VTB raised forecast for corporate lending market growth for 2020 by 15%
VTB has raised its forecast for corporate lending market growth for the year by 15% from the previous 4%, said Andrei Kostin, head of the bank.
"We see that companies continue to take out loans, which means they are interested in expanding their respective businesses. We believe that this year the loan portfolio growth rates for corporate clients could amount to about 15 percent, and about 20 percent for small businesses. This means that the economy is doing quite well during the crisis, although we realise that the fourth quarter will be difficult, because we see an increase in incidence around the world ", - said Kostin during his meeting with Russian President Vladimir Putin.
The previous VTB forecast for corporate lending rates estimated growth by 4% this year. The bank planned growth on par with the market for the segment.
Last week VTB lowered its net profit forecast for 2020 down to RUB 70-75 bn from the initial estimate of RUB 220-230 bn.