Russia`s largest state lender Sberbank has posted a 83.6% year-on-year decrease in its net profit, calculated to Russian Accounting Standards, to 18.5 billion rubles ($605 mln) in January-November 2009.
Russia`s largest bank, which holds more than half of Russian household deposits, explained on Tuesday the drop was mostly caused by an increase in spending on reserves to make up for losses, which increased 230% in the reporting period.
Sberbank`s investment portfolio grew 90% to 915 billion rubles ($29.9 mln) since the start of the year, mostly through the purchase of corporate bonds.
The bank`s assets increased 1.3% to 6.8 trillion rubles ($222.5 bln) as of December 1, 2009.
Russia`s Central Bank holds a controlling stake in Sberbank.
sections: Economics |