Sberbank set for record year

first_img SBERBANK, Russia’s biggest lender, yesterday beat forecasts for third-quarter net profit, helped by a bigger loan portfolio and lower provisions, putting it on course for a record year.“We expect fourth-quarter results to be no worse than in the third quarter,” chief financial officer Anton Karamzin said on a conference call yesterday, adding full-year net profit was likely to be at least 150bn roubles (£3.06bn).State-controlled VTB last week posted 13.7bn roubles net profit for the third quarter, and said it was hoping to earn 50-60bn roubles for the full-year.“Sberbank’s results… beat market expectations thanks to significant growth in the loan portfolio,” Bank of Moscow analysts said in a research note after the bank released a ten-fold increase in profits.Sberbank chief executive German Gref said last week Sberbank could decide on whether to expand into investment banking early in 2011. Sources say that Sberbank has held informal talks with investment banks Troika Dialog and Renaissance Capital about buying a stake.The bank is eyeing some of the business enjoyed by its main rival VTB, which dominates the Moscow deal-making scene – working on almost all major IPOs and Russia’s $3bn Eurobond issue.Karamzin denied the bank had identified specific targets for a possible acquisition but VTB analyst Mikhail Shlemov said that funds for a deal could be found from a cut in bad loan provisions, likely to fall significantly in 2011.Sberbank’s loan portfolio grew by 7.7 per cent for the first nine months of 2010, the bank said. Corporate loans rose by 7.9 per cent while retail credits were up by seven per cent. Tags: NULL whatsapp KCS-content More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPuffer fish snaps a selfie with lucky divernypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest Sharecenter_img Sberbank set for record year by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald whatsapp Monday 6 December 2010 7:23 pm Show Comments ▼last_img