May 28, 2015 / 7:38 AM / 2 years ago

Russia's Sberbank says Q1 profit falls 58 pct y/y

MOSCOW, May 28 (Reuters) - Russia’s top lender Sberbank said on Thursday it made 30.6 billion roubles ($584 million) in net profit in the first quarter, 58 pct lower than a year earlier.

Analysts had forecast the bank would make profit of 21.6 billion roubles in the first three months of the year. It made a profit of 72.9 billion roubles in the first quarter of 2014.

Sberbank, like other large Russian state banks, is under Western sanctions over Russia’s role in the Ukraine conflict. It has also been hurt by an economic slowdown that is expected to gather pace this year.

The bank said it set aside 114.9 billion roubles in loan-loss provisions in the first quarter and that its non-performing loan ratio rose to 3.9 percent by the end of March. ($1 = 52.3790 roubles) (Reporting by Alexander Winning; editing by Katya Golubkova)

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