The expert explained VTB's financial performance for the second quarter

The 33.6% decrease in VTB's net profit in the second quarter of 2026 is mainly due to the high base of last year's other income and a weak stock market, rather than a deterioration in the bank's core business, said Pavel Samiev, chairman of the Financial markets Committee of Opora Russia.

"The main result of VTB's financial statements is the restoration of the net interest margin: 2.6% versus 0.9% a year earlier. For a bank with key rate-sensitive funding, this is a direct effect of monetary policy easing, and as the rate continues to decrease, this factor will continue to work," Samiev said.

The expert noted that the bank's net interest income showed strong dynamics. VTB's net fee and commission income increased by more than 20% year-on-year. At the same time, the final financial result was negatively affected by a decrease in income from foreign exchange and other transactions, weak stock market conditions, as well as a one-time loss of 8 billion rubles from the sale of the GALS development asset.

According to the results of the second quarter, VTB's net profit amounted to 92.6 billion rubles, and for the first half of the year — 225.2 billion rubles. Return on equity (ROE) was 13% in the second quarter and 16.1% in the first six months. According to Samiev, the indicator has been consistently decreasing since last year, and this trend is likely to continue.

The expert also noted that the cost of forming reserves has increased, but so far remains within the target targets. At the same time, he considers a sharp deterioration in the quality of loan portfolios unlikely, although the pressure on the profits of the banking sector, in his opinion, will continue.

Samiev added that with the stock market recovering and the dynamics of non-interest income improving, VTB can meet its profit forecast for the current year. In addition, the bank is increasing its capital adequacy reserve, which creates conditions for the payment of dividends.