Biggest Russian Bank Overtakes World’s Gas Giant in Value: ChartBy
This year’s 56 percent rally in London trading of Sberbank PJSC has boosted the market capitalization of Russia’s biggest lender to $49.7 billion, surpassing that of Gazprom PJSC’s depositary receipts for the first time ever. While shares in the world’s largest natural gas producer languish with energy prices, Sberbank’s almost tripling of profit in the second quarter, boosted by a drop in bad loans and signs of economic recovery, has propelled the stock to record highs in Moscow trading.
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