Russian bank VTB says on track for record profit in 2024

MOSCOW, Dec 25 (Reuters) - Russia's second largest lender VTB said it will make a record profit in 2024 after reporting a January-November net profit of 452.2 billion roubles ($4.54 billion) - more than its entire full-year profit for 2023.

The bank said it was still on track to hit the profit target of 550 billion roubles in 2024 despite a significant depreciation in the value of many of its assets in November as a result of monetary tightening.

"It was a month of massive destruction of market asset values," said First Deputy CEO Dmitry Pyanov. He said that the bank's earnings on interest fell by almost one third as retail lending slowed down due to high interest rates.

($1 = 99.5000 roubles)

(Reporting by Elena Fabrichnaya, writing by Gleb Bryanski; editing by Guy Faulconbridge)

((gleb.bryanski@thomsonreuters.com;))