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VTB Bank

VTB's market capitalisation (end of period) rose 2.65% to USD 8,215 mil in 2Q2019

By Helgi Analytics - October 23, 2019

VTB Bank stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of USD 3,477 mil...

VTB's npls (as % of loans) fell 25.0% yoy to 5.70% in 2Q2019

By Helgi Analytics - August 16, 2019

VTB Bank 's non-performing loans reached 5.70% of total loans at the end of 2019-06-30, down from 7.60% compared to the previous ...

VTB's net profit fell 29.6% yoy to RUB 30.9 bil in 2Q2019

By Helgi Analytics - August 16, 2019

VTB Bank made a net profit of RUB 30.9 bil under revenues of RUB 138 bil in the second quarter of 2019, down 29.6% and 12.2%...

Annual Quarterly
Profit Statement 2016 2017 2018
Net Interest Income RUB bil 415 460 469
Net Fee Income RUB bil 81.8 95.3 80.6
Other Income RUB bil 5.30 42.7 55.8
Total Revenues RUB bil 502 598 605
Staff Cost RUB bil 146 155 157
Operating Profit RUB bil 268 337 345
Provisions RUB bil 211 172 161
Net Profit RUB bil 52.3 120 182
Balance Sheet 2016 2017 2018
Interbank Loans RUB bil 1,051 835 693
Customer Loans RUB bil 8,855 9,171 10,692
Debt Securities RUB bil 582 580 876
Total Assets RUB bil 12,588 13,009 14,761
Shareholders' Equity RUB bil 1,413 1,480 1,523
Interbank Borrowing RUB bil 1,209 810 1,426
Customer Deposits RUB bil 7,347 9,145 10,404
Issued Debt Securities RUB bil 624 516 944
Ratios 2016 2017 2018
ROE % 3.64 8.32 12.1
ROA % 0.399 0.940 1.31
Costs (As % Of Assets) % 1.78 2.04 1.87
Costs (As % Of Income) % 46.6 43.6 42.9
Capital Adequacy Ratio % 14.6 14.8 13.5
Net Interest Margin % 3.16 3.60 3.37
Loans (As % Of Deposits) % 121 100 103
NPLs (As % Of Loans) % 6.40 5.70 5.70
Provisions (As % Of NPLs) % 104 108 112
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 30,937 23,718 5,593
Share Price (End Of Period) EUR 0.145 0.105 0.030
Price/Earnings (P/E) 35.9 11.4 2.14
Price/Book Value (P/BV) 1.33 0.923 0.255
Dividend Yield % 0.808 1.11 ...
Earnings Per Share (EPS) RUB 0.004 0.009 0.014
Book Value Per Share RUB 0.109 0.114 0.118
Dividend Per Share RUB 0.001 0.001 ...

