MOSCOW, May 29 (Reuters) - Sberbank , Russia’s biggest bank by assets, said first-quarter net income fell 18 percent due to increased provisions for loan losses following the Ukraine crisis and as Russia’s economy deteriorates.
State-controlled Sberbank - widely viewed as a proxy for the broader Russian economy - said first-quarter net profit was 72.9 billion roubles ($2.1 billion) versus 88.5 billion a year ago. It was below a Reuters poll forecast of 78.2 billion roubles.
Russia’s No.2 lender VTB on Tuesday reported a plunge in its net profit and a rise in bad loan provisions.
$1 = 34.5882 Russian Roubles Reporting by Oksana Kobzeva; Writing by Megan Davies; Editing by Maria Kiselyova