MTS Bank's Q2 net profit up 89.7% YoY, net margin reaches 32.9%

In Q2 2026, MTS Bank's net profit rose 89.7% YoY to RUB 4,733 million, with net interest income up 34.8%. Net margin jumped to 32.9% from 23.4% a year earlier. Over the trailing twelve months, net profit reached RUB 18,210 million, with a net margin of 32.9%.

Key figures, RUB bn

What the report showed and what's behind it

In Q2 2026, MTS Bank's net interest income rose 34.8% YoY to RUB 14,398 million, while net profit jumped 89.7% to RUB 4,733 million. This is a marked acceleration compared to a year earlier: in Q2 2025, net profit was RUB 2,495 million and net interest income RUB 10,681 million. Quarter-on-quarter dynamics are also positive: versus Q1 2026 (net profit of RUB 2,507 million), profit nearly doubled. The main driver was expanding net interest income, which consistently grew from RUB 12,031 million in Q3 2025 to RUB 14,398 million in Q2 2026.

Quarterly dynamics: NII, % YoY

Margins and costs

Net margin in Q2 2026 stood at 32.9% versus 23.4% in Q2 2025. This indicates the bank has become significantly more efficient at converting revenues into profit. The margin expansion is explained by faster growth in net profit (+89.7%) compared to net interest income (+34.8%). Over the trailing twelve months, net profit reached RUB 18,210 million, which against revenue of RUB 55,300 million yields a comparable margin of 32.9%.

Debt, cash flow, capex

The Q2 2026 report does not disclose operating cash flow, capital expenditures, or net debt, so it is impossible to assess the debt burden and investment activity from this data. Among available metrics, net profit over the trailing twelve months reached RUB 18,210 million, providing a base for potential dividends. With a current market capitalization of RUB 33,867.8 million and a dividend yield of 7.47% over the trailing twelve months, shareholder payouts remain a significant part of the investment case.

Valuation and what to watch in the next report

MTS Bank trades at a P/E (LTM) of 1.86, reflecting high profitability relative to a moderate market cap. Return on equity (ROE) stands at 17.6%, confirming efficient use of capital. In the next report, watch the dynamics of net profit in Q3 2026: in Q2 it was RUB 4,733 million, and to confirm the trend, a quarterly level above RUB 4,000 million would be desirable. Also important is tracking net interest income, which reached RUB 14,398 million in Q2, and any disclosure of cash flow and debt data.

Valuation on the latest reported figures