S&P affirms Bank VTB 24

Standard & Poor's said it affirmed its BBB long-term and A-3 short-term counterparty credit ratings and its ruAAA Russia national-scale rating on Bank VTB 24.

"The affirmation reflects the bank's core subsidiary status as a wholly owned entity within state-owned JSC VTB Bank," said S&P credit analyst Ekaterina Trofimova.

In the agency's view, VTB 24 has strengthened its market position and customer franchise in the domestic retail banking segment. Moreover, the bank has demonstrated a relatively resilient financial performance with a substantial increase in customer deposits.

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