Vtb Bank Kazakhstan Russia

VTB Bank's Profit Soars as Kazakhstan and Russia Business Booms

VTB Bank, a Russian state-owned bank, has reported a surge in profits thanks to strong performance in Kazakhstan and Russia.

The bank's net profit for the first half of 2023 reached 328.2 billion rubles ($4.5 billion), a 50% increase from the same period last year. The growth was driven by strong loan growth and a rise in net interest income.

VTB Bank's Kazakhstan operations contributed significantly to the profit growth.

The bank's Kazakhstan subsidiary, VTB Bank (Kazakhstan), reported a 25% increase in net profit to 48.6 billion rubles ($662 million). This growth was driven by a surge in lending to businesses and individuals, as well as a rise in fee income.

The bank's Russian operations also performed well.

VTB Bank's Russian operations reported a 10% increase in net profit to 279.6 billion rubles ($3.8 billion). This growth was driven by strong loan growth and a rise in net interest income.

The bank's strong performance in Kazakhstan and Russia is expected to continue in the second half of 2023.

VTB Bank's CEO, Andrey Kostin, said that the bank is well-positioned to benefit from the continued economic recovery in Kazakhstan and Russia.

"We are seeing strong growth in both our Kazakhstan and Russian operations," Kostin said. "We are well-positioned to continue to grow our business and deliver value to our shareholders."