February 28, 2018 / 11:33 AM / a year ago

UPDATE 1-Russia's state-owned Sberbank says Q4 net profit up 22 pct

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MOSCOW, Feb 28 (Reuters) - Russia’s largest lender Sberbank said on Wednesday that its fourth quarter net profit in 2017 rose by 22 percent year-on-year to hit a better than expected 172.4 billion roubles ($3 billion).

A Reuters poll of analysts had forecast a slightly lower net profit of 168.3 billion roubles.

State-owned Sberbank said in a statement that its provisions in the fourth quarter stood at 72.7 billion roubles, up 20.6 percent year-on-year.

Its non-performing loans ratio was 4.2 percent at the end of 2017, compared with 4.4 percent a year earlier, it said.

Net interest income for the fourth quarter was 382.9 billion roubles, exceeding analysts’ expectations of 375.4 billion roubles. In the same quarter of 2016, the same figure was 355.2 billion roubles.

The bank’s Tier 1 capital ratio was up by 120 basis points to 11.4 percent at the end of last year compared to the end of 2016.

Its total loan portfolio for the full year in 2017 was up 6.6 percent. Loans to legal entities were up 4 percent, while retail lending was up 13.6 percent.

At 1120 GMT, Sberbank stocks were down around 1.2 percent, in line with the overall Russian stock market.

$1 = 56.2935 roubles Reporting by Katya Golubkova and Tatiana Voronova Writing by Polina Nikolskaya Editing by Andrew Osborn

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