Data on Sberbank profits released

In the first half of 2002, the balance sheet profits of Sberbank amounted to RUR18.9bn (about $609m) according to the Russian accounting standards (RSFO) increasing from RUR10.8bn (about $375m) gained in the first half of 2001. This information was released in a survey published by the United Financial Group (UFG). Sberbank itself has not published its financial results of the first half of 2002 yet.

In the opinion of UFG analysts, a positive trend on the market of the Russian sovereign debt enabled the bank to receive more profits from operations with securities in the reported period, than it had been expected. However, according to their estimations, the profits from these operations will not be that high over the second half of the year. UFG forecasts that the balance sheet profits of Sberbank will be $917m over 2002.

Sberbank CEO Andrey Kazmin earlier reported that the net profits of the bank had been RUR14.7bn (about $467.31m at the current exchange rate) as of June 1, 2002. Additionally, he stated that this level allowed specialists to forecast an increase in net profits by 1.5 times in 2002 against the level of the previous year. According to RSFO, Sberbank net profits exceeded RUR17.5bn (about $556.32m at the current exchange rate) and balance sheet profits overcame RUR21.7bn (about $689.83m at the current exchange rate) in 2001. According to GAAP, the bank received RUR38.1bn (about $1.21bn at the current exchange rate) in balance sheet profits and RUR27.4bn (about $871.04m at the current exchange rate) in net profits in 2001.

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