Frontierby eninvs

Language: EN · RU

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Bank VTB (VTBR) RUB

At a glance: strengths & risks
✓Strong ROE (22%)✓Cheaper than own history (P/E 1.6 vs avg 2.4)✗Dividend-trap risk

Sector: Financial Services

RU_VTBR

Price chart

54.26 RUBDay 0.00%

Key metrics

Market

Price
54.26 RUB · 0.00%
Market cap
701.4 bn RUB

Growth

Δ NII y/y
121.7%
Δ net profit y/y
-33.6%

Multiples

P/E (LTM)
1.6x
3y avg: 2.4x
P/B (FY)
0.3x
3y avg: 0.6x
P/E (ann.)
1.9x

Returns

Dividend yield
28.6%
ROE (annualized)
15.4%
ROI (ROE ÷ P/B)
50.5%

Value creation

annualized net income / market cap (return on equity value)
Banking potential
+43.6%
↓ details

Liquidity

Daily turnover (MOEX)
4.6 bln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B RUB, 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.

DatePeriodStatusNet interest incomeB RUBNet profitB RUBAssetsB RUBEquityB RUBROE (annualized)Source
2026-06-30Q2 2026 (3M)OK208.8
y/y 121.7%
92.9
y/y -33.6%
38506.8
y/y 7.8%
2402.2
y/y —
15.4%Link
2026-03-31Q1 2026 (3M)OK196.8
y/y 274.1%
133.1
y/y -5.9%
38018.3
y/y 6.4%
2439.1
y/y 5.4%
22.4%Link
2025-12-31Q4 2025 (3M)OK165.7
y/y 154.9%
122.7
y/y -30.9%
36884.3
y/y 2.3%
2309.3
y/y -13.0%
21.6%Link
2025-09-30Q3 2025 (3M)OK121.1
y/y -9.6%
100.1
y/y 2.2%
35881.0
y/y 6.6%
2355.2
y/y 18.5%
—Link
2025-06-30Q2 2025 (3M)OK94.2
y/y -30.0%
139.9
y/y -9.6%
35707.9
y/y 14.0%
—
y/y —
—Link
2025-03-31Q1 2025 (3M)OK52.6
y/y -65.8%
141.4
y/y 15.5%
35728.0
y/y 14.8%
2314.8
y/y 30.6%
22.8%Link
2024-12-31Q4 2024 (3M)OK65.0
y/y -65.9%
177.6
y/y 217.7%
36070.2
y/y 22.8%
2655.5
y/y 59.5%
23.8%Link
2024-09-30Q3 2024 (3M)OK133.9
y/y -32.4%
97.9
y/y 13.2%
33668.5
y/y 19.4%
1987.4
y/y -23.1%
6.7%Link
2024-06-30Q2 2024 (3M)OK134.5
y/y -31.7%
154.7
y/y 8.5%
31325.2
y/y 17.4%
1936.2
y/y 21.1%
33.4%Link
2024-03-31Q1 2024 (3M)OK153.8
y/y -12.5%
122.4
y/y -16.8%
31123.5
y/y —
1772.7
y/y —
28.5%Link
2023-12-31Q4 2023 (3M)OK190.6
y/y —
55.9
y/y —
29382.2
y/y —
1664.8
y/y —
20.3%Link
2023-09-30Q3 2023 (3M)OK198.0
y/y —
86.5
y/y —
28207.4
y/y —
2583.6
y/y —
5.5%Link
2023-06-30Q2 2023 (3M)OK197.0
y/y —
142.6
y/y —
26677.0
y/y —
1598.8
y/y —
—Link
2023-03-31Q1 2023 (3M)OK175.8
y/y —
147.2
y/y —
—
y/y —
—
y/y —
—Link

Income statement (bank, IFRS)

IFRS decomposition: interest, fee and trading result with provisions, costs and the recurring/non-recurring profit split (bn RUB). Source: eninvs.com.

Item, bn RUB202320242025YoY
Interest income2 4544 1024 976 +21%
Interest expense-1 693-3 615-4 542 -26%
Net interest income761487434 -11%
Credit-loss provisions-188-25.4-193 -660%
NII after provisions574462241 -48%
Fee & commission income217269307 +14%
Net fee & commission income217269307 +14%
Financial instruments & investment result149323719 +122%
Other operating income, net21.436.2-47.5 -231%
Operating income978756741 -2%
Administrative & other expenses (SG&A)-868-1 061-1 219 -15%
Profit before tax518575425 -26%
Income tax-86.0-22.5—
Net profit432553504 -9%
of which recurring308242-348 -244%
of which non-recurring124310852 +174%
Key ratios (annual)
ROE31.2%25.6%20.3% -5.3 pp
Cost of risk (CoR)1.04%0.12%0.84% +0.7 pp
Cost-to-income (CIR)88.7%140.3%164.6% +24.3 pp
Net interest margin (NIM)2.83%1.49%1.19% -0.3 pp

Quarterly dynamics & ratios

ROE = net profit ×4 / avg equity; CoR = provisions ×4 / avg credit portfolio; CIR = admin expense / operating income; NIM = NII ×4 / avg assets.

