Russia’s second-largest state-controlled bank VTB announced its medium-term strategy with a profitability target of 19%-20% and focus on the retail segment. VTB’s net profit target is set at RUB435bn, RUB520bn and RUB650bn in 2024, 2025 and 2026 respectively. VTB Group posted record profit under IFRS of RUB432bn ($4.6bn) 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 ($7.2bn). Despite record profit of 2023, VTB’s management still has no plans to offer shareholders dividends. As for the medium-term prof…