Ukraine Crisis Pulls Russia’s VTB Q1 Profit Down 98%

Ukraine Crisis Pulls Russia’s VTB Q1 Profit Down 98%:



"Russia’s second-largest bank, VTB, laid bare the economic damage being inflicted by the Ukraine crisis, missing forecasts with a 98-percent plunge in first-quarter net profit as it set aside more money to cover potential bad loans.



Russian banks have been increasing their provisions against potential loan defaults for some time as economic growth slowed.



But the country’s economy is now flirting with recession, hurt by tensions between Russia and Ukraine that prompted the West to impose sanctions against some Russian individuals and entities, as well as an outflow of capital and falls in Russia’s currency and stock markets."



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