Quarter24/09
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 income13465.052.694.2121166197209
Provisions-57.495.7-58.1-47.6-10.4-72.51 005-64.9
Net fee income74.282.472.772.980.680.980.195.7
Financial instruments & investment13.3202319-42.7-5.1355172-1.4
Operating income208147125167202247277304
Admin (SG&A)-242-353-258-276-287-398-302-144
Net profit97.917814114010012313392.9
Balance (period-end), bn RUB
Credit portfolio22 50922 60722 69722 67522 65123 19823 76824 240
Securities portfolio (bonds)802912953938————
Customer deposits25 59226 92726 22526 08326 27427 89627 82427 555
Other assets10 35812 55212 07812 09513 23013 68714 25014 266
Total assets33 66836 07035 72835 70835 88136 88438 01838 507
Equity1 9872 6562 315~2 3352 3552 3092 4392 402
Key ratios (annualised)
ROE (annualised)20.0%30.6%22.8%24.1%*17.1%21.1%22.4%15.4%
Cost of risk (CoR)1.04%-1.70%1.03%0.84%0.18%1.27%-17.12%1.08%
Cost-to-income (CIR)116.3%239.3%205.7%164.9%142.3%161.4%109.1%47.2%
Net interest margin (NIM)1.65%0.75%0.59%1.05%1.35%1.82%2.10%2.18%

Monthly operating statistics (RAS, bank charter)

<div class='muted' style='font-size:.72rem;line-height:1.2'>25.0 bln mo</div> source: CBR

Bank potential breakdown (Return per share)
ReportedMonthly ×12
Reporting periodQ2 2026
RAS profit, quarter months
Apr 2026 34.1 bln
May 2026 33.1 bln
Jun 2026 53.1 bln
Annualised profit, mln RUB371.6 bln637.0 bln
Book (equity)2.4 trn2.4 trn
ROE (annualised)15%27%
Price / Book0.48x0.48x
Potential [ROE / P/B]+32%+55%

Potential = annualised net profit / market cap (= ROE / P/B). 'Reported' is the last IFRS quarter annualised; 'Forecast' adjusts it for seasonality from the latest monthly RAS data (multiplier X = profit of the most recent months / profit of the quarter's months); 'Monthly ×12' annualises the latest RAS month. RAS = parent bank charter, IFRS = group; the bases differ, so the forecast is a momentum indicator.

PeriodNet interest income (YTD)Net operating result (YTD)Pre-tax profit (YTD)Net profit (YTD)Total comprehensive income
Jun 2026142.6 bln
+623.1% y/y · -1.9 bln mo -28.3%
127.7 bln
+43.7% y/y · 74.4 bln mo -13.7%
270.4 bln
+148.9% y/y · 72.6 bln mo -13.2%
260.8 bln
+58.3% y/y · 53.1 bln mo -37.5%
281.5 bln
+81.4% y/y · 62.2 bln mo -50.4%
May 2026 📄 PR144.5 bln
+547.0% y/y · 42.0 bln mo +250.8%
53.3 bln
+1904.3% y/y · -20.1 bln mo -47.7%
197.8 bln
+691.4% y/y · 21.9 bln mo -182.8%
207.7 bln
+160.3% y/y · 33.1 bln mo +403.4%
219.3 bln
+636.4% y/y · 24.2 bln mo +208.3%
Apr 2026 📄 PR102.4 bln
+890.2% y/y · 57.4 bln mo +891.3%
73.4 bln
+78.5% y/y · -30.5 bln mo +4696.2%
175.9 bln
+241.6% y/y · 26.9 bln mo +422.0%
174.6 bln
+138.5% y/y · 34.1 bln mo +24.1%
195.1 bln
+789.8% y/y · 39.8 bln mo +763.6%
Mar 2026 📄 PR196.8 bln
+274.1% y/y
—169.2 bln
-7.0% y/y
132.6 bln
-6.1% y/y
—
Feb 2026 📄 PR47.8 bln
+379.2% y/y · 15.2 bln mo +103.8%
24.9 bln
-14.5% y/y · 37.8 bln mo +42.5%
72.7 bln
+86.0% y/y · 53.0 bln mo +56.0%
81.1 bln
+104.7% y/y · 53.7 bln mo +55.6%
81.1 bln
+256.2% y/y · 51.2 bln mo +125.0%
Jan 202632.6 bln
+1196.7% y/y · 32.6 bln mo +1196.7%
-12.9 bln
-597.9% y/y · -12.9 bln mo -597.9%
19.7 bln
+285.7% y/y · 19.7 bln mo +285.7%
27.4 bln
+436.4% y/y · 27.4 bln mo +436.4%
29.9 bln
29.9 bln mo
Dec 2025 📄 PR433.6 bln—425.1 bln502.1 bln—
Nov 2025 📄 PR88.5 bln
-4.9 bln mo
124.9 bln
41.8 bln mo
213.4 bln
37.0 bln mo
343.0 bln
77.5 bln mo
325.6 bln
86.8 bln mo
Oct 2025 📄 PR93.3 bln
66.1 bln mo
83.1 bln
-48.2 bln mo
176.4 bln
17.9 bln mo
265.5 bln
13.1 bln mo
238.8 bln
7.8 bln mo
Sep 2025 📄 PR267.9 bln
121.1 bln mo
—317.7 bln380.8 bln
100.0 bln mo
—
Aug 2025 📄 PR24.5 bln
-7.6 bln mo
108.0 bln
27.7 bln mo
132.4 bln
20.1 bln mo
210.6 bln
25.2 bln mo
198.4 bln
18.2 bln mo
Jul 202532.0 bln
12.3 bln mo
80.3 bln
-8.6 bln mo
112.4 bln
3.7 bln mo
185.4 bln
20.7 bln mo
180.2 bln
25.0 bln mo

