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Sberbank Q1 net profit up 6 pct, beats forecast
May 30, 2012 / 6:37 AM / 6 years ago

Sberbank Q1 net profit up 6 pct, beats forecast

MOSCOW, May 30 (Reuters) - Russia’s top lender Sberbank posted 92.2 billion roubles ($2.87 billion) in first quarter net profit, showing a 6 percent increase compared to the same period of last year, boosted by provisions write backs.

Analysts polled by Reuters had expected state-controlled Sberbank’s bottom line to show a small decline to 86 billion roubles in the first quarter.

Sberbank said on Wednesday it recovered 3.2 billion roubles of provisions for loan impairment, down from 14.2 billion roubles recovered the same period a eyar ago, while Reuters poll of analysts expected the lender to create provisions. ($1 = 32.1747 Russian roubles) (Reporting by Katya Golubkova, Editing by Douglas Busvine)

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