VTB is targeting a profit of 310 billion rubles. when drawing up a business plan for 2022, despite the difficult situation with the banking system. At the same time, the company does not expect that profit in 2022 will be higher than in 2021. This was announced by the head of the bank’s department for work with investors Leonid Vakeev during an online discussion organized by the Aton investment banking group.
Speaking about the results of 2021, Leonid Vakeev said that VTB’s net profit in 2021 exceeded 300 billion rubles, but did not disclose the exact figure. Earlier, the head of the bank Andrey Kostin also called the same figure.
“The current year will be harder than 2021 in terms of profits. For the banking system as a whole, and for VTB too, it will be a challenge to repeat here the level of net profit that was achieved in 2021,” Leonid Vakeev said during the discussion (quoted by the Prime agency).
Mr. Vakeev also clarified that VTB expects weak growth in lending in 2022 due to the tough policy of the Central Bank.
Earlier, analysts predicted that by the end of 2022, the banking sector’s profit would be about 1.6–2.3 trillion rubles, which is less than the results of 2021. According to analysts, the profitability of the banking business will be affected by “outpacing growth in the cost of funding”, due to which the net interest margin will decrease from 4.2% to 4% by the end of 2022. The pace of issuing unsecured consumer loans will also slow down against the backdrop of an increase in their cost and a weak dynamics of citizens’ incomes.
Read more about the profit forecasts of the banking sector for 2022 in the material “Kommersant” “Banks pull the margin.”