Sberbank Gains First Day in Three as Net Rises on Loan Growth
OAO Sberbank climbed for the first time in three days after Russia’s biggest lender posted an increase in net income in the first four months of the year as retail loans jumped.
Sberbank increased as much as 1.5 percent, gaining 0.8 percent to 104.11 rubles by 11:53 a.m. in Moscow and erasing a drop of as much as 0.5 percent earlier.
Net income rose 1.3 percent to 128.9 billion rubles ($4.1 billion) in January through April compared with the same period a year earlier, according to its finanical report prepared under Russian accounting standards and posted on the company’s website. Retail loans increased 6 percent to 2.68 trillion rubles, while corporate loans fell 0.1 percent to 7.45 trillion rubles, according to the statement.
“The retail sector remains stable,” Vladimir Savov, an equities strategist at Otkritie Capital in Moscow, said by phone. “People continue to take out loans and Sberbank reaps the benefits as the biggest player.”
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