VTB raked in 132.6 billion rubles in Q1 2026, which is a 6% dip from the previous year, according to the bank's materials (prepared in accordance with IFRS). As clarified by VTB's first deputy chairman Dmitry Pyanov, the first two quarters of 2025 were strong for the bank in terms of profits, which exceeded 140 billion rubles, so surpassing that figure won't happen until at least Q3 2026.
Net interest income for January-March 2026 totaled around 196.8 billion rubles, nearly four times higher than the previous year. The net interest margin at the reporting date is 2.5% compared to 0.7% a year ago. VTB's target for the interest margin in 2026 is 3%.
The bank's net commission income in Q1 2026 amounted to 80.1 billion rubles (+10.2% year-on-year). Other operating income stood at 91.4 billion rubles compared to a record 233.1 billion rubles in Q1 2025 (-60.8%). Operating income consists of income from financial instruments operations — 100 billion rubles, from currency operations — 15.5 billion rubles, and non-banking income (insurance and pension activities, etc.), where the bank recorded a loss of 24.9 billion rubles. As Pyanov clarified, these figures indicate, firstly, the volatility of the stock and currency markets, and secondly, the group's ability to capitalize on this.
Net operating income before reserves was 368.3 billion rubles compared to 358.4 billion rubles in Q1 2025 (+2.8%). Reserve expenses were 56.8 billion rubles compared to 57.8 billion rubles a year earlier. Reserves for corporate loans totaled 20 billion rubles, while for retail loans — 36.8 billion rubles. The cost of risk for legal entities was 0.4%, and for individuals — 2.1%, the bank clarified.
The bank increased its administrative expenses in Q1 2026 to 142.3 billion rubles (+20.3%).
Income tax expenses amounted to 36.1 billion rubles.
Loans and deposits
The bank increased its corporate loan portfolio over the quarter by 4.6% to 17.9 trillion rubles, but reduced retail loans by 2.2% to 7.1 trillion rubles. Customer funds decreased by 0.3% over the quarter to 27.8 trillion rubles. However, within this figure, the dynamics were mixed: while individual funds decreased by 2.6% to 13.6 trillion rubles, corporate funds increased by 2.1% to 14.1 trillion rubles.
The share of non-performing loans (NPL) in VTB's loans is 3.6%, with NPL for legal entities remaining unchanged at 2.7% for the quarter, while NPL for individuals decreased by 0.2 percentage points to 5.6%.
"During the quarter, we continued to implement the credit maneuver – an increase in the corporate loan portfolio against a backdrop of declining loans to individuals, while also strengthening our focus on the transactional model in retail business, which has returned the retail segment to operational profitability and allowed us to optimize capital consumption," explained Pyanov.
Additionally, during the reporting period, the bank securitized consumer loans totaling 300 billion rubles. The buyers were Russian financial institutions, the bank clarified.
The loan-to-deposit ratio (LDR) at the reporting date was 85.4%. At the end of 2025, this indicator was lower at VTB — 83.2%. LDR measures how much of the deposited funds are used for lending.
VTB managed to increase its capital adequacy (own funds) of the banking group — indicator N20.0 — to 10.7% at the reporting date. As of 31.12.2025, this indicator was 9.8%. From April 1, 2026, the minimum N20.0 for systemically important credit organizations has risen to 10%.
The capital adequacy ratio of the banking group, indicator N20.1, increased over the quarter to 7.3% (the regulatory minimum is 6.5%). The Tier 1 capital adequacy ratio of the banking group — N20.2 — at the reporting date was 8.8% (minimum — 8%).