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VTB Group announces IFRS financial results for August and 8M 2020

·6-min read

JSC VTB Bank (VTBR)
30-Sep-2020 / 13:59 CET/CEST
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VTB Group announces IFRS financial results for August and 8M 2020

VTB Bank, the parent company of VTB Group (the "Group"), today publishes its unaudited consolidated financial results in accordance with IFRS for August and the first eight months of 2020.

Andrey Kostin, President and Chairman of the Management Board of VTB Bank, said: "VTB Group's net profit in August amounted to RUB 9.9 billion, which corresponds to a return on equity of 6.8%. The increase in net profit in August was due to continued growth in core banking income against the backdrop of stabilising cost of risk and a moderate uptick in costs. While the pandemic had a significant negative impact on the Group's profitability in the first eight months of the year, we have been surefooted in traversing what has been a difficult market situation, and we have seen brisk growth in our client base, an acceleration in our technological transformation and a reduction in the time needed to introduce new products and services."

The Group demonstrated strong business growth in 8M 2020 despite the impact of the COVID-19 pandemic

Profitability metrics were under pressure in the context of the COVID-19 pandemic against a backdrop of higher provisions and a revaluation of investment properties, while core banking income continued to grow steadily

 

Attachment

File: VTB Group IFRS Unaudited Financial Highlights as of 31 August 2020

ISIN:

US46630Q2021

Category Code:

MSCM

TIDM:

VTBR

LEI Code:

253400V1H6ART1UQ0N98

Sequence No.:

85176

EQS News ID:

1137943


 

End of Announcement

EQS News Service

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