Dmitry Pyanov, deputy chairman of the bank’s board of directors, told reporters that for 2022, VTB Group suffered a loss of 613 billion rubles (US$ 7.7 billion) under IFRS.
“The loss under this IFRS reporting at the end of 2022 will be rounded to 613 billion rubles (US$ 7.7 billion),” he said.
Two systemically important banks in Russia closed 2022 with a loss.
The senior executive said that this statement will take into account the consolidation of the Otkritie group in December. Otkritie’s consolidation of 613 billion rubles (loss – ed.) made a profit Under IFRS this is called bargain purchase income, so we actually bought the Otkritie group’s net assets for 340 billion rubles (US$ 4.3 billion) with a fair value of about 505 billion rubles (US$ 6.3 billion),” added the senior executive.
Thus, he noted that the one-time income of the group is 165 billion rubles (US$ 2.1 billion). “The organic loss of the group without this revenue … is 777 billion rubles (US$ 9.8 bln) rounded up, so this is a very close result in terms of loss under RAS (756.8 billion rubles – ed.),” Pyanov said.
According to him, VTB grew 17% in assets over the past year, despite losses and withdrawals of foreign assets. “Otkritie sits within this increase… In fact Otkritie added us 4 trillion assets. The cost of Otkritie’s asset-by-asset consolidation is 20% of the increase in our assets in December 2022,” Pyanov said.
The group’s result for 2022 exceeded the indicators of the crisis year 2009, after which the net loss under IFRS amounted to 59.6 billion rubles (US$ 748 mln). In 2021, VTB made a record net profit of 327.4 billion rubles (US$ 4.1 bln), which is 4.3 times more than in 2020, NU reports.
