VTB Bank, the parent company of VTB Group (the “Group”), today publishes its summary consolidated financial statements prepared in accordance with the International Financial Reporting Standards ("IFRS") together with the independent auditor's report for the year ended 31 December 2025.

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

“In 2025, VTB Group proved highly adaptable to the tough monetary policy and tightening regulatory requirements to capital. The Group's net profit surged past RUB 500 billion, record dividends were paid, a landmark capital increase for the Russian market was completed, and the shareholder base grew beyond 1.4 million people.

Last year the Group also took decisive action to reduce interest rate risk, successfully reversing the declining net interest margin trend as early as 1Q 2025. Meanwhile, ongoing loan portfolio rebalancing drove capital optimisation, strengthening the capital adequacy ratio.

Throughout the year, VTB actively invested in digital transformation while continuously enhancing service quality and expanding its product range.

VTB Group is well positioned to close out the final year of its three-year strategic cycle and deliver on its profit and return on equity targets.”

VTB Group (IFRS): balance sheet highlights

As at 31 December 2025, VTB Group’s total loan book (before provisions) amounted to RUB 24.5 trillion, up 3.1% year-on-year, or up 5.0% if adjusted for the effect of foreign currency revaluation. In 4Q 2025, the Group's total loan book grew by 2.2%, or 2.7% if adjusted for the effect of foreign currency revaluation, compared to 0.1% in 3Q 2025, 0.1% in 2Q 2025, and 0.6% in 1Q 2025.

In response to the high key rate and tighter regulations throughout the year, the Group strategically rebalanced its total loan book, prioritising growth in corporate lending while moderating retail lending, and thereby optimising capital utilisation.

Consequently, loans to individuals decreased by 6.8% since the start of 2025 to RUB 7.3 trillion, with a decline of 2.1% in 4Q 2025, compared to 1.0% in 3Q 2025, 1.6% in 2Q 2025, and 2.3% in 1Q 2025. Loans to legal entities increased by 7.9% over 2025 to RUB 17.2 trillion, or by 10.6% if adjusted for the effect of foreign currency revaluation. In 4Q 2025, loans to legal entities grew by 4.2%, or by 4.8% if adjusted for the effect of foreign currency revaluation. Loans to small and medium-sized enterprises grew by 9% since the start of 2025, reaching RUB 4.1 trillion, or 17% of the Group’s total loan book. As a result, the retail share of the Group’s total loan book was 30% as at 31 December 2025 (compared to 33% as at 31 December 2024).

In 2025, the Group's total customer funding increased by 3.6% to RUB 27.9 trillion, or by 6.0% if adjusted for the effect of foreign currency revaluation, with growth of 6.2% in 4Q 2025, or by 6.7% if adjusted for the effect of foreign currency revaluation. During the year, the structure of customer funding saw a gradual rebalancing from corporate towards retail funding.

Customer funding from individuals rose by 7.7% since the start of the year, or by 8.9% if adjusted for the effect of foreign currency revaluation, reaching RUB 14.0 trillion as at 31 December 2025. Customer funding from legal entities decreased by 0.2% since the start of the year, or increased by 3.2% if adjusted for the effect of foreign currency revaluation, amounting to RUB 13.9 trillion as at 31 December 2025. At year-end 2025, the share of funding from individuals in the Group’s total customer funding stood at 50%, compared to 48% at the end of 2024.

The loan-to-deposit ratio (LDR) was 83.2% as at 31 December 2025, compared to 84.0% at the end of 2024.

VTB Group (IFRS): P&L highlights

(1) Excluding post-tax loss from subsidiaries acquired exclusively for resale, which amounted to -1.4 in 4Q 2025 and -2.0 in 12M 2025, respectively.
(2) Includes provisions for expected credit losses on debt financial assets, credit-related commitments, other financial assets, court actions and other commitments.

In 4Q 2025, VTB Group earned RUB 121.3 billion in net profit, a decrease of 31.2% year-on-year. The Group’s RoE in 4Q 2025 stood at 17.3% (compared to 27.0% in 4Q 2024).

The Group’s net profit for 2025 amounted to RUB 502.1 billion, down 8.9% year-on-year. Consequently, the Group exceeded its cumulative net profit target for the first two years of its current three-year strategy. RoE for the year came in at 18.3% compared to 22.9% for 2024.

