The sole shareholder of Subsidiary JSC VTB Bank (Kazakhstan) - VTB Bank (PJSC) has decided not to distribute the net profit of the subsidiary bank in the Republic of Kazakhstan for 2020. According to the opinion of the independent auditor – Ernst & Young, the net income of VTB Bank (Kazakhstan) for 2020 amounted to 5 billion KZT, which exceeds the result of the previous year by 11%. In comparison with the data as of December 31, 2019, the bank's assets increased by 54%, amounting to 323 billion KZT.
"According to the recommendations of the Agency for Regulation and Development of the Financial Market of Kazakhstan, the shareholder of VTB Bank (Kazakhstan) for the second consecutive year decides not to distribute net profit and not to pay dividends. Additional liquidity during the coronavirus pandemic will help the country's economy to recover by increasing the rate of lending to entrepreneurs", Dmitry Zabello, Chairman of the Management Board of VTB Bank (Kazakhstan) said.
According to the audited statements for 2020, the bank's deposit portfolio increased by 89% and amounted to 233 billion KZT. The loan portfolio grew by 33% to the level of 177 billion KZT.
"In 2020, under the influence of the Covid-19 pandemic, the team of VTB Bank (Kazakhstan) promptly formulated and implemented a business transformation plan in three main areas. The first is the optimization of internal processes and cost reduction. The second is focus on services that bring maximum efficiency both to customers and the bank. The third is the transition to a new, more mobile, and flexible sales model. Summing up the financial results of the year, we can confidently say that we have coped with this external challenge with dignity", - Dmitry Zabello summed up.
According to the international rating agency S&P Global Ratings, Subsidiary JSC VTB Bank (Kazakhstan) has one of the highest credit ratings among banks in the country "BB+/B". The outlook for the rating change is "stable".
Subsidiary JSC VTB Bank (Kazakhstan) is a member of the VTB international financial group. To date, Subsidiary JSC VTB Bank (Kazakhstan) has a branch network, consisting of 17 affiliates, located in all regions of the country. The Bank's Central Office is located in Almaty. The license of the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market No.1.2.14/39 dated February 3, 2020.