November 8, 2018 / 6:34 AM / in a month

Russia's VTB Q3 profit more than doubles, but misses expectations

MOSCOW, Nov 8 (Reuters) - VTB, Russia’s second biggest bank, reported on Thursday third-quarter net profit that more than doubled from a year earlier on higher lending, but still missed analysts’ expectations.

The state-controlled bank said its net profit was 41.2 billion roubles ($623 million) in the third quarter, compared with 17.4 billion roubles in the year-earlier quarter.

Analysts expected VTB to post 45.3 billion roubles, a Reuters poll showed.

VTB said its provisions for non-performing loans stood at 42.4 billion roubles, lower than a poll of 45.4 billion roubles and nearly unchanged from the same period last year. ($1 = 66.1365 roubles) (Reporting by Katya Golubkova; Editing by Amrutha Gayathri)

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