PJSC VTB Bank

PJSC VTB Bank is Russia's second-largest bank, founded in 1990 and listed on the Moscow Exchange under VTBR with a market capitalisation of USD 3.3 billion and 97,000 employees. The Russian Federation holds more than 90% through the Federal Agency for State Property Management, the Ministry of Finance and the Deposit Insurance Agency. Total assets reached RUB 38,018.3 billion in the first quarter of 2026, with liabilities of RUB 35,579.2 billion.

Industry Position

VTB is the second-largest bank in Russia by state ownership structure, a position reinforced by assets of RUB 38,018.3 billion at the end of the first quarter of 2026. That scale places it among the largest balance sheets in the Russian financial system, and its state ownership above 90% ties its funding and capital position to the sovereign.

The earnings record is volatile. Net income was RUB 75.3 billion in 2020, RUB 327.4 billion in 2021, a loss of RUB 612.6 billion in 2022, RUB 432.2 billion in 2023, RUB 551.4 billion in 2024 and RUB 500 billion in 2025. The 2022 loss and the subsequent recovery show a bank whose results move sharply with sanctions and market conditions rather than in a smooth trend.

Business Model

VTB operates as a universal bank, combining retail and corporate banking with subsidiaries and brands including VTB Capital, VTB Insurance, VTB Leasing and Pochta Bank. The group employed 97,000 people and is listed on the Moscow Exchange under VTBR. Revenue is not disclosed in the supplied data, so the earnings profile is best read through net income and the balance sheet.

The balance sheet at the end of the first quarter of 2026 showed assets of RUB 38,018.3 billion against liabilities of RUB 35,579.2 billion, an implied liabilities-to-assets ratio of roughly 93.6% and a book equity cushion of about RUB 2.44 trillion. That leverage is typical of banking, but it means small changes in asset quality or funding costs can move net income sharply, as the RUB 612.6 billion loss in 2022 demonstrated.

Competitive Advantages

The clearest advantage is state ownership above 90% through the Federal Agency for State Property Management, the Ministry of Finance and the Deposit Insurance Agency. This structure supports funding access and capital support, and it underpins the bank's position as the second-largest in Russia. The 2025 management of subordinated Eurobond obligations and domestic capital restructuring further shows the group's ability to reorganise its capital base under sanctions.

The multi-brand structure spreads the franchise across banking, investment banking, insurance, leasing and retail through Pochta Bank, reducing reliance on a single product line. Net income of RUB 551.4 billion in 2024 and RUB 500 billion in 2025 shows that the core franchise can generate substantial earnings even with international restrictions in place.

Outlook and Risks

The outlook is dominated by sanctions and capital management. Ongoing sanctions affect subordinated Eurobond obligations and have already required domestic capital restructuring. The 2025 net income of RUB 500 billion was below the RUB 551.4 billion reported for 2024, a decline that suggests earnings pressure even as assets grew to RUB 38,018.3 billion.

The main risks are asset-quality deterioration on a balance sheet with liabilities of RUB 35,579.2 billion, further sanctions escalation, and the concentration of the franchise in the Russian market. The main supports are state ownership above 90%, the second-largest position in the domestic banking system, and the diversification provided by VTB Capital, VTB Insurance, VTB Leasing and Pochta Bank. That combination places it at 72/100 on the VerityRank composite score.