OREANDA-NEWS. VTB Bank, today publishes its unaudited consolidated IFRS results for May 2016 and the 5 months ended 31 May 2016.

Income Statement

  • Net profit was RUB 0.5 billion in May and RUB 1.8 billion in 5M 2016 versus net profit of RUB 0.1 billion and net loss of RUB 19.1 billion in May and 5M 2015, respectively. Net operating income before provisions grew 67.5% year-on-year in May and 33.3% year-on-year in 5M 2016;
  • Net interest income was RUB 35.0 billion in May 2016, up 58.4% year-on-year, and RUB 167.5 billion in 5M 2016, up 95.9% year-on-year. The growth of net interest income was driven by continuing recovery of net interest margin (3.8% in May and 3.5% in 5M 2016, versus 2.5% in May and 1.9% in 5M 2015);
  • Net fee and commission income was RUB 6.3 billion in May and RUB 30.0 billion in 5M 2016, up 21.2% and 14.5% year-on-year, respectively;
  • Total provision charges for impairment of debt financial assets and for impairment of other assets, credit related commitments and legal claims amounted to RUB 20.3 billion in May and RUB 76.2 billion in 5M 2016, up 160.3% and 6.7% year-on-year, respectively. The Group’s cost of risk was 2.2% in May and 1.6% in 5M 2016, versus 1.1% in May and 1.8% in 5M 2015;
  • Staff costs and administrative expenses amounted to RUB 19.2 billion in May and RUB 100.1 billion for 5M 2016, up 12.9% and 12.6% year-on-year, respectively. The Group’s cost-to-income ratio was 46.6% in May and 52.2% for 5M 2016, versus 65.7% in May and 62.4% for 5M 2015.