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World Without Barriers. VTB Group Facets of Success Annual Report 2015 Maintaining leadership .... ...we adjust to market trends Despite the difficulties of 2015, VTB Group succeeded in maintaining its sustained leadership in the Russian financial sector due to its efficient solutions and prompt response to market fluctuations. In 2015, guided by the approved “Quality Growth Strategy”, the Bank remained faithful to its key development priorities and directions. Despite the external challenges, the Bank succeeded in maintaining its market positions and enhancing its risk management. VTB Group corporate loan portfolio (RUB billion) VTB Group corporate deposits (RUB billion) and Russian market share (%) and Russian market share (%) 17.2 21.1 16.5 19.4 15.5 15.5 18.4 18.8 14.7 17.8 8,150 4,384 7,205 3,520 2,590 5,100 2,526 2,379 3,954 4,210 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Despite the difficulties of 2015, VTB Group VTB Group retail loan portfolio (RUB billion) VTB Group retail deposits (RUB billion) succeeded in maintaining its sustained leadership and Russian market share (%) and Russian market share (%) in the Russian financial sector due to its efficient 10.6 16.1 9.3 9.8 14.9 9.0 8.7 solutions and prompt response to market 13.7 13.3 13.3 2,883 fluctuations. 1,945 1,960 1,521 2,149 1,793 1,120 1,434 824 1,162 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Contents Mission and values 4 5.3. General Meeting of Shareholders of VTB Bank 91 Statement of the Chairman of the Supervisory Council 6 5.4. Supervisory Council of VTB Bank 93 Statement of the President and Chairman of the Management Board 8 5.5. Management Board of VTB Bank 113 5.6. Remuneration of the members of the Supervisory Council 1. VTB Group financial highlights 10 and the Management Board 121 2. VTB Group market position 14 5.7. Statutory Audit Commission of VTB Bank 122 3. The economy and banking sector 18 5.8. Internal control and audit 123 4. Management report 24 5.9. Investor relations 126 4.1. Key events in 2015 24 5.10. Disclosure policy of VTB Bank 129 4.2. VTB Group strategy 26 5.11. Shareholder structure of VTB Bank 130 4.3. Review of operating performance 35 6. Corporate social responsibility 134 4.3.1. Corporate-Investment banking 35 6.1. Personnel 134 4.3.2. Mid-Corporate banking 50 6.2. Responsible resource management 136 4.3.3. Retail business 56 6.3. Social programmes 140 4.3.4. Other non-banking financial business 67 7. Management responsibility statement 144 4.4. Review of financial performance 68 8. VTB Group summary consolidated financial statements in accordance with IFRS 145 4.5. Risk management 72 9. Report on the compliance with the Corporate Governance Code in 2015 154 5. Corporate governance 86 5.1. Overview of the corporate governance system 86 10. Other information 167 5.1.1. VTB Group corporate governance 87 10.1. Details of VTB Bank 167 5.1.2. VTB Bank corporate governance 89 10.2. Dividends of VTB Bank 168 5.2. Development of corporate governance in 2015 90 11. Contact information 171 Mission and values Our mission Versatility. Our wealth of expertise across a broad range of financial products and services ensures that we offer To provide world-class financial products and services all of our customers the most comprehensive, flexible and that help to create a prosperous and sustainable future sophisticated solutions that suit their individual needs. for our customers, stakeholders and society. Team. Our dedicated team of professionals benefits from the synergy of knowledge afforded by our diverse Our values line of businesses, and our Group’s spirit is enhanced by the energy, creative insight and potential of each Trust. Gaining and retaining the trust of our customers is member of our team. VTB Group’s most important value. Our identity Reliability. VTB Group’s long-term strength is reinforced by leading positions in the financial markets where we VTB Group is the leading Russian financial institution operate and our ability to provide local expertise on a with a strong presence in key international markets. global scale. Our vision Transparency. Our business is open and transparent, and all of our key stakeholders cooperate closely in VTB Group’s goal is to become a premier player in all of order to deliver maximum value and visibility. its priority markets. VTB Annual Report 2015 Statement of the Chairman of the Supervisory Council 6 Governance Code approved by the Bank of processes allowed VTB Group to maintain its 7+ 7 Statement of the Chairman Russia in March 2014. The Bank’s main activities corporate governance rating as determined by the in the reporting period included the approval Russian Institute of Directors. of the Supervisory Council of new versions of a number of by-laws regulating the Bank’s corporate governance system, such Strengthening capital and further as the Bank’s Corporate Governance Code, development the Regulation