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VTB Bank Q2 profit falls 29.6% YOY

VTB Bank PJSC reported second-quarter net profit of 30.9 billion Russian rubles, down from 43.9 billion rubles a year earlier.

EPS for the quarter was 0.18 kopeck, compared to the year-ago 0.29 kopeck.

Net interest income for the quarter amounted to 109.4 billion rubles, down from 121.8 billion rubles in the second quarter of 2018. Net fee and commission income increased year over year to 26.0 billion rubles from 22.3 billion rubles.

The Russian state-controlled lender's provision charge for credit losses on debt financial assets totaled 31.3 billion rubles, narrowing down from 54.9 billion rubles a year earlier. Noninterest expenses rose 6.1% on a yearly basis to 69.2 billion rubles.

Net losses from insurance activities came in at 5.7 billion, compared to revenues of 6.0 billion a year ago.

For the first half, VTB saw a 22.1% year-over-year decline in attributable net profit, to 77.5 billion rubles from 99.5 billion rubles. EPS for the period was 0.54 kopeck, down from 0.72 kopeck in the first half of 2018.

President and management board Chairman Andrey Kostin said the lender is "poised to post strong results" in the second half and deliver on its full-year net profit target of 200 billion rubles.

The bank's nonperforming loans ratio stood at 5.7% at the end of June, down from 5.8% at March-end and unchanged compared to Jan. 1. Loan-to-deposit ratio fell to 101.5% at June-end from 104.0% at March-end and 102.8% at Jan. 1.

As of June 30, the Tier 1 and total capital adequacy ratios stood at 12.0% and 13.2%, respectively, compared to 12.3% and 13.7% at March 31 and 12.0% and 13.5% at Jan. 1.

As of Aug. 7, US$1 was equivalent to 65.59 Russian rubles.