Russia's Second-Biggest Bank VTB Set to Post 84 Percent Loss

Russia's second-largest bank VTB is expected to report an 84 percent drop in third-quarter year-on-year net profit, hurt by higher provisions for bad loans, losses linked to the Ukraine crisis and a weaker ruble, analysts said.

VTB's third-quarter net profit, to be reported on Thursday, is expected to reach 3 billion rubles ($64 million), according to the average forecast in a poll of 10 analysts, down from 18.4 billion in the same period of 2013.

The state-controlled bank, which was sanctioned by the United States and European Union over Russia's role in the Ukraine crisis, posted an 82 percent slump in first-half profit as a slowing economy and geopolitical tensions over Ukraine hurt its performance.

[link to www.themoscowtimes.com]