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Russia's Sberbank 2013 net profit up 4 pct, misses target
March 27, 2014 / 7:16 AM / in 4 years

Russia's Sberbank 2013 net profit up 4 pct, misses target

MOSCOW, March 27 (Reuters) - Sberbank, Russia’s biggest bank, posted a 4.1 percent rise in 2013 earnings to 362 billion roubles ($10.20 billion) due to increased lending.

But the bank failed to meet its target because of a hike in provisions for loan-losses amid a deteriorating economy. Last August, the lender trimmed its estimate for full-year net profit to 370 billion roubles, at the lower end of a previous forecast range of 370-390 billion roubles. ($1 = 35.5012 Russian Roubles) (Reporting by Maria Kiselyova and Katya Golubkova; Editing by Elizabeth Piper)

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