VTB reported more than 4 times profit growth in 2021

One of the largest banks in the Russian Federation, VTB, announced the end of 2021 with a net profit of 327.4 billion rubles. It is 4.3 times higher than the figure recorded a year earlier. According to the results of the Q4, net profit also increased 4.3 times in annual terms to 69.8 billion rubles. The amount of VTB’s net interest income jumped in the reporting quarter by 18.3% to 170.6 billion rubles. At the same time, net fee and commission income fell by 14% compared to a year ago. It amounted to 35 billion rubles. One of the reasons for the growth of VTB’s profit was a significant reduction in contributions to the reserve fund. In 2021, they fell by more than 41% to 37.6 billion rubles. As of the end of the year, the bank’s reserves amounted to 116 billion rubles. The share of loans issued by the bank with a delay of 3 months decreased by 1.7 p.p. compared to 2020. up to 4%. VTB’s expenses related to administrative and economic activities in the reporting year increased to 102.9 billion rubles, or by 32% in annual terms.

Source: xCritical.com