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Russia’s VTB reports record $4.1 billion net profit for 2021 -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A branch of VTB in Moscow is displaying logos on May 30, 2019, REUTERS/Evgenia Novozhenina

MOSCOW (Reuters – Russian State Bank VTB reported Tuesday a fourfold increase of net profit to record 327.4 Billion Rupees ($4.1B) in 2021. This is a rebound from a steep drop in earnings the previous year due to the coronavirus epidemic.

According to the Russian central bank, 2.4 trillion Russian roubles was a record profit for banks last year. The economic recovery boosted loans growth and increased interest in real property assets.

VTB reported a net profit of 69.8 billion rubles in the fourth quarter. This is an increase from 16.2 million roubles recorded between October and December 2020.

VTB Russia is Russia’s second largest bank (in assets) said that it saw its return of equity (RoE) rise to 16.5% in 2021. While its risk cost decreased 120 basis points to 0.7%, VTB was Russia’s number two bank.

($1 = 79.7025 roubles)

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