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Sberbank reports biannual results

Russian financial institution Sberbank has reported its financial results for the first six months of the year, in line with its internal methodology.

The bank has seen net interest income increase by 5.3% on a year-on-year basis, with net fee and commission income surging up by 17.7%.

Operating expenses were up 16.6% compared to the same period last year.

Pre-provision operating income rose by 9.1%, with post-provision operating income increased twice.

Provisions for the bank have declined substantially from RUB181.2bn last year to RUB52.2bn now.

Pre-tax profits increased more than thirteenfold, up from RUB7.1bn to RUB94.8bn, a rise of RUB8.4bn from the first five months of the year.

Net profits were also up greatly, rising from RUB5.3bn to RUB60.7bn, up RUB2.6bn from the first five months of 2010.

Sberbank’s trend of profits, on both a pre-tax and net basis, is upwards, and has been for some time due, in large part, to the declining cost of provisions.

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