VTB is unlikely to pay dividends equal to 50% of its net profit for…
VTB is unlikely to pay dividends equal to 50% of its net profit for 2026 due to stricter capital requirements, with the most challenging year expected in 2027; however, the bank aims to return to a 50% dividend payout ratio by 2029 as part of its new three-year strategy.
Consensus
- VTB is unlikely to pay dividends equivalent to 50% of its net profit in 2026.
- The main factor affecting dividend payouts will be the tightening of banking regulation, particularly capital requirements.
- The most significant increase in Basel surcharge (1.25 p.p.) is expected in 2028.
- VTB plans to return to a 50% dividend payment ratio by 2029 within its new three-year strategy (2027–2029).
- In 2024, VTБ paid dividends equal to 50% of net profit, amounting to 275.8 billion rubles.
- In 2025, shareholders approved a dividend payout of 25% of net profit, totaling 125.5 billion rubles.
- The dividend per ordinary share in 2024 was 25.58 rubles.
- The dividend per ordinary share in 2025 was 9.71 rubles.
- VTB expects to earn 600 billion rubles of net profit in 2026 according to its plan.
Points of divergence
- The first deputy chairman, Dmitry Pyanov, stated that a dividend payout of 50% for 2027 is unlikely and emphasized the bank's preparation to strengthen financial stability with potential funds. — kommersant
- Pyanov explicitly said his personal opinion is that achieving a 50% dividend payout in 2027 (for 2026 results) is unlikely, highlighting the difficulty of 2027 as the most challenging year. — interfax
Coverage (3 sources)
- VTB will not be able to direct 50% of its profit to dividends in 2026 — Коммерсантъ
- VTB calls a 50% dividend payout from net annual profit unlikely — Коммерсантъ
- First Deputy Chairman of VTB Considers Dividend Payment at 50% of Net Profit for 2026 Unlikely — Интерфакс