JSC VTB Bank saw profits more than double in 2017 on the back of lower provisions.
The Russian lender reported full-year 2017 net profit attributable to shareholders of the parent of 120.3 billion Russian rubles under International Financial Reporting Standards, up 130.0% from a restated attributable profit of 52.3 billion rubles in 2016. EPS for the period was 0.86 kopeck, compared to 0.32 kopeck a year earlier.
Net interest income rose 10.9% year over year to 460.2 billion rubles from 415.0 billion rubles, while net fee and commission income also increased over the period to 95.3 billion rubles from 81.8 billion rubles.
VTB booked noninterest gains of 64.1 billion rubles for 2017, compared to a loss of 46.7 billion rubles a year earlier. The provision charge fell 18.6% year over year to 171.9 billion rubles from 211.2 billion rubles.
For the fourth quarter of 2017, net profit came in at 44.8 billion rubles, up 156.0% from the year-ago 17.5 billion rubles.
As of 2017-end, the bank's common equity adequacy ratio stood at 8.9%, compared to 9.6% at the end of 2016. The total capital adequacy ratio was 11.3% at 2017-end, compared to 11.1% at the end of 2016.
As of Feb. 23, US$1 was equivalent to 56.40 Russian rubles.