Sberbank January Profit Rises 9.4%; Interest Income Falls

OAO Sberbank, Russia’s biggest lender, said profit increased 9.4 percent in January to 29.2 billion rubles ($971 million) from a year earlier.

Net interest income, which climbed 28 percent since last year, dropped 7.5 percent in January. Bad loans were little changed at 3.35 percent of total lending as of Feb. 1, compared with the start of the year, the Moscow-based bank said today on its website.

“Net interest margin and overall revenues were slightly disappointing,” Jason Hurwitz, a senior analyst at Alfa Bank who rates the shares “overweight,” said by phone today. “We saw similar drops in revenues last January.”

Sberbank’s shares dropped as much as 1.1 percent in Moscow by 12:35 p.m. and last traded 0.2 percent lower at 93.68 rubles.

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

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net

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