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About the company VTB

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VTB is Russia's second-largest bank by assets and the core of the financial group of the same name. It grew out of the Soviet Vneshtorgbank, which handled foreign trade settlements, and to this day it is noticeably more "corporate" than its retail competitors. Its shares trade on the Moscow Exchange under the ticker VTBR.

What the company does

Like any bank, VTB earns on its interest margin and on fees, but the structure of its balance sheet is tilted towards large business: a considerable part of the loan book consists of loans to industrial holdings and to infrastructure and state projects. Such loans are larger and cheaper to service, but the risk in them is concentrated: the position of a single big borrower can noticeably shift the result of a quarter.

The bank developed its retail business later than its competitors and largely through acquisitions — the merger of Bank of Moscow, VTB24 and then a number of regional banks expanded the client base faster than organic growth would have allowed. The downside of this strategy is the constant work of integrating disparate systems and cultures.

A separate line is the investment business: brokerage services, asset management, the arranging of bond issues. It brings in fee income that is less closely tied to the credit cycle.

Business lines

  • Corporate and investment banking

    Lending to large companies, work with state programmes, arranging debt and equity offerings. Historically the bank's main division.

  • Retail business

    Mortgages, consumer loans, cards, deposits. It developed later than at competitors and grew noticeably thanks to the banks that were merged in.

  • Medium-sized and small business

    Settlement services, working capital lending and payroll schemes for companies that do not need the corporate division.

History

  1. 1990The Bank for Foreign Trade of the RSFSR — Vneshtorgbank — is established to handle the country's foreign trade settlements.
  2. 2007The "people's IPO": the shares are placed among a wide range of private investors. The subsequent fall in the share price becomes, for a long time, a painful subject in the bank's relations with its retail shareholders.
  3. 2011–2016A wave of acquisitions: Bank of Moscow, TransCreditBank, then the consolidation of the retail arm VTB24 within the parent bank.
  4. 2022Blocking sanctions cut the bank off from international settlements; part of its foreign assets and subsidiaries is lost, and the year closes with a loss.
  5. 2023A return to profit and the merger of Otkritie Bank, bought from the Bank of Russia — the largest integration in the group's recent history.

Business review

Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.

Strengths

  • Its position in serving large business and state programmes.
  • State control and the status of a systemically important bank.
  • The merging of banks expanded the retail base faster than organic growth.

Weaknesses

  • Return on equity is historically lower than that of the sector leader, and profit fluctuates more strongly.
  • The dividend record is irregular: payouts have been postponed more than once for the sake of capital adequacy.
  • The high share of corporate loans makes the result sensitive to the condition of individual large borrowers.
  • Sanctions have restricted the international business, which was part of the strategy.

Opportunities

  • Completing the integration of the merged banks removes duplicated costs and frees up capital.
  • Financing of infrastructure and industrial projects — an area where the bank's position is historically strong and demand for long-term money is steady.
  • Growth of the fee-based and investment business reduces the dependence of the result on the credit cycle.
  • The departure of foreign players has opened up niches in servicing foreign trade settlements in the currencies of friendly countries.

Threats

  • Concentration of the loan book on large borrowers: a deterioration in the affairs of a few of them hits profit noticeably.
  • Historical volatility of the result — years of record profit alternate with loss-making ones, which makes the dividend stream unpredictable.
  • Capital adequacy requirements limit both the growth of the loan book and payouts to shareholders.
  • Sanctions restrictions close off foreign markets and complicate foreign currency operations.

Frequently asked questions

What does VTB do?

VTB is a universal bank with a strong corporate division. It lends to large business and state projects, handles settlements for companies, and also works with individuals: it issues mortgages and consumer loans and takes deposits. The group includes investment, insurance and leasing businesses.

Who owns VTB?

Control belongs to the state — the main stake of ordinary shares is in federal ownership. The remaining shares are traded on the exchange.

Does VTB pay dividends?

The bank's payout record is irregular: payouts have been postponed more than once in order to maintain capital adequacy, and after the loss-making year of 2022 they were suspended. The currently declared payouts and record dates are collected in the dividends section of the company profile.

How does VTB differ from Sberbank?

The main difference is in the structure of the balance sheet. At Sberbank, retail and cheap household deposits predominate; at VTB the share of large corporate loans is higher. Hence the difference in how profit behaves: at VTB it is historically more volatile and depends more heavily on the position of individual borrowers.

Information as of 20 August 2026

Business description and risk factors. Not investment advice.

Issuer profile

What the company does

The company is classified under the «Banks» sector, using the taxonomy we apply when comparing securities with one another.

The same sector holds 12 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.

The company is registered in Russia and identified in regulatory disclosure by tax number 7702070139. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.

Listed securities

The issuer has 187 securities listed: 1 share class, 186 bond issues. All are shown on this page, including those trading in different modes and different currencies.

A further 6 securities have already matured or been delisted. They stay in the list below deliberately: together they show how long the company has been borrowing on the market and how regularly it repays.

Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 1, 172 at level 3. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.

Bond issues

The nearest issue matures on 13 October 2026 and the farthest on 30 June 2035. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.

The largest issue by face value is RU000A102QL3, with a face value of 11,382,488.00 ₽ per bond. Bond prices are quoted as a percentage of face value, not as an absolute amount per bond.

Dividend history

Between 2016 and 2026 the issuer made 8 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.

The most recent payout was 9.71 ₽ per security with a record date of 20 July 2026. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.

Financial statements

The most recent annual report we hold is for 2025 under IFRS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.

Net income for 2025 was 483.70B ₽.

Equity stands at 2.68T ₽ against total assets of 36.88T ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.

This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.

Securities of this issuer

Shares1

Bonds192