Balance sheet & capital (issuer press release)

Period-end balances + capital adequacy + profitability. Extracted from the issuer's monthly press release (LLM parsing).

PeriodTotal assets
Mar 202638.0 trn
+6.4% y/y
Dec 202536.9 trn

Capital adequacy ratios (CBR)

Bank of Russia form 0409135 · latest reporting date 01.07.2026 (June 2026) · systemically important

Н1.09.78%headroom -0.22min. 10.00%
Н1.27.61%headroom -0.39min. 8.00%
Н1.16.13%headroom -0.37min. 6.50%
Н20.0r10.50%headroom +0.50group, 01.06.2026
group:
9.310.09.78%08.202507.2026ratio · dashed — minimum · bars — headroom
DateН1.0, % (headroom)Н1.2, % (headroom)Н1.1, % (headroom)Н20.0, % (headroom)Н20.2, % (headroom)Н20.1, % (headroom)Н2, %Н3, %Н4, %Status
01.07.20269.78 (-0.22)7.61 (-0.39)6.13 (-0.37)———93.9492.9459.28breach
01.06.20269.63 (-0.37)7.60 (-0.40)6.18 (-0.32)10.50r (+0.50)8.40r (+0.40)7.10r (+0.60)98.4582.9857.58breach
01.05.20269.67 (-0.33)7.80 (-0.20)6.33 (-0.17)10.50r (+0.50)8.50r (+0.50)7.10r (+0.60)90.7483.7557.10breach
01.04.20269.97 (-0.03)7.59 (-0.41)6.05 (-0.45)10.71 (+0.71)8.76 (+0.76)7.29 (+0.79)87.2185.9856.98breach
01.03.20269.34 (-0.66)7.20 (-0.80)5.70 (-0.80)9.90r (-0.10)7.70r (-0.30)6.30r (-0.20)89.50105.3255.49breach
01.02.20269.46 (-0.54)7.34 (-0.66)5.83 (-0.67)———103.92109.4754.70breach
01.01.20269.37 (-0.63)7.27 (-0.73)5.75 (-0.75)9.84 (-0.16)7.70 (-0.30)6.30 (-0.20)112.81132.7854.78breach
01.12.20259.44 (+0.19)7.35 (+0.10)5.80 (+0.05)9.60r (+0.35)7.70r (+0.45)6.10r (+0.35)96.04119.0054.77watch
01.11.20259.65 (+0.40)7.74 (+0.49)6.17 (+0.42)9.80r (+0.55)7.80r (+0.55)6.20r (+0.45)92.91118.3354.35watch
01.10.20259.81 (+0.56)7.81 (+0.56)6.19 (+0.44)9.97 (+0.72)8.05 (+0.80)6.42 (+0.67)107.75142.5754.08watch
01.09.20259.44 (+0.19)7.43 (+0.18)5.86 (+0.11)9.60r (+0.35)7.70r (+0.45)6.10r (+0.35)100.49108.1354.04watch
01.08.20259.53 (+0.28)7.56 (+0.31)5.90 (+0.15)9.70r (+0.45)7.80r (+0.55)6.10r (+0.35)119.03138.5855.08watch

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.

