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VTB to boost corporate profits by 50%

Credit: kremlin.ru

Vladimir Putin received President and Chairman of the VTB Bank Management Board Andrei Kostin to discuss the financial group’s current operations and 2019 performance, presidential web page reports.

According to Kostin, “The bank’s net profits under International Accounting Standards increased by 10%, and totalled RUR 201 bln ($3.2 bln). The stock value and the bank’s capitalization soared by 36% in 12 months.”

“In 2019, we expanded our mortgage portfolio by 20%. Today, VTB Bank issues 25% of all mortgages nationwide, and the volume of our mortgage program has reached RUR 1.8 tln ($28 bln),” he said. “In 2020, we plan to pay 50% of our net profits as dividends, and boost corporate profits by 50%, to RUR 300 bln in the next three years.”

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