Russia’s largest lender by assets, Sberbank,
has beaten its own forecasts for fiscal 2010 with an increase in
net profits to RUB183.6bn ($6.2bn), compared to RUB21.7bn in the
prior year.
In fiscal 2010, Sberbank slashed provisions by
almost 80% from 387.3bn a year ago to 86.3bn.
Go deeper with GlobalData
Retail deposits increased by 27.4% to RUB4.8tr
from a year ago; retail loans rose 11.3% to RUB1.3tr year on
year.
Sberbank’s cost-income ratio was 42.4% at the
end of 2010, compared to 33.8% at the end of fiscal 2009.
Net interest income declined marginally by
0.3% to RUB455.8bn year on year.
Fee and commission income for the full year
rose by 10% to RUB157.6bn versus fiscal 2009.
The bank closed 81 branches and 221
sub-branches in fiscal 2010 and now has a network of 521 and 19,103
respectively.
Sberbank’s retail deposits market share
declined by 170 basis points to 47.7% in fiscal 2010.
In retail lending, its market share fell by 90
basis points to 31.8% at the end of 2010.
