VTB (Azerbaijan) ended the first nine months of 2026 with accumulated losses of AZN 199.9 million. At the same time, its consumer loan portfolio expanded sharply, rising 47.3% since the start of the year to AZN 163.9 million. Business lending increased by just 1.7% over the same period.
The figures come from VTB (Azerbaijan)'s statement of financial position as of September 30, 2026, which compares the reporting date with December 31, 2025. Amounts below have been converted from thousands to millions of manats.
Accumulated losses have narrowed but remain substantial
The bank reported negative retained earnings of AZN 199.9 million, compared with negative AZN 207.6 million at the end of last year. Accumulated losses therefore narrowed by AZN 7.7 million, but remain a substantial component of the bank's equity structure.
This is an accumulated balance, not a loss for January-September. The balance sheet alone does not establish the financial result for the reporting period; that requires an income statement. With share capital of AZN 315.8 million, total equity after accumulated losses and reserves stands at AZN 118.3 million.
Consumer lending far outpaces business loans
Consumer loans increased by AZN 52.6 million, from AZN 111.3 million to AZN 163.9 million. Business loans rose by only AZN 1.2 million, from AZN 67.5 million to AZN 68.7 million. The gap in growth rates shows where most of the portfolio expansion occurred.
| Indicator, AZN million | Dec. 31, 2025 | Sept. 30, 2026 |
|---|---|---|
| Accumulated losses | 207.6 | 199.9 |
| Consumer loans | 111.3 | 163.9 |
| Business loans | 67.5 | 68.7 |
| Gross customer loans | 243.6 | 304.0 |
| Total equity | 109.9 | 118.3 |
Consumer loans now account for 53.9% of the loan portfolio, up from 45.7% at the end of 2025. Their growth contributed about 87% of the overall increase in customer loans. The share of business loans fell from 27.7% to 22.6%, even though their absolute value edged higher.
Portfolio growth does not itself resolve accumulated losses
Consumer lending is becoming a more important source of future interest income for the bank. However, an increase in outstanding loans does not show how much income will remain after funding costs, operating expenses and credit losses. The statement provides no breakdown of overdue loans or profitability by lending segment.
The balance sheet does not point to an overall contraction: assets rose 20.1% to AZN 367.8 million, deposits increased from AZN 101.8 million to AZN 153.4 million, and equity grew 7.6%. The central question is whether rapid consumer lending growth can deliver sustainable earnings and further reduce accumulated losses. For now, the statement shows an expanding consumer loan book alongside a largely unchanged volume of business lending.