MTS Bank is the retail-focused bank of the MTS group, offering consumer loans, credit cards, daily banking and payments integrated with the MTS ecosystem.
Sector: Financial Services
RU_MBNK
Shares: connector/market_inputs
Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | Net interest incomeM USD | Net profitM USD | AssetsM USD | EquityM USD | ROE (annualized) | Source |
|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | Q2 2026 (3M) | OK | 189.9 y/y 44.2% | 62.4 y/y 102.9% | 8909.7 y/y -7.1% | 1371.8 y/y 15.1% | 18.5% | Report (PDF) |
| 2026-03-31 | Q1 2026 (3M) | OK | 180.8 y/y 92.3% | 31.7 y/y 200.8% | 9437.3 y/y 25.8% | 1331.7 y/y 18.9% | 9.4% | Report (PDF) |
| 2025-12-31 | Q4 2025 (3M) | OK | 182.1 y/y 99.9% | 61.9 y/y 4022.3% | 9645.0 y/y 62.8% | 1365.4 y/y 49.4% | 13.2% | Report (PDF) |
| 2025-09-30 | Q3 2025 (3M) | OK | 149.1 y/y 18.2% | 74.3 y/y 62.4% | 9523.0 y/y 59.1% | 1239.8 y/y 24.1% | 8.2% | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | OK | 131.7 y/y 6.4% | 30.8 y/y -28.9% | 9589.7 y/y 70.1% | 1192.0 y/y 14.3% | 10.6% | Report (PDF) |
| 2025-03-31 | Q1 2025 (3M) | OK | 94.0 y/y -11.8% | 10.5 y/y -75.3% | 7503.2 y/y 42.4% | 1120.2 y/y 37.8% | 4.1% | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 96.0 y/y -11.9% | 5.2 y/y -71.9% | 5925.1 y/y 10.7% | 914.0 y/y 15.0% | 13.9% | Report (PDF) |
| 2024-09-30 | Q3 2024 (3M) | OK | 126.1 y/y 35.5% | 45.8 y/y -16.1% | 5985.8 y/y — | 998.8 y/y — | 6.0% | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | OK | 123.7 y/y 8.4% | 43.3 y/y 17.0% | 5639.0 y/y 1.5% | 1042.8 y/y 39.5% | 18.6% | Report (PDF) |
| 2024-03-31 | Q1 2024 (3M) | OK | 106.5 y/y -6.6% | 42.6 y/y 8.1% | 5268.9 y/y — | 812.9 y/y — | 21.2% | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 102.6 y/y — | 15.4 y/y — | 5353.2 y/y — | 794.9 y/y — | — | Report (PDF) |
| 2023-09-30 | Q3 2023 (3M) | OK | 93.1 y/y — | 54.6 y/y — | — y/y — | — y/y — | — | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | OK | 114.1 y/y — | 37.0 y/y — | 5555.6 y/y — | 747.5 y/y — | — | Report (PDF) |
| 2023-03-31 | Q1 2023 (3M) | OK | 114.0 y/y — | 39.5 y/y — | — y/y — | — y/y — | — | Evidence |
Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date 2026-06-30. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-04-01 — 2026-06-30. Source: Bank of Russia R01235. Rates
IFRS decomposition: interest, fee and trading result with provisions, costs and the recurring/non-recurring profit split (bn RUB). Source: eninvs.com.
| Item, bn RUB | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Interest income | 57.5 | 91.2 | 136 | +49% |
| Interest expense | -21.7 | -49.7 | -90.1 | -81% |
| Net interest income | 35.9 | 41.6 | 46.0 | +11% |
| Credit-loss provisions | -30.0 | -32.4 | -24.3 | +25% |
| NII after provisions | 10.0 | 10.7 | 21.2 | +99% |
| Fee & commission income | 30.8 | 32.1 | 23.8 | -26% |
| Fee & commission expense | -9.3 | -8.8 | -8.6 | +3% |
| Net fee & commission income | 21.4 | 23.2 | 15.2 | -35% |
| Financial instruments & investment result | 4.3 | 3.7 | 0.3 | -92% |
| Operating income | 66.7 | 73.6 | 69.8 | -5% |
| Administrative & other expenses (SG&A) | -20.1 | -24.6 | -23.9 | +3% |
| Profit before tax | 14.4 | 12.9 | 18.7 | +45% |
| Income tax | -1.9 | -0.6 | -4.3 | -643% |
| Net profit | 12.5 | 12.4 | 14.4 | +17% |
| Perpetual bond coupons (via equity) | 0.5 | 0.8 | 3.1 | +314% |
| of which recurring | 8.7 | 8.8 | 14.2 | +61% |
| of which non-recurring | 3.8 | 3.5 | 0.2 | -94% |
| Key ratios (annual) | ||||
| ROE | 18.3% | 14.1% | 11.3% | -2.8 pp |
| Cost of risk (CoR) | 10.17% | 8.83% | 6.72% | -2.1 pp |
| Cost-to-income (CIR) | 30.2% | 33.4% | 34.3% | +0.9 pp |
| Net interest margin (NIM) | 8.57% | 7.68% | 6.78% | -0.9 pp |
ROE = (net profit − perpetual bond coupons) ×4 / avg equity excl. perpetuals; CoR = provisions ×4 / avg credit portfolio; CIR = admin expense / operating income; NIM = NII ×4 / avg assets.
