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Russian bank VTB sees profit double in 2017, CEO tells Putin

Russian bank JSC VTB Bank's net profit more than doubled in 2017, according to CEO Andrei Kostin.

Briefing Russian President Vladimir Putin, Kostin said net profit had increased to more than 100 billion Russian rubles.

Kostin also said the bank's mortgage lending had increased 14% to more than a trillion rubles, according to the transcript of the meeting. The average interest rate on mortgage loans "slightly declined" to less than 10%, Kotin added.

As of Feb. 6, US$1 was equivalent to 57.12 Russian rubles.