Subsidiary Organization VTB Bank (Kazakhstan) announces Q1 2020 financial results

27.04.20 11:56
/KASE, April 27, 2020/ – Subsidiary Organization VTB Bank (Kazakhstan) JSC (Almaty), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following communiqué dated April 25, 2020: quote As of April 1, 2020, the income of VTB Bank (Kazakhstan) amounted to 1.7 billion tenge, which is more than 2 times exceeds the financial result of the bank for the same period last year. In comparison with the data as of April 1, 2019, other key financial indicators also increased: the bank's assets increased by 57% and amounted to 267.5 billion tenge, the loan portfolio increased by 29% to 121.4 billion tenge, and the volume of customer accounts and deposits increased by 71% - 172 billion tenge. – In the first quarter of this year, the most significant event for VTB in Kazakhstan was the announcement by the regulator of the financial market of the results of AQR (independent assessment of asset quality), which showed that the bank uses an effective, well-balanced risk management system. The results of operations for the first quarter once again proved that the bank has a sufficient capital reserve in excess of the standards established by the National Bank, - said Dmitry Zabello, Chairman of the Management Board of VTB Bank (Kazakhstan). – Of course, the coronavirus pandemic made significant adjustments to our plans for further development, many of which we had to reconsider, as a result of which we launched the process of global business transformation. The crisis is the right time for brave decisions and abandoning everything that impeded the process of accelerated development. We followed this rule and in the near future we will introduce to the market our new business model, unique for Kazakhstan. unquote The complete press release is available on KASE website: - – in Kazakh; - – in Russian. [2020-04-27]