Business
Russia’s VTB posts 11% profit drop in Jan–Feb, warns March will be more turbulent
Russia’s VTB posts 11% profit drop in Jan–Feb, warns March will be more turbulent
About this update from Vtb
Russia's second-largest bank VTB on Thursday reported an 11% year-on-year decline in its net profit for January-February to 68.8 billion roubles ($849.17 million).The first two months of the year were calm, First Deputy CEO Dmitry Pyanov said, adding that March will be more turbulent due to the war in the Middle East and a worsening situation with yuan settlements. Pyanov said weak economic activity may prompt the Russian central bank to cut rates more actively. It last reduced its key rate by 50 basis points to 15% on March 20. Pyanov said high oil prices and the decision to delay adjustments to the government's fiscal rule until 2027 were shaping a positive scenario for the rouble in 2026.($1 = 81.0205 roubles)