Sber Posts USD20.2B Profit, Up 17.6 Percent as Interest Income Surges
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MENAFNReturn on equity reached 22.9% for January-October, according to results compiled under Russian accounting standards.
Lending was the engine of growth. Net interest income climbed 23.7% year-on-year to roughly $37.5 billion, lifted by an expanding base of income-generating assets. Net fee and commission income moved the other way, slipping 1.4% to $7.15 billion.
Costs rose as well. Operating expenses grew 14.6% to $12.47 billion, while charges tied to provisions and the revaluation of loans carried at fair value surged 35.7% to $7.37 billion.
October alone brought a net profit of $2.04 billion, up 12.6% from a year earlier, with return on equity at 22.4%. Total capital increased 2% during the month to about $101.5 billion, driven chiefly by retained earnings.
The loan book remains heavily weighted toward business borrowers: corporate loans totaled $400.4 billion, compared with about $246.8 billion in retail loans. Combined deposits and funds held by individual and corporate customers edged up 0.8% in October to approximately $596.4 billion.
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