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MOSCOW, Feb 26 (Reuters) – Russia’s second-largest lender VTB VTBR.MM reported a 13% improve in web revenue final 12 months, the financial institution stated on Wednesday, barely exceeding its personal goal, as provisions for unhealthy loans dropped.
VTB stated 2019 web revenue hit 201.2 billion roubles ($3.08 billion), a document excessive, and a contact above the 200 billion euros it was concentrating on.
VTB’s revenue rose as its provisions towards unhealthy loans fell to 103.Three billion roubles in 2019 from 154.6 billion roubles in 2018.
The share of non-performing loans shrank to 4.7% as of end-2019 from 5.7% in late 2018, VTB stated.
VTB shares rose shortly after the monetary outcomes have been launched however then pared beneficial properties and slipped to 0.047 roubles, down 0.97% on the day as of 0810 GMT.
Within the fourth quarter, VTB’s web revenue rose 76% in contrast with a 12 months in the past to 73.2 billion roubles.
Internet curiosity earnings rose 7.2% year-on-year within the fourth quarter of 2019 to 116.eight billion roubles, whereas its return on fairness – a measure of profitability – elevated to 17.9% from 11.0% in the identical interval of 2018.
Fourth-quarter provisions towards unhealthy loans greater than halved to 25.5 billion roubles from a 12 months in the past.
The administration board of VTB will advocate paying out 50% of the corporate’s 2019 web earnings in dividends in two installments, its board member Dmitry Pyanov stated on Tuesday
($1 = 65.3110 roubles)
(Reporting by Tatiana Voronova and Maxim Rodionov Writing by Andrey Ostroukh and Polina Devitt, enhancing by Louise Heavens and Carmel Crimmins)
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