Sberbank’s First-Half Profit Rose 4.8% on Consumer LendingJason Corcoran
OAO Sberbank said profit advanced 4.8 percent in the first half of 2013 as Russia’s largest bank loaned more to households.
Net income under Russian accounting standards rose to 191.8 billion rubles ($5.8 billion) from 183 billion rubles in the year-earlier period, the Moscow-based lender said in a statement on its website today. Consumer lending increased 2.3 percent in June, while corporate loans gained 0.5 percent.
While Russia’s economy grew at its slowest pace in the first quarter since a recession in 2009, loans to households increased as unemployment declined. Growth in consumer lending accelerated though the first quarter, gaining 2.2 percent in March and 1.7 percent in February, central bank data show.
The shares increased 0.5 percent to 94.5 rubles at 1:10 p.m. in Moscow compared with the Micex’s gain of 0.6 percent.
Net interest income, the difference between what a bank earns from lending and what it pays on deposits, rose 15 percent to 333.5 billion rubles, the company said.