Sberbank reports rising profits in Q1
by Richard Kilner
Story link: Sberbank reports rising profits in Q1
Russian financial institution Sberbank has released its consolidated financial results for the first quarter of 2010.
Net profit for Q1 was recorded at RUB43.5bn, equating to RUB2.01 per ordinary share, an immense improvement on the RUB0.6bn (RUB0.03 per share) achieved in the same period last year.
It was also better than the same period in 2008, when a net profit of RUB31.1bn was earnt.
Sberbank’s pre-provision operating income rose by 17.8% to stand at RUB169.8bn.
Return on equity hit 21.3%, with net interest income up by 11.9% and net fee and commission income rising by 15.8%.
Net fee and commission income was recorded at RUB25.6bn, with net interest income standing at RUB129.2bn.
In addition, the bank’s provision for loan impairment fell by over 40% to RUB54.3bn, having previously been RUB90.7bn in Q1 2009.