on the Supervisory Council and the In order to strengthen its capital adequacy, The economy is expected to begin growing again in Regulations on Supervisory Council Committees. the Bank issued new preference shares worth 2017, and we should see a gradual change in this In addition, a new Regulation was approved more than RUB 307 billion. The entire issue direction already in 2016. VTB Group has big plans on Remuneration of Executive Bodies and the was acquired by the State Corporation Deposit for the coming year: completion of the merger System of KPIs. This updated system will reinforce Insurance Agency through a closed subscription. between the Bank of Moscow and VTB Bank, the employees’ focus on achieving the Bank’s This resulted in a significant increase in VTB launch of Post Bank and loan portfolio growth. strategic goals. Bank’s capital adequacy and, consequently, VTB Group strategy improved business sustainability in what was a In 2015, Sergei Galitsky was elected to the new challenging operating environment. As part of the Quality Growth Strategy adopted post of Senior Independent Director on the in 2014, the Group’s main priorities and areas Supervisory Council. The Senior Independent Work carried out throughout the year to ensure for development remained unchanged in 2015. Director coordinates interaction between the VTB’s further development will make it possible Work on maintaining market positions, increasing independent directors on the Supervisory Council to take advantage of all the opportunities that efficiency and improving the risk management and also interacts with the Bank’s shareholders. are now open to the Group, which, in addition system was successful despite external challenges. This development will make it possible to better to being beneficial for our shareholders, will The Supervisory Council continued making coordinate the efforts of the Chairman and of the have a positive impact on the Russian economy improvements to the VTB Long-Term Development independent directors, as well as to interact as a whole. Programme for 2014-2018. The programme was effectively with the investment community and updated to reflect the current market situation, individual shareholders. I am sure that the high degree of efficiency and an assessment was carried out regarding the of VTB’s management system, combined with efficiency of Group companies and the attainability Dear shareholders, The equal treatment of all shareholders responsible strategic decision-making, will ensure of the Group’s main targets. clients and partners, and maintaining an active dialogue with all the Group’s long-term sustainable growth and stakeholders remain among VTB’s top priorities. will strengthen its position both in Russia and Capital adequacy, one of the key indicators In 2015, VTB Group continued to pursue its internationally. strategy despite the challenging situation of business sustainability, exceeded our target Interaction between individual shareholders and in the economy and in the banking sector. in 2015. Results in the Group’s main business the Shareholders Consultative Council was further As a result of steps taken to improve efficiency lines met or exceeded expectations, thus fulfilling developed in 2015. The practice of electing and risk management, VTB Group continued our approved strategy. These positive results individual shareholders to the Supervisory supporting the economy by providing financing are particularly notable in light of the current Council continued, with the election in 2015 of for corporate clients and lending to retail clients, challenging external environment. Valery Petrov as the Chairman of the Shareholders including through the State-Supported Mortgage Consultative Council, which supports the practice Programme. As a result, the Group grew its loan Corporate governance of ensuring the participation of minority in the portfolio and customer deposits faster than the and shareholder relations management bodies of major Russian companies. market average in 2015, while also overcoming In 2015, VTB Bank continued to strengthen its Chairman the sharp decline in net interest margin at the corporate governance, including through the Interaction with shareholders, their participation of the Supervisory Council beginning of the year, and it delivered positive execution of the Supervisory Council’s action in VTB’s management and oversight bodies, and of VTB Bank Alexei Ulyukayev financial results. plan (‘road map’) for implementing the Corporate the transparency and efficiency of corporate VTB Annual Report 2015 Statement of the President and Chairman of the Management Board 8 was made possible by following a conservative One of the key events for the Group in 2016 will 9 Statement of the President and Chairman origination policy: provision charges for be our merger with the Bank of Moscow, which impairment decreased by 35% year-on-year.
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