Russia’s second-largest state-controlled bank VTB posted RUB41bn and RUB339bn net profit for August and 8M24 respectively, making a return on equity of 19% and 22%. As followed by bne IntelliNews, VTB Group posted record profit under IFRS of RUB432bn (€4.4bn) for 2023, with net profit of RUB56bn in 4Q23 alone. The group has also revised upwards its record loss for 2022, from RUB613bn to RUB668bn (€6.8bn). Despite record profit of 2023, VTB’s management still has no plans to offer shareholders dividends. In August, “the tangible growth in profit compared to July was due to an increase in the co…