T-Bank Q2 2026: NII Growth Holds at +31%, but Provisions Crush Profit

T-Bank reported Q2 2026 net interest income (NII) of RUB 162.2 bn, up 31.2% y/y, broadly stable versus the 30.3% growth in H1 2026. However, net profit fell 15.4% y/y to RUB 39.5 bn, as credit-loss provisions continued to erode operating leverage. The divergence between strong NII and weak profit underscores mounting credit-cycle pressure.

Q2 2026 y/y growth: NII vs Net Profit

What drove the result

The +31.2% NII growth was supported by funding-cost relief: interest expense fell 8% y/y in Q1 2026, and the trend likely persisted into Q2. However, the bottom line was hit by a sharp increase in loan-loss provisions, which jumped 35% y/y in Q1 2026. This provisioning surge, alongside continued tech investment (+12% y/y in Q1), more than offset the revenue tailwind. The result: net profit declined 15.4% y/y, a stark contrast to the +4.5% growth seen in Q1 2026.

Key figures (RUB mn)

Outlook

No dividend or guidance update was provided in the Q1 2026 IFRS report. The key question for coming quarters is whether provisioning pressure peaks or continues to climb. If credit costs stabilize, the strong NII trajectory could eventually flow through to profit. Until then, earnings remain under pressure.

Watch for further deterioration in asset quality and any signs of provisioning peak. The gap between NII and net profit growth is the key metric to monitor.