Sberbank net profit up 6 pct on loan growth
MOSCOW Oct 5 (Reuters) - Sberbank on Friday posted a 6-percent increase in nine-month net profit, helped by a sharp lift in income from corporate and retail loans.
Russia's top lender, publishing its first results since it floated a 7.6 percent stake for just over $5 billion last month, said net earnings were 269 billion roubles ($8.7 billion).
The results were published under local accounting standards which require less transparency over financial information and the bank's shareholder structure but which are viewed as an indicator of performance under international rules.
Sberbank said net interest income was up 25.8 percent year-on-year thanks to a rise in corporate and retail loan portfolios.
The bank hoisted its provisions for possible problem loans to 40 billion roubles, compared with a writeback of 3 billion roubles, to support a rapidly expanding loan book. ($1 = 30.9922 Russian roubles) (Reporting by Katya Golubkova; Editing by Lidia Kelly and David Cowell)
- Obama condemns killing of reporter, U.S. hits militants in Iraq |
- Thai junta leader appointed PM by hand-picked parliament
- U.S. military failed in rescue attempt for journalist Foley |
- Afghanistan gives NYT reporter 24 hours to leave country
- Gaza war rages on, Hamas says Israel tried to kill its military chief |