VTB makes money from selling Magnit stock…

VTB makes money from selling Magnit stock… post thumbnail image

This is 93% of the bank’s total net profit for November 2021.

The sale of shares in the chain of stores “Magnit” brings VTB the second largest Russian bank in terms of net profit assets in the amount of 26.8 billion rubles, bank board member Dmitry Pyanov told reporters Prime.

  • The bank’s total net profit for November 2021 amounts to 28.9 billion rubles, according to the bank’s IFRS report. Thus, the sale of the retailer’s stock resulted in VTB 93% of its net profit for the month. For comparison, in October the bank earned 22.3 billion rubles.

  • As a reminder, VTB announced the sale of its 17.28% stake in supermarket chain Magnit on November 18. The Marathon Group is the buyer. As a result of the deal, the company increased its ownership to 29.75% and became the largest shareholder in the retailer.

  • The net profit of the VTB Group for 11 months reached a record level and amounted to 308.8 billion rubles. The maximum level of net profit was reached in August – 30.5 billion rubles.

  • According to Pyanov, the group ended the year “quite positive”. The financial institution’s annual goal has been achieved by about 300 billion rubles, the bank’s top manager said. For the year, the group’s net profit will exceed 310 billion rubles. Previously, this figure was referred to as the forecast for 2022. The bank intends to meet this goal ahead of schedule, Pianov added.

Source: VTB.

  • For comparison, net profit for 2020 is 75.3 billion rubles, for 2019 – 201.2 billion rubles.

As a reminder, in September it became known that VTB could launch 20 new services in an open ecosystem, in which the bank has registered 20 trademarks.

Read also: only 16% of Russians in the second half of 2021 avoided meeting scammers, according to VTB calculations.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Post