VTB Group has posted its Interim Condensed Consolidated Financial Statements as at 30 September 2014 with the Independent Auditors’ Report on Review of these Statements.
“Our pre-provision performance remains strong and has been resilient to the macroeconomic slowdown and geopolitical tensions. However, the headwinds we continue to face have driven up provision charges and cost of risk, which remain the key factor adversely impacting VTB Group’s profitability in 2014," said Andrey Kostin, the bank's president and chairman of the management board
"In the third quarter we considerably strengthened the Group's Tier 1 capital through conversion of subordinated debt, which enabled us to continue robust loan book growth. I am also pleased to report that our cost control initiatives are translating into notable improvements in our efficiency ratios.”
FINANCIAL AND OPERATING HIGHLIGHTS
Income Statement
RUB billion
|
9M 2014
|
9M 2013
|
Change, % or p.p.
|
Net interest income
|
268.2
|
233.2
|
15.0%
|
Net fee and commission income
|
44.8
|
38.9
|
15.2%
|
Operating income before provisions
|
351.3
|
281.3
|
24.9%
|
Provision charge for impairment of debt financial assets
|
(157.8)
|
(72.8)
|
116.8%
|
Staff costs and administrative expenses
|
(163.9)
|
(149.2)
|
9.9%
|
Net profit
|
5.4
|
46.0
|
(88.3%)
|
Return on equity
|
0.8%
|
7.4%
|
(6.6 p.p.)
|
Statement of financial position
RUB billion
|
30 Sept 2014
|
31 Dec 2013
|
Change, % or p.p.
|
Total assets
|
10,135.2
|
8,768.5
|
15.6%
|
Cash and short term funds
|
448.9
|
354.3
|
26.7%
|
Loans and advances to customers, including pledged under repurchase agreements (gross)
|
8,022.9
|
6,620.7
|
21.2%
|
Corporate gross loans
|
6,184.8
|
5,099.9
|
21.3%
|
Gross loans to individuals
|
1,838.1
|
1,520.8
|
20.9%
|
Customer deposits
|
5,321.4
|
4,341.4
|
22.6%
|
Corporate deposits
|
3,373.0
|
2,548.0
|
32.4%
|
Deposits from individuals
|
1,948.4
|
1,793.4
|
8.6%
|
NPL ratio
|
6.0%
|
4.7%
|
1.3 p.p.
|
Tier 1 ratio
|
11.0%
|
10.9%
|
0.1 p.p.
|
Total CAR
|
12.2%
|
14.7%
|
(2.5 p.p.)
|
Sources: http://www.vtbgroup.com
Author: Mikhail Vesely