VTB Bank has reported a net profit of RUB1.7bn ($24.9m) for the year ended 31 December 2015, a rise of 112.5% compared to RUB0.8bn ($11.7m) in the prior year.

Net interest income dropped 16.8% to RUB 289.1bn from RUB347.3bn a year ago.

Net fee and commission income surged 20.8% to RUB76.2bn in 2015 from RUB63.1bn in 2014.

Operating income before provisions was RUB412.3bn, a 22.3% decrease from RUB530.8bn a year earlier.

The bank’s retail banking business posted a net profit of RUB16.9bn for 2015, a 55% decrease compared to RUB37.6 in the prior year.

The unit’s total revenues increased 13.4% year-on-year to RUB530.7bn. Net interest income was down by 17.8% to RUB154.3bn from RUB187.7bn in the prior year.

VTB president and chairman of the management board said: "In 2015, VTB’s resilient and flexible business model helped us to navigate through what was another challenging year for the Russian economy and the banking sector.

"At the same time, robust growth of non-interest income and stringent cost control helped us to withstand the challenges associated with much thinner margins, and to deliver a positive bottom line for both the fourth quarter and full year 2015."