Sberbank Climbs to Six-Month High in U.S. After Profit Rises
OAO Sberbank, Russia’s largest lender, rose in New York to the highest in six months after reporting its profit increased 9.4 percent in January from a year earlier.
Sberbank’s American depositary receipts advanced 2.2 percent to $12.79 at 3:11 p.m. in New York, the highest price since Aug. 9. The shares fell 0.4 percent on the Micex exchange in Moscow today, closing at 93.48 rubles, or $3.13. One ADR equals four ordinary shares.
Net income rose to 29.2 billion rubles ($971 million), the Moscow-based bank said today on its website. Net interest income climbed 28 percent on a year-on-year basis. Bad loans were little changed at 3.35 percent of total lending as of Feb. 1, compared with the start of the year, Sberbank said.
Sberbank is Alfa Bank’s “top sector pick” among Russian banks, Moscow-based analysts Jason Hurwitz and Eldar Vaganov said today in an e-mailed report from Alfa Bank.
To contact the reporter on this story: Halia Pavliva in New York at hpavliva@bloomberg.net
To contact the editor responsible for this story: Emma O’Brien at eobrien6@bloomberg.net
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