Analysts report net profit of Sberbank

According to the Russian accounting standards, net profit of Sberbank amounted to 17bn rubles ($538m) in the first half of 2002, an increase from 9.1bn rubles (about $375m) in the corresponding period last year. This data was reported by the United Financial Group (UFG). Its analysts forecasted that Sberbank's net profit would reach $733m by the end of 2002 and balance profit was expected to hit $917m. They stated that these forecasts could be changed for more optimistic due to positive results demonstrated by the bank in the first six months of this year. Sberbank itself did not publish financial results for the first half of 2002 so far.

At the end of July 2002, the UFG reported that Sberbank's balance profit amounted to 18.9bn rubles ($609m) in the first half of 2002, thus rising from 10.8bn rubles ($375m) in the first six months of 2001. Analysts forecasted that the positive tendency on the Russian market of sovereign debt would allow the bank to receive higher profits from security trading than expected in the first half of 2002, while these profits would to be lower in the second half of this year.

Earlier, Sberbank CEO Andrey Kazmin reported that the bank's net profit amounted to 14.7bn rubles ($465m) as of July 1, 2002. He also noted that this positive financial results gave grounds to forecast higher net profit by the end of 2002. It was expected to surge 1.5 times versus the previous year. In 2001, Sberbank's net profit exceeded 17.5bn rubles ($554m at the current exchange rate), according to the Russian accounting standards, and its balance profit amounted to 21.7bn rubles ($687m). The bank's balance profit according to International Accounting Standards was 38.1bn rubles ($1.21bn) last year and net profit was reported at 27.4bn rubles ($868m).

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