VTB Bank (MOEX: VTBR) has abandoned its forecast range for net…
VTB Bank (MOEX: VTBR) has abandoned its forecast range for net profit in 2026, which was set at 600–650 billion rubles, establishing a point target at the lower bound of 600 billion rubles.
Consensus
- VTB abandoned its previous profit forecast range of 600–650 million rubles for 2026.
- VTB set a new point target of exactly 600 billion rubles for 2026 net profit.
- The change in forecast is due to lower expectations for net interest income and reduced optimism about financial market development.
- VTB's return on equity remains around 20%.
- Net profit for the first half of 2026 was 225.2 billion rubles, a 19.8–20% decrease compared to the same period last year.
- The fourth quarter is expected to have net profit between 170 and 180 billion rubles.
Points of divergence
- VTB's second-quarter profit was 92.6 billion rubles, a 30% decrease from the first quarter (132.6 billion rubles) and about one-third lower than in the same period last year. — kommersant
- VTB revised its macroeconomic forecasts: key rate forecast for end-2026 increased to 13.5% from 12%, average key rate raised to 14.5% from 14%, and real GDP growth forecast reduced to 0.6% from 1%. Credit growth expectations unchanged, but corporate deposits growth lowered to 2–3% from 5–7%, while retail deposits remain at 8–10%. — interfax
Coverage (2 sources)
- VTB's profit in the first half of the year fell by 20% — Коммерсантъ
- VTB Clarifies Profit Forecast for 2026 — Интерфакс