Net operating income before provisions was RUB 365.7 billion in 4Q 2025 and RUB 1,185.7 billion for 2025, up 20.4% and up 10.4% year-on-year, respectively. Net interest income increased by 154.9% year-on-year in 4Q 2025 to RUB 165.7 billion, against the low base of 4Q 2024 due to the tight monetary policy and the materialisation of interest rate risk through both the interest rate and the autonomous regulatory liquidity spread factor. For 2025, net interest income decreased by 11.0% year-on-year to RUB 433.6 billion. Net interest margin in 4Q 2025 came in at 2.0% compared to 0.8% in 4Q 2024. For 2025, net interest margin stood at 1.4%, compared to 1.7% for 2024, having shown a recovery trend starting from the second quarter.

Net fee and commission income amounted to RUB 80.9 billion in 4Q 2025, decreasing by 1.8% year-on-year. For 2025, net fee and commission income grew by 14.2% year-on-year to RUB 307.1 billion, driven in part by positive effects from foreign exchange transactions and transaction fees related to cross-border payments.

In 4Q 2025, provision charges amounted to RUB 79.1 billion, compared to a provision release of RUB +73.0 billion in 4Q 2024. Provision charges for 2025 amounted to RUB 200.3 billion, a tenfold increase year-on-year, compared to 2024 when settlements of certain loans in non-friendly currencies to borrowers from friendly jurisdictions resulted in provision releases. The cost of risk was 1.8% in 4Q 2025 (compared to -0.6% in 4Q 2024) and 1.1% for 2025 (compared to 0.3% for 2024).

As at 31 December 2025, the share of NPLs in the total loan book remained low at 3.5%, attesting to the strong health of VTB Group's loan portfolio. The NPL provision coverage stood at 149.1% (compared to 138.7% as at 31 December 2024).

Staff costs and administrative expenses amounted to RUB 179.2 billion in 4Q 2025 and RUB 560.3 billion for 2025, up 15.0% and 17.0% year-on-year, respectively, driven by planned increases in technology and transformation investments, as well as the scaling of the retail business in line with the Group’s new development strategy. The ratio of costs to net operating income before provisions was 49.0% in 4Q 2025 (51.3% in 4Q 2024) and 47.3% in 2025 (44.6% in 2024), while the ratio of costs to assets remained consistently low at 1.6% in 2025 (1.5% in 2024).

The Bank’s capital adequacy ratios are at levels exceeding the regulatory minimums. As at 1 January 2026, the N20.0 ratio (total capital) was 9.8% (minimum allowable value, including buffers, – 9.25%), N20.1 (CET 1 capital) was 6.3% (minimum allowable value, including buffers, – 5.75%) and N20.2 (Tier 1 capital) was 7.7% (minimum allowable value, including buffers, – 7.25%).

Highlights of VTB Group's global business lines

Retail business. VTB ended 2025 firmly maintaining its leadership in the retail banking market. The Bank holds significant market shares across key products: mortgages and cash loans on the lending side, and deposits and savings accounts on the funding side. In 2025 the Bank achieved an increase in current account market share. Over the year, the number of VTB’s active retail customers increased by a record 5.8 million, reaching 30.3 million individuals, with an annual increase of 23%.

VTB ended 2025 holding leadership in the premium segment, with the number of high-net-worth customers surpassing 1.2 million. Assets under management in the Bank’s Private Banking and Privilege segments were above RUB 10 trillion.

The Bank significantly expanded its footprint in Russian regions during the year, adding more than 22,000 new service points, including through the integration of Pochta Bank. VTB products are now available not only at customer support centres but also through Pochta Bank employees. In 2025, the integration of RNCB into VTB Group was completed. RNCB branches operating on the Crimean Peninsula were retained and rebranded under VTB.

Digital channels saw active development in 2025. The number of customers using VTB Online on a monthly basis grew by 21% in 2025, reaching approximately 27 million people. During the reporting year, customers made 8 billion logins to the app. In 2025, the Bank launched a digital bank as part of the Russian messenger MAX, with functionality covering over 90% of daily banking operations.

Throughout 2025, VTB continued to develop its new children’s and youth customer segments. The Youth Card was introduced, featuring the Youth Plus service, access to Yandex services, and a discount on mobile communications. The Pushkin Card administration was transferred to VTB, providing young people with greater access to cultural venues, including theatres, museums, concerts, and cinema. To date, over 5 million people use the Pushkin Card.

