VTB Group earned a net profit of RUB 61.3 billion in the first two months of 2024 according to IFRS, decreasing by 33.2% year-on-year compared to the same period last year. The return on equity (RoE) of VTB Group for the first two months of 2024 amounted to 17.0% compared to 36.7% for the same period last year. This is stated in the bank's message.
Net operating income before reserves amounted to RUB 150.0 billion in the two months of 2024, decreasing by 12.3% year-on-year. Net fee and commission income for the two months of 2024 increased by 29.0% year-on-year and amounted to 33.4 billion rubles.
The cost of creating reserves amounted to 10.9 billion rubles, an increase of 51.4% year-on-year.
The volume of the total loan portfolio before deduction of reserves as of February 29, 2024 amounted to RUB 21.9 trillion, an increase of 4.2% since the beginning of the year. Loans to legal entities increased by 6.1% in the first two months of this year to RUB 14.9 trillion. The growth in lending to individuals at the beginning of the year amounted to 0.4% in the first two months of the year, the portfolio of retail loans exceeded 7 trillion rubles.
Total funds of the Group's clients have increased by 1.2% since the beginning of the year to RUB 22.6 trillion. The growth of funds of legal entities since the beginning of the year amounted to 0.9%, the portfolio of funds of legal entities increased to 12.9 trillion rubles. The volume of funds of individuals increased by 1.5% in two months of this year, reaching 9.8 trillion rubles as of February 29, 2024.
VTB Group is a Russian financial group comprising more than 20 credit and financial companies operating in all major segments of the financial market. In the CIS countries, the group is represented in Armenia, Ukraine, Belarus, Kazakhstan, and Azerbaijan. VTB banks in Austria, Germany and France operate within the framework of a European sub-holding headed by VTB Bank (Austria). In addition, the group has subsidiaries and associated banks in the UK, Cyprus, Serbia, Georgia and Angola, as well as one branch of VTB Bank in China and India, two branches of VTB Capital Plc in Singapore and Dubai.
