Published by Global Banking & Finance Review®
Posted on March 26, 2026
1 min readLast updated: March 26, 2026
Add as preferred source on GoogleVTB, Russia’s second-largest bank, reported an 11% year‑on‑year drop in net profit for January–February 2026 to 68.8 billion roubles (~USD 849 million). Management cautions that March faces heightened turbulence amid Middle East conflict and yuan settlement challenges, as the central bank recently c
MOSCOW, March 26 (Reuters) - Russia's second-largest bank VTB on Thursday reported an 11% year-on-year decline in its net profit for January-February to 68.8 billion roubles ($849.17 million).
The first two months of the year were calm, First Deputy CEO Dmitry Pyanov said, adding that March will be more turbulent due to the war in the Middle East and a worsening situation with yuan settlements.
Pyanov said weak economic activity may prompt the Russian central bank to cut rates more actively. It last reduced its key rate by 50 basis points to 15% on March 20.
Pyanov said high oil prices and the decision to delay adjustments to the government's fiscal rule until 2027 were shaping a positive scenario for the rouble in 2026.
($1 = 81.0205 roubles)
(Reporting by Elena Fabrichnaya, writing by Anna Peverieri; Editing by Mark Trevelyan)
VTB reported an 11% year-on-year decline in net profit for January-February 2024, totaling 68.8 billion roubles.
VTB cited the war in the Middle East and worsening yuan settlements as reasons for anticipated turbulence in March.
Weak economic activity may prompt the Russian central bank to cut rates more actively.
High oil prices and delaying fiscal rule adjustments until 2027 are contributing to a positive outlook for the rouble in 2026.
On March 20, the Russian central bank reduced its key rate by 50 basis points to 15%.
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