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VTB Group announces IFRS results for May and first 5 months of 2016

 
28 June 2016

VTB Bank (“VTB” or “the Bank”), the parent company of VTB Group (“the Group”), today publishes its unaudited consolidated IFRS results for May 2016 and the 5 months ended 31 May 2016.

Income Statement

  • Net profit was RUB 0.5 billion in May and RUB 1.8 billion in 5M 2016 versus net profit of RUB 0.1 billion and net loss of RUB 19.1 billion in May and 5M 2015, respectively. Net operating income before provisions grew 67.5% year-on-year in May and 33.3% year-on-year in 5M 2016;
  • Net interest income was RUB 35.0 billion in May 2016, up 58.4% year-on-year, and RUB 167.5 billion in 5M 2016, up 95.9% year-on-year. The growth of net interest income was driven by continuing recovery of net interest margin (3.8% in May and 3.5% in 5M 2016, versus 2.5% in May and 1.9% in 5M 2015);
  • Net fee and commission income was RUB 6.3 billion in May and RUB 30.0 billion in 5M 2016, up 21.2% and 14.5% 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 20.3 billion in May and RUB 76.2 billion in 5M 2016, up 160.3% and 6.7% year-on-year, respectively. The Group’s cost of risk was 2.2% in May and 1.6% in 5M 2016, versus 1.1% in May and 1.8% in 5M 2015;
  • Staff costs and administrative expenses amounted to RUB 19.2 billion in May and RUB 100.1 billion for 5M 2016, up 12.9% and 12.6% year-on-year, respectively. The Group’s cost-to-income ratio was 46.6% in May and 52.2% for 5M 2016, versus 65.7% in May and 62.4% for 5M 2015.

Statement of Financial Position

  • The Group’s total assets amounted to RUB 12,417.3 billion at 31 May 2016, up 1.0% in May and down 9.0% year-to-date. Gross loans and advances to customers grew 2.3% in May and contracted 7.9% in 5M 2016. Gross loans to legal entities increased by 2.5% in May and contracted 10.7% in 5M 2016, while gross loans to individuals increased by 1.4% in May and by 3.6% in 5M 2016;
  • The NPL ratio was 7.2% of total gross loans at 31 May 2016, up 10 bps month-on-month and 90 bps year-to-date. The NPL coverage ratio at 31 May 2016 was 103.8% (30 April 2016: 103.0%, 31 December 2015: 105.8%);
  • Total customer deposits grew 1.2% in May and 9.0% year-to-date, reaching RUB 7,917.8 billion at 31 May 2016. Deposits from legal entities grew 0.9% in May and 15.8% in 5M 2016, while deposits from individuals grew 1.7% in May and contracted 1.4% in 5M 2016;
  • Debt securities issued amounted to RUB 483.0 billion at 31 May 2016, down 22.5% year-to-date;
  • The adjusted loan-to-deposit ratio was 100.8% as of 31 May 2016 (30 April 2016: 101.0%, 31 December 2015: 104.9%);
  • As of 31 May 2016 Tier 1 CAR was 13.9% (30 April 2016: 13.9%, 31 December 2015: 12.4%), and total CAR was 15.8% (30 April 2016: 15.8%, 31 December 2015: 14.3%).

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