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Sberbank posts 8 pct increase in ten-month net profit
November 8, 2012 / 6:57 AM / 5 years ago

Sberbank posts 8 pct increase in ten-month net profit

MOSCOW, Nov 8 (Reuters) - Russia’s top lender Sberbank earned 297 billion roubles ($9.42 billion) in the first 10 months of this year to local accounting standards, a gain of 8 percent from the same period last year boosted by strong lending.

State-controlled Sberbank, which placed a $5 billion stake with investors in September, said its corporate lending was up 2.4 percent while its retail portfolio increased by 2 percent in October month-on-month.

Net interest income was up 25.4 percent on the back of lending, while its non-performing loan ratio stood at 3 percent, with provisions for possible bad loans at 42 billion roubles in the first 10 months.

Sberbank’s local accounting results are seen as an indicator to its performance under international results. It expects this year net profit at over $10 billion.

The lender said on Wednesday it promoted Alexander Morozov to the position of deputy chief executive for finance from the position of vice president.

His predecessor, Anton Karamzin, will supervise investor relations as senior vice president as a part of a reshuffle at Sberbank headquarters. ($1 = 31.5125 Russian roubles) (Reporting by Katya Golubkova; Editing by Douglas Busvine)

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