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VTB Group announces IFRS results for 2 months of 2016

 
29 March 2016

VTB Bank, the parent company of VTB Group (“the Group”), today publishes its unaudited consolidated IFRS results for the 2 months ended 29 February 2016.

Income Statement

  • Net profit in 2M 2016 was RUB 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;

  • In 2M 2016, net interest income was RUB 63.7 billion, up 147.9% year-on-year (2M 2015: RUB 25.7 billion) due to recovery of net interest margin (3.2% in 2M 2016, versus 1.4% in 2M 2015);

  • In 2M 2016, net fee and commission income grew 23.4% year-on-year to RUB 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 RUB 30.7 billion in 2M 2016, up 7.0% year-on-year (2M 2015: RUB 28.7 billion);

  • Staff costs and administrative expenses amounted to RUB 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.   

Statement of Financial Position

  • Total assets amounted to RUB 13,315.0 billion as of 29 February 2016, down 2.4% in 2M 2016. 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;  

  • The NPL ratio was 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%);

  • Total customer deposits grew 10.2% in 2M 2016, reaching RUB 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%). 



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