VTB Bank Belarus posts double increase in net profit in 2022 despite US sanctions

May 31, BPN. VTB Bank Belarus says it has earned 117 million rubels ($46.4 million) in net profit last year, a 100-percent increase from 2021.

The bank’s return on capital is reported at 21.9 percent.

Its loan portfolio grew to 1.3 billion rubels and its deposit portfolio to 1.1 billion rubels.

Aleksey Parfenenok, the bank’s financial department head, said the profits were at record high. He said the Belarusian subsidiary of Russia’s state-owned VTB Bank has more than a million individual customers and 17,000 business clients.

The National Bank said profits of banks in Belarus rose by 110 percent year on year to 658 million rubels in Q1.

The United States added VTB Bank and its Belarusian branch to its sanctions list on February 24, 2022.