[1/2] The brand of VTB financial institution is seen behind crops on the St. Petersburg Worldwide Financial Discussion board (SPIEF) in Saint Petersburg, Russia June 15, 2022. REUTERS/Maxim Shemetov
MOSCOW, June 8 (Reuters) – Russian state-owned lender VTB (VTBR.MM) will see revenue of “not much less” than 400 billion roubles ($4.9 billion) in 2023 after a bumper first 5 months of the yr and a document loss final yr, CEO Andrei Kostin advised Reuters in an interview.
Revenue within the first 5 months of this yr totalled 239 billion roubles, after a lack of 612.6 billion roubles for 2022, Kostin mentioned.
“We contemplate a revenue forecast of about 400 billion rubles for this yr to be life like – a document determine for us,” Kostin mentioned.
CFO Dmitry Pyanov this week mentioned VTB’s 2023 earnings could be in direction of the higher finish of its goal vary of 327-400 billion roubles.
The document lack of 2022, he mentioned, was largely attributable to a fall within the rouble to 100 per U.S. greenback quickly after the West imposed sanctions and the write off of its property frozen within the West.
“It was a tough yr for us, however within the second half we began working in revenue, and now we now have a really profitable yr up to now,” Kostin mentioned.
Kostin mentioned it was unlikely VTB would return to paying dividends for this yr although it relied on the state which has a 61.8% stake within the financial institution after it raised 94 billion roubles in a secondary public providing from personal, undisclosed traders.
Russia’s dominant lender Sberbank (SBER.MM) is paying a document 565 billion roubles in dividends for 2022, half of which is destined for the Russian state.
($1 = 82.0000 roubles)
Reporting by Man Faulconbridge and Elena Fabrichnaya
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