Sberbank reports 8M profits
by Richard Kilner
Story link: Sberbank reports 8M profits
Russian banking giant Sberbank has reported its financial results for the first eight months of 2010, in line with its own internal methodology.
The bank saw net interest income rise marginally, up 1% year-on-year, but net fee and commission income soared by 14.3%.
Pre-provision operating income declined by 9.5%, but after provisions was 1.9 times what it had been during the same time last year.
The firm’s provision charge was more than halved, from RUB250.9bn last year to RUB90.5bn now.
Operating expenses rose significantly, up by 16.6%.
Pre-tax profits increased hugely, and were recorded at more than elevenfold what they had been at this point in 2009 (rising to RUB111.6bn from RUB9.9bn).
Net profits rose by a similarly impressive margin, rising from RUB7.4bn to RUB88.5bn.
Sberbank also enjoyed continued momentum in profitability during the first eight months of the year, adding almost RUB12bn to the RUB76.8bn made in the first seven months of 2010.
