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VTB Bank Q2 profit up 41.9% YOY

VTB Bank (PJSC) reported second-quarter net profit of 43.0 billion Russian rubles under International Financial Reporting Standards, up 41.9% from 30.3 billion rubles in the year-ago period.

Net interest income for the quarter amounted to 121.8 billion rubles, up from 114.1 billion rubles a year ago. Net fee and commission income also increased, to 24.2 billion rubles from the year-ago 23.4 billion rubles.

The Russian state-controlled lender's provision charge for credit losses and other provisions amounted to 48.3 billion rubles, compared to 30.1 billion rubles a year earlier.

For the first half, the bank saw a 70.1% year-over-year rise in net profit, to 98.5 billion rubles from 57.9 billion rubles. This figure falls within CEO Andrey Kostin's forecast of a first-half net profit of between 95 billion rubles and 100 billion rubles.

The bank's nonperforming loans ratio stood at 7.6% at the end of June, up from 7.1% at March-end and 6.9% at Jan. 1. Loan-to-deposit ratio, meanwhile, fell to 95.7% at June-end from 98.7% at March-end and 99.6% at Jan. 1.

As of June 30, the Tier 1 and total capital adequacy ratios stood at 12.2% and 13.9%, respectively, compared to 12.7% and 14.5% at March 31 and 12.6% and 14.4% at Jan. 1.

As of Aug. 8, US$1 was equivalent to 64.71 Russian rubles.