The IFRS net profit of VTB for the first quarter of 2016 was RUB0.6 billion (USD0.01 billion), against a loss of RUB18.3 billion (USD 0.28 billion) for the corresponding period of 2015, VTB reported on May 16, 2016.

The net interest income of the VTB Group increased by 121.4 percent year-on-year to RUB98.3 billion (USD 1.53 billion). The group’s commission income increased by 13 percent year-on-year to RUB17.4 billion (USD0.27 billion).

In the first quarter of 2016, the aggregate provision charge was RUB40.6 billion (USD0.63 billion), a figure that reflects a 17-percent year-on-year decrease.

Staff costs and administrative expenses for the first quarter of 2016 amounted to RUB60.6 billion (USD0.94 billion), increasing by 11.0 percent year-on-year.

VTB’s loan book decreased by 8.4 percent to RUB7,270.4 billion (USD113.06 billion) in the first quarter of 2016, primarily due to a 10.8-percent decline in loans to legal entities. This development was partly driven by the strengthening of the Russian rouble in the reporting period and the corresponding revaluation of loans denominated in U.S. dollars and other currencies. Retail loans increased by 1.4 percent to RUB1,987.5 billion (USD30.90 billion) in the first quarter of 2016.

As of March 31, 2016, the group’s total and tier one (ordinary capital of the bank) capital adequacy ratios rose to 15.6 percent and 13.7 percent, respectively, against 14.3 percent and 12.4 percent reported as of December 31, 2015.

VTB Bank ranks as the second largest Russian bank after Sberbank in terms of its asset size. The government holds a 60.9-percent equity stake in the bank. In Russia, the VTB Group performs banking operations through one parent bank, called VTB Bank, and six subsidiary banks, some of the largest of which include VTB 24, the Bank of Moscow, and TransCreditBank. VTB Bank’s international network numbers over 30 banks and financial companies in more than 20 countries of the world.

The IFRS net profit of the VTB Group for 2015 increased two times to RUB1.7 billion (USD0.03 billion) from RUB800 million (USD12.44 million) in 2014. The interest income for 2015 increased by 30.4 percent to RUB1.1 trillion (USD0.02 trillion). Interest expenses grew by 64 percent to RUB803.1 billion (USD12.49 billion). The net interest margin decreased to 2.6 percent from four percent in 2014.

The RAS net profit of VTB for 2015 rose 2.4 times to RUB48.581 billion (USD 0.76 billion) from RUB20.007 billion (USD0.31 billion) in 2014. Pre-tax profits increased 4.6 times to RUB54.789 billion (USD0.85 billion) from RUB11.723 billion (USD0.18 billion).