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VTB nearly doubles Q2 profit YOY as impairments slump

JSC VTB Bank reported net profit attributable to shareholders of the parent of 31.0 billion Russian rubles for the second quarter, up from a restated profit of 16.0 billion rubles in the same period a year ago.

EPS rose year over year to 0.203 kopeck from 0.08 kopeck.

Net interest income amounted to 114.1 billion rubles, up from 108.7 billion rubles in the second quarter of 2016. Net fee and commission income was 23.4 billion rubles, compared to 19.2 billion rubles in the year-ago period.

VTB booked noninterest gains of 6.9 billion rubles in the second quarter, compared to year-ago losses of 22.5 billion rubles.

The bank booked a provision charge for impairment of debt financial assets of 28.8 billion rubles, down on a yearly basis from 30.3 billion rubles. Net interest income after the provision charge rose year over year to 85.3 billion rubles from 78.4 billion rubles.

Impairments of other assets, credit-related commitments and legal claims totaled 1.3 billion rubles, compared to 32.0 billion rubles a year ago.

First-half attributable profit reached 59.1 billion rubles, up from 17.7 billion rubles in the year-ago period.

The nonperforming loans ratio stood at 6.3% as of June 30, compared to 6.4% at 2016-end.

The Tier 1 capital adequacy ratio reached 13.1% at June-end, compared to 13.4% at the end of March and 12.9% at 2016-end. The total capital adequacy ratio stood at 14.6% as of June 30, down from 15.0% at March-end and unchanged from Dec. 31, 2016.

As of Aug. 8, US$1 was equivalent to 59.89 Russian rubles.