Russia's VTB Group, which includes the country's second largest VTB bank, posted a 65.1 percent year on year jump in 2011 IFRS net profit to 90.5 billion rubles ($3.072 billion), the group said on Wednesday.
The bank's fourth quarter 2011 net profit rose 11.9 percent to 17.9 billion rubles ($652.1 million).
VTB's net profit was below a consensus forecast of analysts polled by RIA Novosti who expected the bank's annual net profit at 93.2 billion rubles and 20.6 billion rubles in October-December 2011.
The group's return on equity increased from 10.3 percent to 15 percent, while its operating income before provisions rose 29.6 percent in 2011 to 286.6 billion rubles.
"Net interest income including net recovery of losses on initial recognition of financial instruments, restructuring and other gains on customer loans for 2011 amounted to 247.2 billion rubles, up 44.6 percent from 2010," VTB said.
Net fee and commission income soared 58.7 percent to 39.2 billion rubles, while non-performing loan ratio shrank to 5.4 percent of total gross loans as of December 31, 2011 from 8.6 percent at the end of the same period in 2010.
"We achieved a great deal in 2011, with a record net profit despite challenging conditions in the global capital markets," VTB CEO Andrei Kostin said. "While global economic uncertainty remains, we are well positioned to improve further our performance as the recovery takes hold in Russia and confidence returns to the markets worldwide."