icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Sberbank posts 1H 2010 Net profit of 64.3 billion roubles

Sberbank posts 1H 2010 Net profit of 64.3 billion roubles
Russia’s largest bank, Sberbank, has posted a 1H 2010 net profit of 64.3 billion roubles under IFRS.

The bottom line skyrocketed 10.7 times from 6 billion roubles in 1H 2009, with assets also growing 6.7% to 7.6 trillion roubles from 7.1 trillion roubles a year ago, despite net interest income going down 0.2% year on year to 244 billion roubles.
Provisions for loan impairment were down 42.4% year on year to 110.3 billion roubles from 191.5 billion roubles in 1H 2009, which the bank attributed to a slower growth pace of bad debts in the wake of the economic recovery.
Also, the growth of balance provisioning for loan impairment outpaced the growth of non performing loans in 1H 2010, which reflected Sberbank’s conservative policy in terms of credit risks assessment, the bank added in the statement.