Evgeniy Kipnis

VTB Bank: April and 4M 20 IFRS results – neutral-to-positive

VTB (U/R) reported its April 2020 financials. The bottom line was under pressure from an F&C drop, non-core losses and credit loss provisions. At the same time, NIM resiliency (supported by cheaper funding) helped the bank to remain P&L-positive. Provisioning in April was not materially higher than in 1Q20, which is a good news, but on the other hand might suggest less degree of conservativeness vs Sberbank. We still might see further pick-up in coming months, while the scale of credit losses...


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Evgeniy Kipnis

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