Sberbank’s Capital Drops 1.6% in June

Sberbank’s net profit (calculated in accordance with the Russian Accounting Standards) rose by 7% in January-June 2012 and came to 183bn RUR; this growth slowed down by a half compared with the earlier months and thus increased the company’s spending on the creation of reserves, Prime reports.

In the first half of the year, profits resulting from the interest rate went up by 30% thanks to more loans being offered. However, the interest rate expenses keep growing faster (the increase came to 37.6% in January-June) as the rates are higher on the funds borrowing market. As a result, the bank’s net interest profit rose by 26% compared with the first half of 2011.

‘The net commissions profit increased by 19.7% due to more commission-based services being offered,’ the bank’s press service reports.

Businesses’ funds entrusted to the bank decreased by 1.7% down to 2.5 trillion RUR (in the short-term deposit sector), All in all, these funds have grown by 16.3% since the beginning of the year.

The bank’s capital (calculated in accordance with the Bank of Russia’s Provision 215-P) shrank by 1.6% in June 2012 and came to 1.586 trillion RUR.


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