Russia’s largest bank by assets, Sberbank, has
almost tripled its half year net income from a year ago to
RUB171.3bn ($6.07bn).
Provisions for loan impairments continued to
fall RUB635.9bn, 1.6% decline compared with the corresponding
period a year ago.
Go deeper with GlobalData
Retail deposits rose by 21.4% year-on-year to
5tr, while retail loans increased by 20.3% 1.2tr.
The bank did not publish further details of
its earnings by business segment.
Other group-wide highlights in the first half
of fiscal 2011 included a 7% increase in net interest income over
the year ago to RUB243.2bn and a 2.8% increase in net fee and
commission income to RUB76.5bn.
Since the beginning of the year, the bank has
opened nine more branches, resulting in a total branch network of
530 – although compared on a year-on-year basis, branch numbers in
fact declined by 67 units.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTotal assets rose by 18.4% to RUB9tr compared
with the corresponding period a year ago.
Russia’s second largest bank by assets, VTB, has also reported
strong results, albeit so far for the first quarter.
Related articles:
Sberbank in JV with BNP Paribas in Russia
Barclays nearing Russian retail sale to
Kazkommertsbank
Sberbank negotiates 51% stake in Volksbanken
