Russia’s largest bank, Sberbank, has
reported a 67 percent drop in net profits for fiscal 2009 to
RUB36.2 billion ($1.2 million) under Russian accounting standards.
It has yet to post under international accounting standards.
Operating income before provisions grew 30.2
percent year-on-year to RUB647.2 billion with net interest income,
up by 36.4 percent to RUB456.8 billion, the main driver of
growth.
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Subdued consumer demand for retail loans on
the back of falling disposable income resulted in a fall in
Sberbank’s retail lending portfolio of 6.9 percent year-on-year to
RUB1.17 trillion. Retail deposits increased by 20.9 percent to
RUB3.78 trillion.
Looking ahead, Sberbank chief executive German
Gref said that, while net profit in 2010 is expected to be larger
than fiscal 2009, the bank’s margins will come under renewed
pressure.
In a separate statement, the bank said it
planned to offer borrowers with loans between 30 and 90 days
overdue an opportunity to restructure or refinance their debts.
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