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Net Interest Income RUB bil                       246 323 347 289 415    
Total Revenues RUB bil                       356 427 522 412 502    
Operating Profit RUB bil                       175 202 299 190 268    
Net Profit RUB bil                       85.8 102 4.10 13.4 52.3    
balance sheet                                    
Interbank Loans RUB bil                       359 443 815 1,358 1,051    
Customer Loans RUB bil                       4,762 5,969 8,537 9,438 8,855    
Debt Securities RUB bil                       1,126 1,299 602 677 582    
Total Assets RUB bil                       7,416 8,769 12,191 13,645 12,588    
Shareholders' Equity RUB bil                       766 947 1,131 1,457 1,413    
Interbank Borrowing RUB bil                       760 667 733 1,224 1,209    
Customer Deposits RUB bil                       3,813 4,341 5,669 7,267 7,347    
Issued Debt Securities RUB bil                       1,560 2,224 1,187 886 624    
ratios                                    
ROE %                       12.3 11.8 0.395 1.04 3.64    
ROA %                       1.21 1.25 0.039 0.104 0.399    
Costs (As % Of Assets) %                       2.55 2.79 2.12 1.72 1.78    
Costs (As % Of Income) %                       50.9 52.8 42.7 53.9 46.6    
Capital Adequacy Ratio % ... ... ... ... ...             14.4 14.7 12.0 14.3 14.6    
Net Interest Margin %                       3.46 3.99 3.31 2.24 3.16    
Interest Income (As % Of Revenues) %                       69.1 75.6 66.6 70.2 82.7    
Fee Income (As % Of Revenues) %                       13.6 13.0 12.1 18.5 16.3    
Staff Cost (As % Of Total Cost) %                       48.3 52.7 55.9 62.1 62.3    
Equity (As % Of Assets) %                       10.3 10.8 9.28 10.7 11.2    
Loans (As % Of Deposits) %                       125 137 151 130 121    
Loans (As % Assets) %                       64.2 68.1 70.0 69.2 70.3    
NPLs (As % Of Loans) % ... ... ... ... ...             6.98 6.37 5.77 6.30 6.40    
Provisions (As % Of NPLs) % ... ... ... ... ...             91.1 89.6 116 106 104    
valuation                                    
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ...           17,116 19,715 14,084 13,515 30,937    
Number Of Shares (Average) mil                       10,460,500 12,960,500 12,960,500 12,960,500 12,960,500    
Share Price (End Of Period) EUR ... ... ... ... ... ...           0.050 0.050 0.066 0.076 0.145    
Earnings Per Share (EPS) RUB                       0.008 0.008 < 0.001 0.001 0.004    
Book Value Per Share RUB                       0.073 0.073 0.087 0.112 0.109    
Dividend Per Share RUB                       0.002 0.001 0.001 0.001 0.001   ...
Price/Earnings (P/E) ... ... ... ... ... ...     ...     6.10 6.38 209 73.5 35.9    
Price/Book Value (P/BV) ... ... ... ... ... ...           0.683 0.684 0.756 0.676 1.33    
Dividend Yield % ... ... ... ... ... ...           3.21 2.52 1.77 1.54 0.808   ...
Earnings Per Share Growth % ...                     -4.03 -4.52 -96.0 227 290    
Book Value Per Share Growth % ...                     22.6 -0.220 19.4 28.8 -3.01    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Interest Income RUB bil                       556 686 844 1,101 1,108    
Interest Cost RUB bil                       310 363 497 812 693    
Net Interest Income RUB bil                       246 323 347 289 415    
Net Fee Income RUB bil                       48.3 55.4 63.1 76.2 81.8    
Other Income RUB bil                       61.7 48.6 111 46.3 5.30    
Total Revenues RUB bil                       356 427 522 412 502    
Staff Cost RUB bil                       87.6 119 125 138 146    
Depreciation RUB bil                       19.3 23.4 27.5 29.3 32.6    
Other Cost RUB bil                       74.3 83.2 79.4 67.7 55.6    
Operating Cost RUB bil                       181 225 223 222 234    
