MOSCOW (Reuters) -Russian state-controlled lender VTB posted a 3.2% drop in net profit over the first eight months of the year to 327.6 billion roubles ($3.9 billion), hurt by a slide in net interest income.
The country’s second-largest lender expects to make a net profit of 500 billion roubles in 2025, implying a return on equity of 18%. That would be less than last year’s profit of roughly 550 billion roubles.
Net interest income tumbled 41.4% during the period to 221.7 billion roubles. Its net interest margin was 1.3% in August and 1% for the year to August, down from 1.9% and 2% respectively for the same periods in 2024.
VTB’s corporate loans portfolio grew 16.7 trillion roubles – climbing 1.1% in August and was up 4.8% since the start of the year. Retail lending was, however, flat last month and down 4.2% for January-August, at 7.5 trillion roubles.
($1 = 83.9455 roubles)
(Reporting by Elena Fabrichnaya; Writing by Robert Harvey; Editing by Lisa Shumaker and Edwina Gibbs)
