Net profit earned by VTB 24 in 2016 climbed 14 times against 2015 to Rub 49.5 bln. These numbers were disclosed in the bank's IFRS financial statement. The bank posted net profit of Rub 3.4 bln in 2015.
The financial institution's net interest income increased to Rub 165.2 bln, while net commission income jumped to Rub 48.8 bln.
"As of December 31, 2016 the group was the party to legal proceedings related to Rub 5.64 bln provided in guarantees (Rub 5.64 bln as of December 31, 2015) to the third state-controlled party. As the proceedings are in progress, the group's executives ordered to compile liabilities equal to Rub 6.17 bln that include the guarantees and extra contractual payments on the basis of the best current assessment of guarantee related losses," said the financial statement.
In 2016, VTB 24 put aside Rub 46.9 bln in provisions, and Rub 64.2 bln in 2015.
