Shares in Russia’s VTB fell by 3% on the Moscow Exchange on 26 August, reaching an all-time low of 49.86 roubles per share. This was the first time they had fallen below their par value of 50 roubles. Analysts attribute the additional pressure on the share price to the risks surrounding Wildberries and Ozon, with which the bank has financial ties, as well as to VTB’s weaker financial performance.
Briefly about the main points
- VTB shares reached 49.86 roubles.
- Since the start of the year, the bank’s shares have fallen in price by approximately 45%.
- VTB has a partnership with Wildberries and holds a stake in Ozon.
- In the second quarter, the bank’s net profit fell by 34%.
- The bank plans to rationalise 10% staff posts at its head office.
The stock market slump has been ongoing since the start of the year
Since the start of August, VTB shares have fallen by 11%, and since the start of the year by around 45%. Compared with the 2015 highs, the bank’s market capitalisation has fallen by 88%, or 4.7 trillion roubles.
The bank, which has 35 trillion roubles in assets and 8.5 trillion roubles in retail deposits, is currently valued by the market at 646 billion roubles, or $7.7 billion. This is roughly a third of the value of the doll manufacturer Labubu, notes The Moscow Times.
The risks for VTB are linked to Wildberries and Ozon
Analysts at Solid Investments Investment Company have cited VTB’s obligations relating to Wildberries as one of the factors exerting pressure. At the end of May, the bank announced a strategic partnership with the marketplace; under the terms of the agreement, VTB was to acquire a 5% stake in WB Bank, with the option to increase its shareholding.
Following the attacks Wildberries It lost a third of its storage capacity and suffered direct losses amounting to several hundred billion roubles, the publication reports. The partnership also involved the use of VTB’s infrastructure and products for WB Bank’s customers.
The bank also received a block of shares as collateral Ozon as part of the transaction with AFK «Sistema». The Chairman of VTB Andriy Kostin stated that this pledge does not imply control over the marketplace. Since the start of the summer, Ozon’s share price has fallen by 45%; Solid Investments suggests that VTB may need to extend the credit facility for the affected company.
Profits are falling, whilst provisions and costs are rising
In the first half of 2026, VTB’s net profit fell by 20% to 225.2 billion roubles. Between April and June, the decline accelerated to 34%, with quarterly profit standing at 92.6 billion roubles. At the same time, the bank’s net interest and commission income rose, whilst other operating income fell sharply.
According to its IFRS financial statements, VTB increased its provisions for non-performing loans by almost a third in the second quarter, to 66.5 billion roubles. The free capital buffer fell to 10.7%, compared with the regulatory minimum of 10%. A year earlier, the proportion of non-performing assets on the balance sheet had risen by one and a half times, to 14.2%, which was one-third higher than the average level in the Russian banking system.
At the end of July, the deputy chairman of the board Dmytro Pyanov announced his intention to cut 10% permanent posts at head office. According to him, this should reduce the cost-to-income ratio to below 40%; in the first half of the year, it stood at 41.5%.
