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Sberbank Climbs to Three-Year High as Profit Jumps 10-Fold

OAO Sberbank had its highest close in almost three years after Russia’s biggest lender said third-quarter profit climbed more than 10-fold as demand for loans increased.

The stock gained 2.6 percent to 105.71 rubles by 6:45 p.m. in Moscow, its strongest since Dec. 21, 2007.

Net income rose to 45.8 billion rubles ($1.46 billion) from 4.25 billion a year earlier, the Russian lender said today on its website. That beat an average estimate of 36.3 billion rubles by 10 analysts surveyed by Bloomberg.

Alfa Bank analysts Jason Hurwitz and Leyla Sharifullina said the earnings were 20 percent above their forecast and 16 percent above consensus, according to an e-mailed report today.

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