Operating Profit RUB bil                       175 202 299 190 268    
Provisions RUB bil                       59.4 96.9 275 178 211    
Extra and Other Cost RUB bil                       0 -14.5 -9.10 -3.40 -8.50    
Pre-Tax Profit RUB bil                       115 119 32.8 15.0 65.5    
Tax RUB bil                       24.8 24.1 31.5 6.90 21.6    
Minorities RUB bil                       4.80 -1.00 -3.30 -9.00 -0.700    
Net Profit RUB bil                       85.8 102 4.10 13.4 52.3    
Dividends RUB bil                       16.8 16.3 15.2 15.2 15.2   ...
growth rates                                    
Net Interest Income Growth % ...                     8.37 31.3 7.52 -16.8 43.5    
Net Fee Income Growth % ...                     23.2 14.7 13.9 20.8 7.35    
Total Revenue Growth % ...                     24.8 19.9 22.2 -21.1 22.0    
Operating Cost Growth % ...                     28.1 24.4 -1.24 -0.314 5.41    
Operating Profit Growth % ...                     21.6 15.3 48.4 -36.6 41.4    
Pre-Tax Profit Growth % ...                     -0.087 3.29 -72.5 -54.3 337    
Net Profit Growth % ...                     -4.03 18.3 -96.0 227 290    
market share                                    
Market Share in Revenues % ... ... ...                 8.97 9.43 8.68 6.15 3.83   ...
Market Share in Net Profit % ... ... ...           ...     10.9 14.0 0.843 15.8 7.97   ...
Market Share in Employees % ... ... ... ... ... ... ... ... ... ... ... ... ... 10.9 11.5 ... ... ...
Market Share in Branches % ... ... ... ... ... ...       ... ... ... 6.01 ... ... ... ... ...
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                    
Cash RUB bil                       633 413 781 642 548    
Interbank Loans RUB bil                       359 443 815 1,358 1,051    
Customer Loans RUB bil                       4,762 5,969 8,537 9,438 8,855    
Retail Loans RUB bil ... ... ... ... ...             1,120 1,521 1,945 1,960 1,960    
Mortgage Loans RUB bil ... ... ... ... ...             391 540 795 875 875    
Consumer Loans RUB bil ... ... ... ... ...             730 981 904 1,085 1,085    
Corporate Loans RUB bil ... ... ... ... ...             3,965 4,809 6,286 8,150 8,150    
Debt Securities RUB bil                       1,126 1,299 602 677 582    
Fixed Assets RUB bil                       295 333 409 472 508    
Total Assets RUB bil                       7,416 8,769 12,191 13,645 12,588    
Shareholders' Equity RUB bil                       766 947 1,131 1,457 1,413    
Of Which Minority Interest RUB bil                       12.3 7.60 13.1 -0.100 9.70    
Liabilities RUB bil                       6,650 7,821 11,060 12,188 11,175    
Interbank Borrowing RUB bil                       760 667 733 1,224 1,209    
Customer Deposits RUB bil                       3,813 4,341 5,669 7,267 7,347    
Retail Deposits RUB bil                       1,434 1,789 2,154 2,883 2,883    
Corporate Deposits RUB bil                       1,935 2,150 2,798 3,838 3,838    
Sight Deposits RUB bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,474 1,474    
Term Deposits RUB bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 5,793 5,873    
Issued Debt Securities RUB bil                       1,560 2,224 1,187 886 624    
Other Liabilities RUB bil                       516 589 3,471 2,811 1,996    
asset quality                                    
Non-Performing Loans RUB bil ... ... ... ... ...             355 403 528 637 647    
Gross Loans RUB bil ... ... ... ... ...             5,085 6,330 9,150 10,110 10,110    
Total Provisions RUB bil ... ... ... ... ...             323 361 613 673 673    
growth rates                                    
Customer Loan Growth % ...                     10.7 25.4 43.0 10.5 -6.18    
Retail Loan Growth % ... ... ... ... ... ...           35.9 35.8 27.9 0.766 0    
Mortgage Loan Growth % ... ... ... ... ... ...           26.4 38.2 47.3 10.0 0    
