Russia's Sberbank trims 2013 earnings guidance
MOSCOW Aug 28 (Reuters) - Sberbank trimmed its 2013 earnings guidance on Wednesday to the lower end of a range of 370-390 billion roubles, after earlier announcing a sharp hike in loan loss provisions in the second quarter.
German Gref, chief executive of the state-controlled Russian bank, told a conference call that earnings would be "at the level of the lower end" of the range. Resilient margins helped Sberbank to a modest rise in quarterly earnings.
Earnings of 370 billion roubles ($11.2 billion) would represent an increase of 6 percent from last year's outturn.
In a presentation for analysts, Sberbank also forecast its net interest margins at the lower end of a range of 5.9-6.1 percent. It raised its forecast of reserves it would have to set aside to 1.1 percent of its credit portfolio this year. ($1 = 33.1844 Russian roubles) (Reporting by Oksana Kobzeva; Writing by Douglas Busvine)
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