Sberbank's Net Profit for 2001 Double that of 2000

The net profit of Russia's Sberbank, according to international standards of financial accounting for the year 2001 came to 27.4 billion roubles, double the size of equivalent figures for the year 2000 (13.3 billion roubles). As announced by the bank's press service, the bank's balance sheet by the international standards of financial accounting over the last year stood at 28.1 million roubles, which is 93% higher than the balance sheet for 2000 (19.7 billion roubles). Capital by international standards reached 81.4 billion roubles (capital growth compared to 200 was 2.6 times greater, i.e. 49.4 billion roubles greater.)

The requirements of the international standards of financial accounting are traditionally considered to be more rigid than those of Russian accounting. So these impressive financial results explain a recognition by the auditor of the increase in quality of the bank's credit portfolio. With the increase in volume of the credit portfolio over the year 2001 from 287.9 to 278.5 billion roubles, an increase of factor 1.3 (minus provision, and without taking into account inter-bank credit), the bank has lowered the volume of provision in the credit portfolio in accordance with the demands of the international standards of financial accounting. The predicted growth of the volume of credit debts, taking into account the population, will increase within a year to 30.3 billion roubles. Sberbank was founded on June 20 1991. The founder and main shareholder of the bank is the Central Bank of the Russian Federation (with more than 60 % of the authorised capital stock). There are 230,000 shareholders of the bank, both legal and private persons.

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