Sberbank Jumps to 2-Month High on Retail Outlook, Stronger Ruble

OAO Sberbank (SBER), Russia’s biggest lender, headed for its best close in almost two months as the ruble strengthened against the dollar and RIA Novosti said retail-lending growth will accelerate.

The shares, which have a 13 percent weighting in the 30- stock Micex Index, climbed as much as 3.4 percent and last traded 2.2 percent higher at 86.91 rubles as of 3:32 p.m. in Moscow, poised for their strongest level since Dec. 5.

Retail deposits will grow 20 percent this year after an 18.1 percent gain in 2011, state-run RIA reported, citing Sberbank department head Dmitry Oguryayev.

The Russian currency added 0.5 percent to 30.7074 versus the dollar today. A close that that price would be its best since Nov. 15. A stronger ruble discourages Russians from withdrawing and converting ruble deposits, Sberbank’s main source of funding.

-- Editors: Alex Nicholson, James Kraus

To contact the reporter on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.