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Russia's Sberbank Jan-Feb profit up 5.7 pct
March 7, 2013 / 7:27 AM / 5 years ago

Russia's Sberbank Jan-Feb profit up 5.7 pct

MOSCOW, March 7 (Reuters) - Sberbank, Russia’s top lender, posted a 65.2 billion rouble ($2.12 billion) net profit for the January-February period, up 5.7 percent year-on-year on the back of strong net interest and commissions income, the bank said on Thursday.

Sberbank, which controls around a third of overall lending in Russia, said that its interest income was up by 16.5 percent with commissions income rising 8.8 percent. The bulk of the increase came from its credit cards business, it said.

Corporate lending as of March 1 was down 1.2 percent while retail lending increased 1.5 percent. Sberbank was reporting under local accounting standards, seen as an indicator to its performance under international standards.

Russian banks see higher growth in retail lending than in corporate lending, which is slowing as Russia’s export market has weakened.

$1 = 30.7320 Russian roubles Reporting by Katya Golubkova; editing by Megan Davies

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