Russia's VTB says Q1 net profit falls 98 pct, provisions spike

MOSCOW Tue May 27, 2014 3:26am EDT

MOSCOW May 27 (Reuters) - Russian bank VTB reported a 98 percent fall in net profit in the first three months of this year due to higher loan loss provisions following a deterioration in the Ukrainian and Russian economies.

VTB's first-quarter net profit fell to 400 million roubles ($12 million) from 15.7 billion in the same period of 2013. Analysts had forecast a profit of 12.9 billion roubles.

VTB said its provision charge for bad loans more than doubled to 47.6 billion roubles from a year ago. ($1 = 34.1780 Russian roubles) (Reporting by Megan Davies, editing by Elizabeth Piper)