Sberbank, Russia’s biggest bank, has beaten forecasts with
a net profit jump to RUB43.5 billion ($1.37 billion) in the first
quarter of 2010, compared to RUB0.6 billion in the year-ago period
after cutting costs and provisions for bad loans
fell.
The bank said the results pointed towardsa normal level of
profitability witha return on equity of21.3 percent at the
beginning of 2010, up substantially from 0.3 percent in the first
quarter of 2009.
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Retail deposits, traditionally the core of the
bank’s liabilities structure, contributed 70.6 percent of total
deposits at RUB3.8 trillion, but the retail loan portfolio shrank
marginally from RUB1.17 trillion a year ago, to RUB1.15 trillion in
the first quarter of 2010.
The cost-income ratio improved to 36.2 percent
in the first quarter, compared to 36.8 percent for the comparable
period of 2009, while net interest income rose 11.9 percent to
RUB129.2 billion.
Fee and commission income also gained some
ground at RUB26.8 billion in 2010, compared to RUB23.1 billion in
the first quarter of 2009.
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