VTB firmly maintained its leadership in family-focused products in 2025. The Bank was the first to launch a combined family mortgage product in the new territories and introduced a family account for shared spending. It also continued to develop the Digital Environment project, which allows a standard VTB card to double as a travel pass or as an access card for schools and workplaces. By year-end, 15 pilot campus projects were operational across six regions, with around 16,000 customers using their VTB cards for entering their offices or educational establishments.

Medium and small business. At year-end 2025, VTB Bank serviced approximately 1.8 million businesses and entrepreneurs. The Bank keeps expanding its SME-focused product and service offering across all key areas.

In the daily banking segment, credit and premium business cards were introduced, as well as the introduction of the cash deposit machine as a mass-market product. The Bank also launched the first comprehensive Business Premium package, combining premium services for both retail and corporate customers. The offering includes preferential terms for opening a business current account and a range of privileges for business owners.

For customers in the trade and services sectors, the Bank introduced its own innovative payment terminal, supporting all modern payment methods – such as contactless card payments, Faster Payments System QR codes, the Volna service, and biometric identification (including a new age-verification scenario for age-restricted purchases). The Bank also developed and launched a pilot payment scenario using palm vein biometric identification.

The Bank actively develops tools and services for foreign economic activity and international settlements. The Bank continuously works to expand the range of available settlement currencies and to reduce payment costs. In terms of expert support, a Negotiation Support service was launched in 2025, offering interpretation during negotiations with Chinese partners, guidance on foreign currency legislation, documentation and settlements, as well as counterparty verification services for India, Iran, Vietnam, and China.

Corporate investment business. By year-end 2025, VTB Group served 29,200 major corporate clients and 2,000 company groups, achieving 89% market coverage. VTB Bank maintained its market share in lending and its leading positions in investment services, encompassing structured products, precious metals, currency exchange transactions, bonds, derivatives, and other financial instruments.

In 2025, VTB Bank continued active development of measures to support its customers’ foreign trade activities in the new conditions, both in the regions where VTB Group operates and in other markets. The value of loans extended with insurance coverage from the Russian Agency for Export Credit and Investment Insurance (EXIAR) exceeded RUB 250 billion in 2025. VTB Bank is a leading player in financing projects aimed at technological sovereignty and structural economic adaptation, with the total budget of client projects exceeding RUB 4 trillion, including some of the country's largest import-substitution manufacturing initiatives and priority infrastructure developments.

In 2025, VTB's transaction business demonstrated growth and strengthened its position in settlement products and digital services for corporate clients. The portfolio of contracts covered by banking support services surpassed RUB 1 trillion, a 2.5-fold increase year-on-year. Throughout the year, the Bank consistently developed its transaction banking ecosystem, e.g. remote banking services, liquidity management solutions for company groups, digital banking support services, and integration of AI into client support. The Multibank service was launched, enabling clients to manage accounts held at other banks through the VTB interface, alongside payment and acquiring solutions, including projects involving the digital rouble. In transport solutions, VTB expanded the use of digital payment methods on public transport, including the Faster Payments System, biometrics, and the digitalised Troika card.

In 2025, assets under management of VTB retail brokerage grew by 42% to RUB 2.3 trillion, with the number of customers exceeding 4.2 million (up 18% year-on-year). In 2024, VTB launched brokerage services for corporate customers, with their brokerage assets growing to RUB 815 billion in 2025, a 3.7-fold increase compared to the start of 2025. In 2025, VTB completed the migration of its brokerage business to a fully import-substituted IT architecture and launched over 15 key products: the Intellect automated investment service, the new VTB My Investments app, a unified brokerage account, an updated placement platform, and others.

In 2025, the Bank continued to expand its advisory team’s regional presence, now offering in-person investment consultations across 32 cities, while advancing financial literacy efforts through the FinCode educational platform launched in 2024 and attracting over 70,000 users by the end of 2025. VTB Bank demonstrated the quality of its service throughout the year, winning several prestigious awards, such as Best Broker for Retail Investors, Best Online Brokerage Service, and Best Investment Advisory Capabilities. The FinCode educational platform was recognised as Educational Project of the Year, securing first place in the Online Courses and Best Technology/Platform categories, among others.