VTB Group announces IFRS financial results for May and 5M 2020
VTB Bank, the parent company of VTB Group (the "Group"), today publishes its unaudited consolidated financial results in accordance with IFRS for May and the first five months of 2020.
JSC VTB Bank (VTBR) VTB Group announces IFRS financial results for May and 5M 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 May and 5M 2020 VTB Bank, the parent company of VTB Group (the "Group"), today publishes its unaudited consolidated financial results in accordance with IFRS for May and the first five months of 2020. Andrey Kostin, President and Chairman of the Management Board of VTB Bank, said: "VTB Group's net profit for the first five months of 2020 amounted to RUB 41.2 billion, which corresponds to a return on equity of 5.8%. "Amid the crisis caused by the COVID-19 pandemic, VTB Group achieved sound growth of its core banking income, while asset impairment stemming from a decrease in business activity, which has primarily taken the form of a sharp increase in provisions, led to a decrease in overall profitability in April and May. "The significant increase that we have seen in revenue from our core activities is an indication of the soundness of our strategic priorities, the sustainability of our business model and of considerable financial resilience that has enabled us to expand our customer base, to continue to improve our products and services and to increase the speed of the transformation of our business and our operational IT platform even in this challenging market situation." Business growth in May and 5M 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 growth in net interest income and net fee and commission income
Attachment File: 31 May 2020 IFRS Financial Highlights |
ISIN: | US46630Q2021 |
Category Code: | MSCM |
TIDM: | VTBR |
LEI Code: | 253400V1H6ART1UQ0N98 |
Sequence No.: | 72762 |
EQS News ID: | 1082339 |
End of Announcement | EQS News Service |
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