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Sberbank has tripled its net profit

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Sberbank has tripled its net profit

Sberbank has tripled its net profit
September 07
12:30 2016

The net profit of Sberbank, the largest bank of the Russian Federation, has amounted to 322.8 billion rubles for the 8 months of the current year. The profit was calculated in accordance with Russian Accounting Standards. For the corresponding period of the last year the bank received 112 billion rubles.

Last month the bank’s net profit amounted to 47.8 billion rubles.

For the period of 8 months (January-August) the net interest income of the bank has become equal to 734.9 billion rubles, gaining 51.6 percent against the same period of the last year.

The net commission income of Sberbank has grown by 22.8 percent, amounting to 198.4 billion rubles.

Costs on general reserves have decreased by 23 percent in annual terms – up to 213.7 billion rubles.

The loan portfolio has decreased by 2.4 percent – to 11.7 trillion rubles.

The bank states: “The decline is due to a significant amount of repayments and negative revaluation of previously given foreign currency loans.”

Judging by the commentary of Alexander Morozov, Deputy Chairman of Sberbank, in the last month of the summer the bank has demonstrated an unprecedented since the beginning of 2015 volume of issuance of retail loans over the last month. The Bank has reduced the size of the investments in shares by 73 billion rubles at the expense of the OFZ repayment, sales of Russian Eurobonds and currency revaluation of the portfolio.

Sberbank informs that in August the funds of individuals decreased by 25 billion rubles in nominal terms and in real terms there was the inflow of ruble deposits and foreign currency deposits in rubles and in foreign currency.

Also, the funds of legal entities have reduced by 180 billion rubles due to the outflow of the demand currency and due to the revaluation of the currency.

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