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VTB Group announces IFRS results for November and first 11 months of 2015

 
25 December 2015

VTB Bank (“VTB or “the Bank”), the parent company of VTB Group (“the Group”), today publishes its unaudited consolidated IFRS results for November 2015 and the 11 months ended 30 November 2015.

Income Statement

  • Net profit in November 2015 was RUB 10.9 billion, this took the Group above breakeven for the year, with net profit for 11M 2015 amounting to RUB 3.0 billion;
  • Net operating income before provisions was RUB 34.7 billion in November and RUB 379.2 billion in 11M 2015, down 5.7% and 12.3% year-on-year, respectively;
  • Total provision charges for impairment of debt financial assets and for impairment of other assets, credit related commitments and legal claims amounted to RUB 1.3 billion in November and RUB 156.6 billion in 11M 2015, down 95.0% and 28.2% year-on-year, respectively;
  • Staff costs and administrative expenses amounted to RUB 18.8 billion in November 2015 and RUB 210.8 billion for 11M 2015, down 9.6% and up 5.7% year-on-year, respectively. The Group’s cost-to-income ratio was 54.0% in November 2015 and 55.3% for 11M 2015, versus 56.6% in November 2014 and 46.3% for 11M 2014.   

Statement of Financial Position

  • Total assets amounted to RUB 12,886.8 billion at 30 November 2015, up 2.1% in November and 5.7% in 11M 2015. Gross loans and advances to customers grew 2.2% in November and 5.9% in 11M 2015. Gross loans to legal entities increased 7.7% year-to-date (2.7% in November), while gross loans to individuals contracted 0.8% year-to-date (up 0.1% in November);  
  • The NPL ratio was 6.3% of total gross loans at 30 November 2015, down 40 bps month-on-month, and up 50 bps year-to-date. The NPL coverage ratio at 30 November 2015 was a comfortable 106.3% (31 October 2015: 104.8%);
  • Total customer deposits grew 1.0% in November and 30.3% in 11M 2015, reaching RUB 7,387.5 billion at 30 November 2015. During 11M 2015, deposits from legal entities grew by 35.0%, which was faster than the 22.6% increase in deposits from individuals. In November 2015, deposits from individuals and deposits from legal entities grew 2.4% and 0.2%, respectively;
  • The Group continued to reduce its reliance on wholesale funding, with the share of debt securities issued in total liabilities falling to 5.1% at 30 November 2015 (31 October 2015: 5.7%, 31 December 2014: 8.3%). Debt securities issued amounted to RUB 586.1 billion at 30 November 2015, down 36.4% year-to-date;
  • The adjusted loan-to-deposit ratio remained at a comfortable 106.6% as of 30 November 2015 (31 October 2015: 105.0%, 31 December 2014: 113.4%);

The Group’s capital base remains very strong. Tier 1 CAR was 13.0% at 30 November 2015 (31 October 2015: 13.1%, 31 December 2014: 9.8%), and Total CAR was 15.0% (31 October 2015: 15.3%, 31 December 2014: 12.0%).

VTB Group IFRS Unaudited Financial Highlights as of 30 November 2015

VTB Group IFRS Unaudited Financial Highlights as of 30 November 2015

VTB Group IFRS Unaudited Financial Highlights as of 30 November 2015 (Analysis by Segment)

VTB Group IFRS Unaudited Financial Highlights as of 30 November 2015 (Analysis by Segment)

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