Russia’s VTB Bank publishes its Consolidated Financial Statements for the three months and twelve months ended December 31, 2018, bank’s website reported, noting that net profit for 2018 increased by 48.9% year-on-year.
According to the bank, its net interest income rose by 1.8% while net interest margin declined by 20 bp year-on-year to 3.9% and net interest margin in 4Q 2018 was 3.4%, compared to 4.1% for the same period a year earlier. Net fee and commission income declined by 5.6%.
The cost of risk was 1.6%, at the same level as in 2017. The ratio of costs to operating income before provisions declined to 40.5% (from 44.0% in 2017), staff costs and administrative expenses declined by 0.4% year-on-year.