| Quarter | 24/09 Q3 | 24/12 Q4 | 25/03 Q1 | 25/06 Q2 | 25/09 Q3 | 25/12 Q4 | 26/03 Q1 | 26/06 Q2 |
|---|---|---|---|---|---|---|---|---|
| P&L, bn RUB | ||||||||
| Net interest income | 11.3 | 9.5 | 8.7 | 10.7 | 12.0 | 14.6 | 14.3 | 14.4 |
| Provisions | -7.8 | -8.4 | -5.0 | -6.0 | -6.5 | -6.8 | -8.1 | -7.1 |
| Net fee income | 5.3 | 4.8 | 4.0 | 3.8 | 4.0 | 3.4 | 3.2 | 3.5 |
| Financial instruments & investment | 1.2 | 1.6 | -2.1 | -0.3 | 2.3 | 0.4 | 0.6 | 0.0 |
| Operating income | 19.0 | 16.5 | 14.6 | 16.6 | 18.1 | 20.5 | 19.7 | 20.3 |
| Admin (SG&A) | -6.3 | -6.4 | -4.6 | -5.6 | -6.1 | -7.5 | -6.8 | -7.6 |
| Net profit | 4.1 | 0.5 | 1.0 | 2.5 | 6.0 | 5.0 | 2.5 | 4.7 |
| Perpetual bond coupons | 0.4 | 0.2 | 0.3 | 0.9 | 0.3 | 1.7 | 0.4 | 1.1 |
| Balance (period-end), bn RUB | ||||||||
| Credit portfolio | 398 | 386 | 371 | 361 | 344 | 339 | 328 | 340 |
| Securities portfolio (bonds) | 67.1 | 78.8 | 125 | 283 | 296 | 301 | 271 | 238 |
| Customer deposits | 378 | 360 | 371 | 450 | 463 | 489 | 453 | 479 |
| Other assets | 89.6 | 138 | 132 | 109 | 149 | 114 | 168 | 115 |
| Total assets | 555 | 602 | 628 | 752 | 789 | 754 | 767 | 693 |
| Equity | 92.6 | 92.9 | 93.7 | 93.5 | 103 | 107 | 108 | 107 |
| Key ratios (annualised) | ||||||||
| ROE (annualised) | 16.4% | 1.2% | 3.1% | 6.7% | 23.4% | 12.5% | 7.7% | 13.5% |
| Cost of risk (CoR) | 8.12% | 8.60% | 5.28% | 6.54% | 7.44% | 8.00% | 9.68% | 8.49% |
| Cost-to-income (CIR) | 33.0% | 39.2% | 31.9% | 33.9% | 33.9% | 36.6% | 34.5% | 37.3% |
| Net interest margin (NIM) | 8.68% | 6.54% | 5.64% | 6.19% | 6.24% | 7.58% | 7.51% | 7.89% |
Our earnings breakdowns and investment notes on this issuer.
