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.
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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.
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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.
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