June 29, 2020 / 5:28 AM / a month ago

Russia's Sberbank says it will miss 2020 profit target due to coronavirus -TASS

MOSCOW, June 29 (Reuters) - Russia’s largest lender Sberbank will not reach its 1 trillion roubles ($14 billion) target for net profit this year because of the coronavirus pandemic, its CEO said in an interview with TASS state news agency published on Monday.

German Gref said the bank will not reach the target due to losses related to building up reserves against bad loans, TASS reported.

Gref also said Sberbank plans to pay “good dividends” and a final decision on that will be made in September.

$1 = 69.7524 roubles Reporting by Anton Kolodyazhnyy; Writing by Andrey Ostroukh; Editing by Tom Hogue

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