Sberbank posts 9M 2009 Net Profit of 109.6 billion Roubles

Russia’s largest bank, Sberbank, has posted a 9M 2010 net Profit of 109.6 billion Roubles under IFRS.

The bottom line is 10 times higher than the 10.3 billion Rouble Net Profit posted for 9M 2009, despite Net Interest Income falling 4% year on year to 360.7 billion roubles, with assets up 13% to 8.028 trillion roubles.

Sberbanks loan portfolio grew 7.7% to 5.862 trillion roubles between January 1 and September 30, with provisions falling to 715.2 billion roubles on September 30, as the non performing loan ration fell to 8.6%.

The bank attributed growth in operating income primarily to an increase in net income from trading and revaluation of securities.