Bank of Russia form 0409135 · latest reporting date 01.09.2026 (August 2026) · not systemically important
| Date | Н1.0, % (headroom) | Н1.2, % (headroom) | Н1.1, % (headroom) | Н2, % | Н3, % | Н4, % | Status |
|---|---|---|---|---|---|---|---|
| 01.09.2026 | 12.15 (+2.65) | 11.20 (+3.70) | 8.80 (+2.81) | 135.24 | 86.50 | 32.05 | ok |
| 01.08.2026 | 12.41 (+2.91) | 11.44 (+3.94) | 8.99 (+2.99) | 119.48 | 88.00 | 30.80 | ok |
| 01.07.2026 | 12.53 (+3.03) | 11.64 (+4.14) | 9.24 (+3.24) | 91.93 | 92.98 | 30.22 | ok |
| 01.06.2026 | 12.54 (+3.04) | 11.68 (+4.18) | 9.28 (+3.28) | 93.46 | 88.23 | 30.33 | ok |
| 01.05.2026 | 12.26 (+2.76) | 11.39 (+3.89) | 9.08 (+3.08) | 112.44 | 79.67 | 31.09 | ok |
| 01.04.2026 | 12.27 (+2.77) | 11.47 (+3.98) | 9.20 (+3.19) | 106.28 | 81.25 | 31.18 | ok |
| 01.03.2026 | 12.45 (+2.95) | 11.12 (+3.62) | 8.80 (+2.80) | 84.20 | 91.25 | 35.48 | ok |
| 01.02.2026 | 12.26 (+2.76) | 11.06 (+3.56) | 8.76 (+2.76) | 106.69 | 75.03 | 36.21 | ok |
| 01.01.2026 | 12.14 (+2.64) | 10.92 (+3.42) | 8.66 (+2.66) | 129.03 | 73.85 | 39.21 | ok |
| 01.12.2025 | 11.46 (+2.46) | 10.46 (+3.46) | 8.30 (+2.80) | 120.69 | 75.31 | 39.62 | ok |
| 01.11.2025 | 11.30 (+2.30) | 10.43 (+3.42) | 8.28 (+2.78) | 70.52 | 90.95 | 40.03 | ok |
| 01.10.2025 | 11.34 (+2.34) | 10.41 (+3.41) | 8.26 (+2.76) | 82.09 | 79.44 | 39.77 | ok |
CBR reporting dates are the 1st of the month, i.e. the previous month's close. Figures in brackets are headroom over the minimum incl. buffers; «r» marks a value taken from the bank's own release (clickable). N20.x are banking-group ratios, N2/N3/N4 are liquidity ratios, N27 is the NSTLR.
Potential discount −10% (factor 0.90)
This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.
Current 0.33x · 3-year median 0.49x
Current 1.9x · 3-year median 4.5x
P/B is market cap ÷ equity of the latest reported quarter, P/E is ÷ profit of the last four quarters. EV/EBITDA is not computed for financials: EBITDA is not a meaningful line for them and their net debt is operating liquidity, not leverage.
Group: Financial Services. Every peer trades on the same market, so no adjustment is needed.
| Company | Market | Cap, $bn | P/E |
|---|---|---|---|
| Mosgorlombard | Russia | 0.0 | 2.2x |
| Bank VTB | Russia | 15.3 | 2.8x |
| Sovcombank | Russia | 2.8 | 2.8x |
| Sberbank | Russia | 80.3 | 3.5x |
| DOM.RF | Russia | 4.6 | 3.5x |
| Zaymer | Russia | 0.2 | 3.7x |
| Bank Sankt-Peterburg | Russia | 1.4 | 3.8x |
| TBank | Russia | 8.8 | 3.9x |
| CarMoney | Russia | 0.0 | 4.6x |
| Europlan | Russia | 1.0 | 10.6x |
| Credit Bank of Moscow | Russia | 4.1 | 14.9x |
| Group median | 3.7x | ||
| Group average | 5.1x | ||
| This company | Russia | 0.4 | 1.9x |
Group median 3.7x; this company 1.9x — a 49% discount.
Group average 5.1x; against the average this company is at a 63% discount. The average sits 39% above the median: Credit Bank of Moscow (14.9x) skews the group.
At the adjusted group median the market cap would be +97% versus today.
The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 28.3x, Russia 5.9x, South Africa 11.1x, Kazakhstan 9.2x, India 27.4x, Indonesia 7.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.
Dividend-model upside: -2%
The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | 14 bn RUB |
| Payout ratio | 24% |
| Recent actual dividend (3-yr median) | 96.12 ₽ |
| = Forecast dividend per share | 96.12 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| Historical yield spread to rate (3-yr median) | -8.6 pp |
| = Fair dividend yield (bank floor ≈ rate−3.5) | 10.5% |
| 3 · Valuation → upside | |
| Current price | 938 ₽ |
| Forecast dividend yield | 10.2% |
| Fair price (dividend-based) | 915 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
The number is withheld — here is why
Historical check (10 observations): median profit miss 9.4 pp of revenue, within ±5 pp in 30% of cases, relative error 61% at bias 0.93x — poor on both scales, the model's number is withheld
The path below is computed and shown in full, so you can see what the model rests on and where it breaks. Only the headline price and upside are hidden — those are what we do not trust.
