May 29, 2014 / 6:32 AM / 3 years ago

Russia's Sberbank says Q1 net profit down 18 pct

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

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