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VTB Group announces IFRS results for August and first 8 months of 2016

 
27 September 2016

VTB Bank (“VTB” or “the Bank”), the parent company of VTB Group (“the Group”), today publishes its unaudited consolidated IFRS results for August 2016 and the 8 months ended 31 August 2016. 

Income Statement

  • Net profit was RUB 8.5 billion in August and RUB 26.4 billion in 8M 2016 versus net profit of RUB 0.4 billion and net loss of RUB 14.6 billion in August and 8M 2015, respectively. Net operating income before provisions was RUB 41.8 billion in August and  RUB 331.1 billion in 8M 2016, up 16.4% and 37.0% year-on-year, respectively;

  • Net interest income was RUB 33.6 billion in August and RUB 276.0 billion in 8M 2016, up 11.6% and 65.0% year-on-year, respectively. The growth of net interest income followed the year-on-year recovery of net interest margin (3.6% in August and 3.7% in 8M 2016, versus 3.1% in August and 2.3% in 8M 2015);

  • Net fee and commission income was RUB 5.9 billion in August and RUB 49.8 billion in 8M 2016, down 6.3% and up 10.9% 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 14.7 billion in August and RUB 141.7 billion in 8M 2016, down 0.7% and up 29.2% year-on-year, respectively. The Group’s cost of risk, including credit related commitments, was 1.7% in August and 2.0% in 8M 2016, versus 1.7% in August and 1.6% in 8M 2015;

  • Staff costs and administrative expenses amounted to RUB 19.4 billion in August and RUB 152.7 billion for 8M 2016, up 10.9% and 7.8% year-on-year, respectively. The Group’s cost-to-income ratio was 46.3% in August and 47.2% for 8M 2016, versus 48.4% in August and 58.0% for 8M 2015.   

Statement of Financial Position

  • The Group’s total assets amounted to RUB 12,587.6 billion at 31 August 2016, up 0.2% in August and down 7.7% year-to-date. Gross loans and advances to customers contracted 0.6% in August and 6.5% year-to-date. Gross loans to legal entities contracted 1.1% in August and 9.7% year-to-date, while gross loans to individuals increased by 1.3% in August and by 6.8% year-to-date; 

  • The NPL ratio was 7.1% of total gross loans at 31 August 2016, unchanged month-on-month and up 80 bps year-to-date. The NPL coverage ratio at 31 August 2016 was 104.4% (31 July 2016: 104.9%, 31 December 2015: 105.8%);

  • Total customer deposits contracted 0.8% in August and grew 9.7% year-to-date, reaching RUB 7,972.3 billion at 31 August 2016. Deposits from legal entities contracted 0.7% in August and grew 15.3% year-to-date, while deposits from individuals contracted 1.0% in August and grew 1.3% year-to-date;

  • Debt securities issued amounted to RUB 434.7 billion at 31 August 2016, down 30.3% year-to-date;

  • The adjusted loan-to-deposit ratio was 101.1% as of 31 August 2016 (31 July 2016: 102.3%, 31 December 2015: 104.9%). The non-adjusted loan-to-deposit ratio was 109.8% as of 31 August 2016 (31 July 2016: 109.5%, 31 December 2015: 129.9%);

  • As of 31 August 2016, Tier 1 CAR was 13.3% (31 July 2016: 13.1%, 31 December 2015: 12.4%), and total CAR was 15.2% (31 July 2016: 15.0%, 31 December 2015: 14.3%).


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