OAO Sberbank, Russia’s biggest lender, rose the most in five months in New York after reporting profit that exceeded analysts’ estimates and as the company raised its forecast for the year.
Moscow-based Sberbank’s American depositary receipts climbed 10 percent to $11.85 at the close of trading in New York, the biggest one-day advance since they began trading.
Relative to Europe-based banks, Sberbank is in a much better financial position, Leonid Slipchenko, a banking analyst at UralSib Financial Corp., said by phone from Moscow.
“It doesn’t have risky instruments, it has strong margins, a balanced forex structure, its credit risks are lower,” Slipchenko said.
Third-quarter profit surged 74 percent to 79.8 billion rubles ($2.6 billion), the bank said on its website, beating the average estimate of 75 billion rubles from nine analysts surveyed by Bloomberg News. Chief Financial Officer Anton Karamzin said the bank raised its profit forecast for this year to as much as 310 billion rubles during a conference with analysts.
The stock also gained after six central banks led by the Federal Reserve lowered the cost of emergency dollar funding for financial companies in a global effort to ease Europe’s sovereign-debt crisis.
Sberbank added 6 percent to 87.55 rubles on Russia’s Micex index today.