All banks, full history and liquidity ratios →

Quality / corporate governance

Potential discount −45% (factor 0.55)

This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.

Dividend potential

High yield on falling profit

The forecast yield is high but full-year profit fell >20% — the payout rests on past earnings and is likely to be cut. Upside is suppressed to avoid flagging a yield trap as a buy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)504 bn RUB
Payout ratio10%
Recent actual dividend (3-yr median)9.71 ₽
= Forecast dividend per share9.71 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)+14.8 pp
= Fair dividend yield (bank floor ≈ rate−3.5)28.8%
3 · Valuation → upside
Current price54.26 ₽
Forecast dividend yield17.9%
Fair price (dividend-based)33.72 ₽

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Dividend history

Paid, trailing 12-mo: 9.71 RUB/sh · 17.9%

Pay yearDividend /sh
20269.71 ₽
202525.58 ₽
20210.00 ₽
20200.00 ₽
20190.00 ₽
20180.00 ₽
20170.00 ₽
20160.00 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-179.71 ₽
2025 q32025-07-1025.58 ₽
2021 q32021-07-130.00 ₽
2020 q42020-10-010.00 ₽
2019 q22019-06-200.00 ₽
2018 q22018-05-310.00 ₽
2017 q22017-05-080.00 ₽
2016 q22016-06-300.00 ₽
2015 q32015-07-020.00 ₽
2014 q22014-06-270.00 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 46% buy — balanced5d: 48% buy — balanced20d: 50% buy — balanced

Iceberg levels last session: 2 bid / 2 ask; largest — ask 55.31 (filled ×9.7 of displayed, 28 refills).
Robot clips (recurring characteristic order size): 3 bid / 3 ask; largest — ask 1802 lots ×543 appearances across 203 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×419, ask ×358.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
14.0846%2/23/374,945
13.0845%2/24/383,973
12.0840%8/114/583,894
11.0856%9/144/3121,447
10.0851%3/00/038,347

Source: L2 order book + trade tape (TQBR main session, ~23 liquid names). Trade side = the aggressor crossing the spread. Iceberg = level filled a multiple of its displayed size with regular refills. Robot clip = a non-round order size recurring hundreds of times across dozens of price levels (an algo's fingerprint migrating with price); ping = 1-2 lot probe orders. Updated nightly.

Investment-community mentions

Substantive mentions last 7 days: 2 (1 negative), last 30 days: 20 (3 positive, 8 negative) across tracked channels, broker research and shows. 45 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.

RU equity fund ownership

Disclosed in the top-10 of 3 of 17 funds, ≈35 млн ₽ combined. Last month: added — 1, entered top-10 — 1, left top-10 — 3.

FundManagerWeight≈PositionΔ weight m/mDisclosure
GROD ДОХОДЪ Индекс акций ростаДОХОДЪ6.39%12 млн ₽—30.06.2026
BCSR БКС Индекс Российского рынкаБрокеркредитсервис5.41%17 млн ₽—30.06.2026
SBPS Первая – Фонд Моя цель 2035 (new)Первая4.09%6 млн ₽+4.09 pp30.06.2026
SBMX Первая - Фонд Топ Российских акцийПерваяleft top-10 (was 3.40%)30.06.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капиталleft top-10 (was 3.48%)30.06.2026
EQMX Индекс МосБиржиВИМ Инвестицииleft top-10 (was 3.51%)30.06.2026

Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=1210

Reporting forms detected in loaded periods: ✓ ✓ — (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Bank VTB (VTBR) — from primary filings.

VTBR (VTB Bank) is a major Russian state-owned financial institution that provides a wide range of banking and financial services, including retail and corporate lending, investment banking, and asset management.

Frequently asked questions

What is Bank VTB (VTBR)'s P/E ratio?
Bank VTB (VTBR) trades at a P/E of 1.6x (price to trailing 12-month earnings).
What is Bank VTB (VTBR)'s P/B ratio?
Bank VTB (VTBR) trades at a P/B of 0.3x.
What is Bank VTB (VTBR)'s dividend yield?
Bank VTB (VTBR)'s trailing 12-month dividend yield is 28.6%.
What is Bank VTB (VTBR)'s return on equity (ROE)?
Bank VTB (VTBR)'s ROE is 15.4%.
What is Bank VTB (VTBR)'s market capitalization?
Bank VTB (VTBR)'s market cap is 701.4 bn RUB.

See also: The Cheapest Bank Stocks in the World (2026): Where Global Banks Trade Below Book · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map