Consumer Loan Growth % ... ... ... ... ... ...           67.2 34.5 -7.89 20.1 0    
Corporate Loan Growth % ... ... ... ... ... ...           5.27 21.3 30.7 29.7 0    
Total Asset Growth % ...                     9.22 18.2 39.0 11.9 -7.74    
Shareholders' Equity Growth % ...                     22.6 23.6 19.4 28.8 -3.01    
Customer Deposit Growth % ...                     6.02 13.8 30.6 28.2 1.10    
Retail Deposit Growth % ...                     23.5 24.7 20.4 33.8 0    
Corporate Deposit Growth % ...                     1.46 11.1 30.1 37.2 0    
market share                                    
Market Share in Customer Loans %                       15.9 16.8 18.8 19.2 18.9   ...
Market Share in Corporate Loans % ... ... ... ... ... ... ... ... ...     21.3 22.8 23.0 26.8 29.7   ...
Market Share in Retail Loans % ... ... ... ... ... ... ...         12.7 13.4 11.6 16.2 17.2   ...
Market Share in Consumer Loans % ... ... ... ... ...             14.5 15.3 17.2 18.3 18.1   ...
Market Share in Mortgage Loans % ... ... ... ... ... ... ...         19.6 20.4 22.5 22.0 19.5   ...
Market Share in Total Assets % ... ... ...                 15.9 16.2 16.7 17.7 17.0   ...
Market Share in Customer Deposits % ... ... ...                 18.6 18.2 18.0 19.4 20.9   ...
Market Share in Retail Deposits % ... ... ...                 10.1 10.5 11.6 12.4 11.9   ...
Market Share in Corporate Deposits % ... ... ...                 20.1 19.8 16.4 20.2 23.4   ...
ratios Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                    
ROE %                       12.3 11.8 0.395 1.04 3.64    
ROA %                       1.21 1.25 0.039 0.104 0.399    
Costs (As % Of Assets) %                       2.55 2.79 2.12 1.72 1.78    
Costs (As % Of Income) %                       50.9 52.8 42.7 53.9 46.6    
Capital Adequacy Ratio % ... ... ... ... ...             14.4 14.7 12.0 14.3 14.6    
Tier 1 Ratio % ... ... ... ... ...             10.1 10.9 9.80 12.4 12.9    
Net Interest Margin %                       3.46 3.99 3.31 2.24 3.16    
Interest Spread % ...                     2.99 3.46 2.79 1.54 2.52    
Asset Yield %                       7.82 8.48 8.05 8.52 8.45    
Cost Of Liabilities % ...                     4.83 5.02 5.26 6.98 5.93    
Payout Ratio %                       19.6 16.1 370 113 29.0   ...
Interest Income (As % Of Revenues) %                       69.1 75.6 66.6 70.2 82.7    
Fee Income (As % Of Revenues) %                       13.6 13.0 12.1 18.5 16.3    
Other Income (As % Of Revenues) %                       17.3 11.4 21.3 11.2 1.06    
Cost Per Employee USD per month ...                     2,907 2,993 2,147 1,789 1,944    
Cost Per Employee (Local Currency) RUB per month ...                     90,280 95,368 100,473 119,497 129,831    
Staff Cost (As % Of Total Cost) %                       48.3 52.7 55.9 62.1 62.3    
Equity (As % Of Assets) %                       10.3 10.8 9.28 10.7 11.2    
Loans (As % Of Deposits) %                       125 137 151 130 121    
Loans (As % Assets) %                       64.2 68.1 70.0 69.2 70.3    
NPLs (As % Of Loans) % ... ... ... ... ...             6.98 6.37 5.77 6.30 6.40    
Provisions (As % Of NPLs) % ... ... ... ... ...             91.1 89.6 116 106 104    
Provisions (As % Of Loans) % ... ... ... ... ...             6.79 6.05 7.18 7.13 7.60    
Cost of Provisions (As % Of Loans) %                       1.31 1.81 3.80 1.98 2.31    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                    
Branches ... ... ... ... ... ...       ... ... ... 2,600 ... ... ... ... ...
Employees ...                     80,860 103,808 103,262 96,167 93,519    
ATMs ... ... ... ... ... ...           6,117 12,100 ... ... ...   ...
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 20.3 20.1    
Risk-Weighted Assets RUB bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  

