off-the-wire

Russia's VTB Bank hopes for profits in 2023 comparable to 2021

Kitco Media
By Reuters
Published:
Updated:
Reuters



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This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine


MOSCOW, Feb 7 (Reuters) - Russia's No. 2 lender VTB hopes to make profits in 2023 with the "same number of zeroes" as those achieved in 2021, when it made 320 billion roubles ($4.51 billion), CEO Andrei Kostin said on Tuesday. "It is unlikely to reach the level of 2021, but it will be comparable to it, that is to say, the same number of zeroes," Kostin said on Rossiya 24.


The state-owned bank slumped to a loss in 2022, suffering under the weight of unprecedented Western sanctions on Russia's financial sector, as the West sought to punish Moscow for its actions in Ukraine.
($1 = 70.9500 roubles) (Reporting by Elena Fabrichnaya and Alexander Marrow; Editing by Mark Trevelyan)

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