November 9, 2017 / 9:42 AM / a year ago

Russia's VTB writes off 7 bln rbls in Otkritie stake

MOSCOW, Nov 9 (Reuters) - VTB, Russia’s No.2 bank, has written off 7 billion roubles ($118 million) from its stake in Otkritie bank, Deputy Chief Executive Herbert Moos told a conference call on Thursday.

Moos said the stake was written off in full and the bank did not expect any further negative impact on VTB from its exposure to Otkritie. VTB said on Thursday its third quarter net profit fell 7 percent year-on-year.

The central bank decided to bail out Otkritie bank, part of Otkritie holding where VTB has a stake, in August. As a part of the bail out, the bank’s shareholders can be written off.

Moos reiterated that VTB expects to make a net profit of 100 billion roubles this year and 150 billion roubles in 2018. ($1 = 59.2845 roubles) (Reporting by Katya Golubkova; Editing by Jack Stubbs)

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