VTB Bank, the parent company of VTB Group (“the Group”), today publishes its unaudited consolidated financial results in accordance with IFRS for November and the eleven months of 2025.

Dmitry Pianov, First Deputy Chairman of the Management Board and Chief Financial Officer of VTB Bank, said:

“VTB Group set a new record in 11M 2025 as net operating income topped RUB 1 trillion. Net profit reached RUB 437 billion, delivering a return on equity (ROE) of 17.4%. November saw a sustained recovery in net interest income, which surged 2.5-fold year-on-year, with a net interest margin (NIM) of 2.1%. In 11M 2025, net fee and commission income rose 14% – a strong performance against last year’s high base. Asset quality remains robust. Cost of risk (CoR) held steady at 1.0%, in line with guidance. Notably, retail portfolio CoR continues to decline, driven by our ongoing rebalancing to expand the corporate portfolio while contracting the retail segment.

Based on these November and 11M results, we reaffirm our FY 2025 net profit guidance of approximately RUB 500 billion.”

VTB continues to carry out a "credit maneuver"

As of 30 November 2025, the total loan book before provisions amounted to RUB 24.4 trillion with 2.1% growth in November 2025 (or 2.4% growth adjusted for the effect of foreign currency revaluation) and 2.7% growth since the beginning of the year (or 4.7% growth adjusted for the effect of foreign currency revaluation). Loans to legal entities amounted to RUB 17.1 trillion with 3.4% growth in November (or 3.8% growth adjusted for the effect of foreign currency revaluation) and 7.0% growth since the beginning of the year respectively (or 9.9% growth adjusted for the effect of foreign currency revaluation). Loans to individuals declined by 0.8% in November and 6.3% in 11M 2025 to RUB 7.3 trillion. Following the results of the reporting period, the VTB Group increased its corporate loan portfolio, mainly due to loans to large, high-quality borrowers, while simultaneously reducing its retail loan portfolio. The share of loans to individuals in the Group’s total loan book declined by 3 pp since the beginning of the year, to 30% as of 30 November 2025 (33% as of 31 December 2024). Due to the fact that corporate loan portfolio consumes less capital, the risk-weighted assets decreased since the beginning of the year, while the total loan book increased, resulting in an optimization of capital usage.

Customer funding from individuals decreased by 0.9% in November and increased by 1.4% since the beginning of the year to RUB 13.2 trillion. Customer funding from legal entities increased by 1.9% in November to RUB 13.8 trillion which helped to reduce the accumulated decrease in customer funding from legal entities to 1.1% since the beginning of the year. Total customer funding amounted to RUB 27.0 trillion as of 30 November 2025, with 0.5% growth in November 2025 and 0.1% growth since the beginning of the year. The share of customer funding from individuals in the Group’s total funding was 49.0% as of 30 November 2025 (compared to 48.4% as of 31 December 2024). The share of customer funding in the Group’s total liabilities in 11M 2025 was 80.3% (80.7% as of 31 December 2024).

The loans-to-deposits ratio (LDR) stood at 85.7% as of 30 November 2025, compared to 84.0% at the end of 2024.

Profitability is still robust

VTB Group's net profit amounted to RUB 30.0 billion in November and RUB 437.2 billion in 11M 2025, decreasing by 36.8% and 3.3% respectively compared to the same period last year. The return on equity (RoE) of VTB Group stood at 12.9% in November and 17.4% for 11M 2025 having declined by 970 bps and by 330 bps respectively compared to the same period last year.

Net operating income before provisions amounted to RUB 103.5 billion in November and RUB 1,000.6 billion in 11M 2025, increasing by 91.3% and 10.8% respectively year-on-year. Net interest income increased by 151.2% in November and decreased by 21.6% in 11M 2025 to RUB 54.5 billion and RUB 370.7 billion respectively year-on-year. The net interest margin stood at 2.1% in November and 1.3% in 11M 2025 compared to 0.9% and 1.8% for the same periods in 2024.

Net fee and commission income demonstrated decrease by 2.7% in November and demonstrated increase by 14.0% in 11M 2025 year-on-year and amounted to RUB 25.2 billion and RUB 275.3 billion respectively.

The Group posted a provision charge of RUB 24.6 billion in November and RUB 142.7 for 11M 2025 compared to the provision recovery in the amount of RUB +41.8 billion in November 2024 and the accumulated provision charge in the amount RUB -57.0 billion (+150.4% y-o-y) in 11M 2024. The Group’s cost of risk was 2.3% in November 2025 and 1.0% in 11M 2025 increasing by 440 bps in November and 70 bps in 11M 2025 year-on-year.

The Group’s NPL ratio amounted to 3.8% as of 30 November 2025 (3.5% as of 31 December 2024) remaining at the low level and attesting to the strong health of VTB Group’s loan portfolio. The NPL provision coverage ratio stood at 140.5% (compared to 138.7% as at 31 December 2024).

Staff costs and administrative expenses amounted to RUB 47.8 billion in November and RUB 480.0 billion in 11M 2025, up by 20.7% and 18.8% respectively year-on-year reflecting the Post bank consolidation at the end of 2024. The organic growth of staff costs and administrative expenses without Post Bank amounted to 13.6% year-on-year. The cost/income ratio was 46.1% in November 2025 (72.3% in November 2024) and 47.9% in 11M 2025 (44.7% in 11M 2024). At the same time the cost to assets ratio remained at a consistently low level of 1.5% in 11M 2025.

The Bank's capital adequacy ratios are at levels exceeding regulatory minimums. As of 1 December 2025, the N20.0 ratio (total capital) was 9.6% (minimum allowable value – 9.25%) having declined by 20 bps in November 2025 (9.8% as of 1 November 2025), N20.1 (CET 1 capital) — 6.1% (6.2% as of 1 November 2025), N20.2 (Tier 1 capital) — 7.7% (7.8% as of 1 November 2025).