Sberbank posts 1H 2010 Net profit of 64.3 billion roubles

Russia’s largest bank, Sberbank, has posted a 1H 2010 net profit of 64.3 billion roubles under IFRS.

The bottom line skyrocketed 10.7 times from 6 billion roubles in 1H 2009, with assets also growing 6.7% to 7.6 trillion roubles from 7.1 trillion roubles a year ago, despite net interest income going down 0.2% year on year to 244 billion roubles.
Provisions for loan impairment were down 42.4% year on year to 110.3 billion roubles from 191.5 billion roubles in 1H 2009, which the bank attributed to a slower growth pace of bad debts in the wake of the economic recovery.
Also, the growth of balance provisioning for loan impairment outpaced the growth of non performing loans in 1H 2010, which reflected Sberbank’s conservative policy in terms of credit risks assessment, the bank added in the statement.