Sberbank, Russia's biggest lender, posted an eight-month net profit of 239.4 billion rubles ($7.41 billion), a six percent increase from the same period last year, boosted by strong net interest income, the bank said on Friday.
Sberbank was reporting under Russian accounting standards, seen as an indicator of its performance under international reporting standards.
The bank said its net interest income was up 26.2 percent year-on-year, with corporate lending up 1.2 percent and retail lending up 3.3 percent in August month-on-month.
Sberbank's bottom line, however, was affected by provisions for bad loans of 35.1 billion rubles as its expanding loan book needed to be properly covered by a liquidity cushion. This compared with a provision write-back of 17.4 billion rubles in the same period last year.
Related articles:
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.