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VTB's corporate loans rose 14.7% yoy to RUB 8,165 bil in 2Q2019

By Helgi Analytics - August 16, 2019

VTB Bank 's loans reached RUB 11,623 bil in the second quarter of 2019, up from RUB 11,288 bil when compared to the previous quarter and up from RUB 10,206 bil when compared to the same period of last year. Historically, the bank’s loans reached an ...

VTB's share price (end of period) fell 20.0% yoy to EUR 0.040 in 2Q2019

By Helgi Analytics - August 16, 2019

VTB Bank stock traded at EUR 0.040 per share at the end of second quarter of 2019 implying a market capitalization of USD 8,215 mil. Over the last five years, the stock has depreciated by 0 % implying an annual average growth of 0 %. In absolute terms, the value of t...

VTB's net interest margin fell 19.6% yoy to 2.93% in 2Q2019

By Helgi Analytics - August 16, 2019

VTB Bank 's net interest margin amounted to 2.93% in the second quarter of 2019, up from 2.82% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 3.86% in 1Q2014 and an all time low of 1.44% i...

VTB's price/earnings (P/E) fell 18.9% yoy to 3.24 in 2Q2019

By Helgi Analytics - August 16, 2019

VTB Bank stock traded at EUR 0.040 per share at the end second quarter of 2019 implying a market capitalization of USD 8,215 mil. Since the end of 2Q2014, the stock has depreciated by 0 % implying an annual average growth of 0 %. In absolute terms, the value of the c...

VTB's capital adequacy ratio fell 4.35% yoy to 13.2% in 2Q2019

By Helgi Analytics - August 16, 2019

VTB Bank 's capital adequacy ratio reached 13.2% at the end of second quarter of 2019, down from 13.7% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 15.7% in 1Q2016 and an all time low of 11.9% in 1Q2015. ...

VTB's Cost of Risk fell 48.2% yoy to 0.832% in 2Q2019

By Helgi Analytics - August 23, 2019

VTB Bank 's Cost of Risk (loan loss provisions as % of total assets) amounted to 0.832% in the second quarter of 2019, up from 0.385% when compared to the previous quarter. Historically, the bank’s cost of risk reached an all time high of 3.58% in 4Q2014 and...

VTB's net interest income fell 10.2% yoy to RUB 109 bil in 2Q2019

By Helgi Analytics - August 16, 2019

VTB Bank generated total banking revenues of RUB 138 bil in the second quarter of 2019, down 12.2% when compared to the same period of last year and up 5.57% when compared to the previous quarter. Historically, the bank’s revenues containing of i...

VTB's equity (as % of assets) fell 2.29% yoy to 10.2% in 2Q2019

By Helgi Analytics - October 7, 2019

VTB Bank 's Equity reached 12.6% of total assets in the 2Q2019, up from 12.1% for the previous year. As a share of net customer loans, the ratio amounted to 20.7% at the end of the second quarter of 2019. ...

VTB's customer loan growth rose 169% yoy to 15.8% in 2Q2019

By Helgi Analytics - August 16, 2019

VTB Bank 's customer loan growth reached 15.8% in 2019-06-30, up from 5.88% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 36.4% in 2014-12-31 and an all time low of -6.18% in 2016-12-31. In the last decad...

VTB's retail loan growth rose 8.99% yoy to 20.0% in 2Q2019

By Helgi Analytics - August 16, 2019

VTB Bank 's retail loans reached RUB 3,300 bil at the end of 2019-06-30, up 4.22% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 30.3% of the bank's loan book at the end ...

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VTB Bank OAO is the second largest commercial bank in Russia. The Bank offers a variety of services like deposit taking, commercial lending, support of clients' export and import transactions, securities trading, foreign exchange or trading in derivative instruments. It also provides services to its retail and corporate customers in Commonwealth of Independent States, Asia, Europe and Africa. At the end of 2013, the Bank operated a network of 2,600 branches and 12,100 ATMs and employed over 103,000 people. It holds around 15% share of Russia's total banking assets, 9% market share in retail deposits and 13% in retail loans. The Russian government owns 60.9% of VTB Bank’s equity.

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Finance

VTB Bank has been growing its revenues and asset by 14.9% and 14.8% a year on average in the last 10 years. Its loans and deposits have grown by 15.4% and 25.2% a year during that time and loans to deposits ratio reached 103% at the end of 2018. The company achieved an average return on equity of 6.12% in the last decade with net profit growing 43.8% a year on average. In terms of operating efficiency, its cost to income ratio reached 42.9% in 2018, compared to 47.2% average in the last decade.

Equity represented 10.3% of total assets or 14.2% of loans at the end of 2018. VTB Bank 's non-performing loans were 5.70% of total loans while provisions covered some 112% of NPLs at the end of 2018.

Valuation

VTB Bank stock traded at EUR 0.030 per share at the end of 2018 resulting in a market capitalization of USD 5,593 mil. Over the previous five years, stock price fell by 40% or 9.710000000000001% a year on average. That’s compared to an average ROE of 5.10% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 2.14x and price to book value (PBV) of 0.255x in 2018.

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