Reuters
Russian bank VTB holds off forecasts despite record 2021 profit
MOSCOW (Reuters) -Russian state bank VTB on Tuesday reported a record net profit of 327.4 billion roubles ($4.1 billion) in 2021, but said it would not give any forecasts until markets stabilise. Collectively, Russian banks made a record 2.4 trillion roubles profit last year as a rebound from the coronavirus crisis revived loan growth and boosted interest in real estate assets, the central bank said last month. However, VTB shares slumped 18.25% lower on Monday, underperforming the wider Russian market, amid fears that new Western sanctions in response to Moscow sending troops to two Russia-backed separatist regions in eastern Ukraine may target key financial institutions.
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