N98 |
Sequence No.: | 67323 |
EQS News ID: | 1060429 |
End of Announcement | EQS News Service |
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