JSCVL JSC VTB Bank (CE)

By Adam Clark 
 

Russia's VTB Bank (VTBR.MZ) said on Monday that it more than doubled its profit in the fourth quarter of 2017 due to rising income and lower impairment charges.

VTB said it made a fourth-quarter net profit of 44.8 billion rubles ($801.5 million), rising from RUB17.5 billion the year before. The lender benefited from a 26% rise in operating income to RUB188.3 billion, and a drop in provision charges.

For 2017 as a whole, VTB said its net profit rose to RUB120.1 billion from RUB51.6 billion in 2016. VTB said both its net interest income and net fee-and-commission income rose, while improved asset quality led to lower provision charges.

VTB's Tier 1 capital adequacy ratio stood at 13.1% at the end of 2017, up from 12.9% the prior year.

"We have improved our market share in the growing retail business, strengthened our funding structure, and delivered robust growth in fee and commission income," VTB Chairman Andrey Kostin said.

Shares at 0849 GMT were up 5.4% at RUB0.05.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

February 26, 2018 04:05 ET (09:05 GMT)

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