moscow nov 29 reuters  russias second biggest bank vtb vtbrmm may see net profit slip next year from an expected record high in 2021 as sharp rises in interest rates hit margins chief executive andrey kostin told reuters in october vtb lifted its net profit forecast for this year to more than 300 billion roubles 4 billion from a previous forecast of 295 billion roubles kostin told reuters in an interview conducted for publication on monday that oneoff factors including the sale of vtbs 173 stake in food retailer magnit mgntmm would help drive profit growth this year lifting fullyear net profit from 753 billion roubles last year when the impact of covid19 hit business and 2012 billion roubles in 2019 read more however rising interest rates are hurting margins and that would be felt more clearly next year rising inflation has prompted the russian central bank to lift its key interest rate by 325 basis points so far this year and has signalled more increases to come to bring down prices vtb expects another 50 bps rate rise at the central banks next meeting on dec 17 and kostin said higher interest rates would depress overall retail lending growth in russia to 145 next year from 22 in 2021 and corporate loans growth would be below 10 down from 1012 expected this year that said it is possible that vtbs net profit for 2022 may not be as high as the record we expect in 2021  growth in business would be offset by loss in margins he said