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Sberbank posts FY 2008 Net Profit of 97.7 billion Roubles

Sberbank posts FY 2008 Net Profit of 97.7 billion Roubles
Russia’s largest bank, Sberbank, has posted a FY 2008 Net profit of 97.7 Billion Roubles under IFRS.

The bottom line is down 8.3% on the FY 2007 result despite Net Interest Income rising 50% to 378.2 billion Roubles, with Net Fee and Commission Interest income rising 30% to 86.2 billion Roubles.

Sberbank attributed the decrease in Net Profit to a five fold increase in provisions for loan impairment compared with 2007, including a 40% increase in provisions during 4Q 2008. It also noted the effect of a 37.3 billion Rouble revaluation loss on securities operation due to the market collapse of 3Q and 4Q 2008.

Sberbank’s Retail Loan Portfolio increased by 33% to 1.26 trillion Roubles, with its Retail deposits increasing 16% to 3.11 trillion roubles, and its Corporate Loan Portfolio increased 30% to 4.01 trillion Roubles, with Corporate deposits increasing 40% to 1.68 trillion Roubles.