Russia's VTB reports 16pct rise in Q2 net profit, below fcast
MOSCOW, Sept 12
MOSCOW, Sept 12 (Reuters) - VTB, Russia's No.2 bank, reported on Thursday a 16 percent rise in second-quarter net income as interest income grew, but missed analysts' forecasts on a higher-than-expected provision charge.
VTB said that net profit for the second quarter was 11.9 billion roubles ($362 million), compared with 10.3 billion in the same period of 2012. Analysts had predicted net profit of 16 billion roubles.
It set aside 28.7 billion roubles to cover possible bad loans in the second quarter versus 11.9 billion roubles the same period the previous year. Analysts had expected a provision charge of 23.4 billion roubles. ($1 = 32.8552 Russian roubles) (Reporting by Megan Davies and Oksana Kobzeva; Editing by Maria Kiselyova)
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