MOSCOW, October 13 (RIA Novosti) - MDM Bank, one of Russia's top thirty banks, said on Monday its net profit increased almost three times in July-September quarter on quarter to 427.77 million rubles ($16.5 million).

"The increase in net profit is related to growth in net interest income and revenues from foreign exchange transactions," MDM Bank said.

In the second quarter of 2008, MDM Bank posted a net profit of 142.96 million rubles ($5.5 million).