VTB Bank handily beat earnings forecasts in the third quarter, as Western countries' sanctions begin to lose their bite, the bank's chairman told CNBC.
"We've survived the first shock of sanctions. We're used to them now," Andrey Kostin, chairman of VTB Bank, told CNBC on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit Wednesday.
"Though there are some bad effects on our bank, particularly in the sense of international borrowing and international stock markets, we received a substantial support from the government."
VTB, Russia's second-largest bank by assets, was the subject of a $5 billion of state recapitalization program in July, implemented as part of a wider state plan to help stimulate lending amid a wide economic slowdown.