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MOSCOW Dec 20 (Reuters) - VTB, Russia's No.2 bank, beat forecasts with a 40 percent rise in quarterly net profit, boosted by rising net interest income as retail lending grew.
State-controlled VTB reported 26.6 billion roubles ($864.5 million) in third-quarter net profit, up from 19 billion in the same period a year ago. A Reuters poll of analysts forecast it would post 20.4 billion roubles.
VTB's profits were lifted by net interest income, the difference between interest earned and interest paid, which rose almost 15 percent year-on-year to 61.9 billion roubles.
The bank said the increase resulted from rising lending. Since the start of the year, VTB's loan growth before provisions stood at 4.1 percent, with retail lending up 24.6 percent and the corporate book down 0.4 percent.
Provisions for possible non-performing loans rose to 12.7 billion roubles for the third quarter, from 8 billion a year ago. VTB's net interest margin (NIM) stood at 4.1 percent in the third quarter.
($1 = 30.7687 Russian roubles) (Reporting by Katya Golubkova; Editing by Mark Potter)
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