March 1, 2017 / 7:19 AM / in 9 months

Russia's VTB posts 39 pct y/y incresase in Q4 net profit

MOSCOW, March 1 (Reuters) - Russia’s second-largest bank VTB said on Wednesday its net profit rose 39 percent, year-on-year, to 17.5 billion roubles ($300 million) in the fourth quarter, beating analysts’ expectations.

VTB said its provision charge for the third fourth quarter was 64.5 billion roubles, while net interest income increased 12.4 percent to 104.6 billion roubles.

Analysts polled by Reuters had predicted VTB would make 17 billion roubles of net profit in the fourth quarter of 2016. Analysts on average saw the bank’s provision charge at 46.9 billion roubles and net interest income at 111.4 billion roubles.

For the whole of 2016, VTB reported net profit of 51.6 billion roubles compared with 1.7 billion roubles in 2015.

VTB’s President Andrei Kostin said in the earnings report that the bank’s performance may improve further thanks to better economic outlook in Russia.

$1 = 58.3370 roubles Reporting by Andrey Ostroukh; editing by Vladimir Soldatkin

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