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VTB net profit under IFRS hits record $6.3 bln in 2024

Throughout the year, the total loan book expansion gradually decelerated due to the Bank of Russia’s tighter monetary policy and restrictive macro prudential measures, VTB said

MOSCOW, February 25. /TASS/. Net profit of VTB Group under International Financial Reporting Standards (IFRS) increased by 27.6% in 2024 compared with 2023 to a record of 551.4 bln rubles ($6.3 bln), Russia’s second-largest lender said in its financial report.

Q4 net profit amounted to 176.4 bln rubles ($2 bln), having climbed by 215.6% year-on-year.

Assets of the group rose by 22.8% last year to 36.07 trillion rubles ($415 bln). Total loan book (before provisions) amounted to 23.8 trillion rubles ($274 bln), up by 13.2% year-on-year. Throughout the year, the total loan book expansion gradually decelerated due to the Bank of Russia’s tighter monetary policy and restrictive macro prudential measures, VTB said. In 4Q 2024, growth stood at 0.1%, compared to 3% in 3Q 2024, 4.1% in 2Q 2024, and 5.4% in 1Q 2024.

"VTB Group’s performance in 2024 has become a solid foundation for further business development in 2025, when the challenging operating conditions for banks will remain, and for reaching the strategic 2024-2025 profit target," First Deputy Chairman of the Management Board, Chief Financial Officer Dmitry Pianov was quoted as saying.

The bank projects net profit under International Financial Reporting Standards (IFRS) in 2205 at 430 bln rubles ($4.9 bln), Pianov told reporters. "Net profit is expected at around 430 bln rubles in 2025, while return on capital [is expected] at around 15%," he said.

Despite record profit in 2024, VTB’s top management will not recommend 2024 dividend payout.

"We, as management, will recommend not to pay dividends for 2024 due to an unprecedented number of parallel negative factors affecting our capacity to increase capital adequacy," Pianov said. He mentioned the Central Bank’s high key rate and countercyclical buffer going into effect among the negative factors.

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