base — LTM на 2026-06-30 (H1)
| Metric, RUB mln | LTM, actual 12m to 30.06.2026 | 2027 12m to 30.06 | 2028 12m to 30.06 | 2029 12m to 30.06 |
|---|---|---|---|---|
| Assets | 692.8 bn | 840.1 bn | 962.2 bn | 1.07 trn |
| Asset growth | — | +21% | +15% | +11% |
| Return on assets | 2.63% | 2.53% | 2.35% | 2.21% |
| Opening equity | 106.7 bn | 106.7 bn | 122.8 bn | 139.9 bn |
| ROE | 17.1% | 19.9% | 18.4% | 16.8% |
| Net profit | 18.2 bn | 21.2 bn | 22.6 bn | 23.5 bn |
| Closing equity | — | 122.8 bn | 139.9 bn | 157.8 bn |
| Equity to assets | — | 14.6% | 14.5% | 14.8% |
| Dividend per share | 96.12 ₽ | 136 ₽ | 145 ₽ | 151 ₽ |
| Revenue-growth source | weight | growth: yr 1 · 2 · 3 |
|---|---|---|
| Realised pace (acceleration/deceleration) LTM YoY +18%; acceleration +28.7pp LTM г/г по отчётности | 100% | +21% · +15% · +11% |
| Exit multiple | P/B 0.41x (0.40x…0.60x) |
| Partial re-rating: the mean of today's P/B 0.33 and the three-year median 0.49. For banks this base is measurably better — on our daily series (14 names, 5,163 observations) the median three-year error is 0.42 against 0.45 for today's multiple and 0.50 for the median alone, and the odds of ending above today's are 48%. Full re-rating to 0.60 is the bull case | |
| Key rate by year | 13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year) |
| Cost inflation | 6.2% · 5.6% · 5.3% |
| Dividend policy | 24% of net profit |
| Year-3 EBITDA margin target | 7.0% |
| Current CPI (actual) | 6.3%, на 2026-09-30 |
| Governance | quality multiplier 0.90 — flags: no_cash_flow; no discount to the exit multiple — it is the market's own and already prices this risk |
| Historical forecast check | obs | median error | bias | ±20% |
|---|---|---|---|---|
| Net profit | 10 | 61% | 0.93x | 30% |
The model is anchored at each past reporting date with only the data available then, and its one-year-ahead forecast is compared with the actual. Rates and inflation are actuals, so this checks the operating forecast, not macro guessing.
Independent one-year estimates: eninvs Company_Forecast — 1 329 ₽; eninvs DividendPrediction — 801 ₽; Frontier див-модель — 915 ₽. Ours on the same horizon — 1 348 ₽
A forecast, not investment advice. Related-market prices are held at today's level, so the model answers what the business earns and is worth if markets stay here — it does not predict prices.
Paid, trailing 12-mo: 96.12 RUB/sh · 10.2%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 96.12 ₽ | |
| 2025 | 89.31 ₽ |
| Period | Record date | Last day to buy | /sh |
|---|---|---|---|
| 2026 q3 | 2026-07-10 | 2026-07-09 | 96.12 ₽ |
| 2025 q3 | 2025-07-11 | 2025-07-10 | 89.31 ₽ |
No dividend rows found for this issuer.
Substantive mentions last 7 days: 0, last 30 days: 1 (1 positive) across tracked channels, broker research and shows. 2 passing mentions (digests, calendars) hidden.
Sources: Telegram channels (bloggers — blue chip, broker research — green), YouTube shows via transcripts (orange). Tone (▲/▼) is an automatic assessment in the stock's context. Quotes are fragmentary; authors' views are not our recommendations.
| 25.08.26 | Filing | ★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора 24 августа 2026 года рейтинговое агентство присвоило кредитный рейтинг облигациям МТС-Банка, повысив его с 'A.ru' до 'A+.ru'. Это связано с улучшением рентабельности и достаточности капитала банка. |
| 25.08.26 | Filing | ★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора Рейтинг эмитента МТС-Банк был повышен с 'A.ru' до 'A+.ru' с прогнозом 'стабильный'. Это связано с улучшением оценок рентабельности и достаточности капитала. Повышение рейтинга произошло 24.08.2026. |
| 01.07.26 | Filing | ★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента ПАО 'МТС-Банк' объявило о дате определения владельцев акций для получения дивидендов. Список владельцев будет составлен на 10.07.2026, а решение принято на годовом собрании акционеров 01.07.2026. |
| 13.10.26 | AGM / Board | Решения совета директоров (наблюдательного совета) Совет директоров ПАО 'МТС-Банк' принял решение о согласии на совершение сделки с заинтересованностью, при этом детали сделки не будут раскрыты до её совершения. Кворум для голосования составил 9 человек, 7 из которых проголосовали 'ЗА'. |
| 01.07.26 | AGM / Board | Решения общих собраний участников (акционеров) 26 июня 2026 года пройдет годовое общее собрание акционеров ПАО «МТС-Банк», на котором будет утвержден годовой отчет и годовая бухгалтерская отчетность за 2025 год, а также объявлены дивиденды в размере 3 520,24 руб. на одну привилегированную акцию и 96,12 руб. на одну обыкновенную акцию. Дивиденды будут выплачены в денежной форме в течение 10 и 25 рабочих дней в зависимости от категории акционеров. |
Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.
Reporting forms detected in loaded periods: ✓ ✓ — (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B), profitability and dividend yield of MTS Bank (MBNK) — from primary filings.
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