VTB (Azerbaijan) to adopt a new strategy until 2022

VTB Bank (Azerbaijan) is preparing to adopt a new three-year strategy designed until 2022, Bank's Board Chairman Yevgeny Kirin said at a press conference.

"Our strategy will be in line with the priorities of the VTB Group, which has already approved the strategy until 2022," said Kirin.

According to him, since 2017, the bank has made significant progress in reducing the share of troubled loans and more than 90 million manat was repaid, while in the first quarter of this year the repaid amount made 6 million manat. Business accounted for a bigger part of the bank's troubled loans. The main reason for the growth of the portfolio of overdue loans was the underestimation of currency risks and, as a result of the devaluation, the loans issued went into delay.

In general, he estimated the first quarter of 2019 for VTB Bank (Azerbaijan) as quite successful: the bank achieved a profit of AZN 1.8 million by international standards and managed to attain good results on key indicators.

According to Kirin, by the end of the year, an improvement is expected. "This was achieved at the expense of corporate business and the retail segment," said Kirin, noting that support to small and medium-sized businesses and development of card business remain among main activities of the bank.