JSC VTB Bank (VTBR)
VTB Group announces IFRS financial results for 2 months of 2020
30 March 2020
VTB Bank, the parent company of VTB Group (the "Group"), today publishes its unaudited consolidated financial results in accordance with IFRS for the first two months of 2020.
Andrey Kostin, President and Chairman of VTB Management Board, said: "The Group's net profit in January and February 2020 increased by 11% year-on-year and amounted to RUB 38.8 billion, which corresponds to a ROE of 14.1%. We saw growth in terms of our key banking revenues and business development in line with our strategic priorities. We also continued to work on the comprehensive transformation of our processes and technologies in an effort to further expand our customer base, improve the customer experience and increase operational efficiency.
"Based on our results from last year and the first two months of this year, VTB Group expanded its capital and customer base, bolstered liquidity and improved both its balance sheet structure and cost-effectiveness, which has further strengthened our position and our ability to withstand current market volatility and threats to economic development caused by the spread of COVID-19.
"Under the current circumstances, we have ensured full business continuity and the uninterrupted operation of all systems and processes. At the same time, our top priority remains the health and safety of all our employees, customers and partners, and we are taking every necessary measure to protect them.
"We welcome the initiatives of the President, the Government and the Central Bank of the Russian Federation to support the economy, including small and medium-sized enterprises and individual borrowers who face lower incomes, as well as regulatory measures to support the banking sector, and we expect that initiatives that have already been announced and possible new initiatives will help to significantly mitigate the negative impact of the COVID-19 pandemic on consumers, the corporate sector and the financial industry. For our part, in recognition of our responsibility to society, we at VTB Group are implementing a wide range of measures to support our customers who find themselves in a difficult situation.
"Crises always offer opportunities. I am certain that the current situation will speed up the transformation of our business and will lead to more thoroughgoing digitalisation of our products and services, and it will enable us to strengthen our market position and relations with our customers as their first choice for banking."
Based on the results of the first two months of 2020, VTB Group continued to develop its business in line with its strategic priorities, focusing on optimising its funding structure and expanding its retail and SME business.
The Group improved profitability on the back of a higher net interest margin and accelerated growth in terms of key sources of revenue.
Document title: VTB Group IFRS financial results for 2 months of 2020
|EQS News ID:||1010417|
|End of Announcement||EQS News Service|