Sberbank has tripled profits in first quarter

On Monday, 7 April, Sberbank has published statements for the first quarter of 2016. The Bank’s net profit and the first three months amounted to 100,4 billion rubles, which is 3.8 times more than the Bank earned for the same period last year (26.3 billion roubles).

“The Bank is continuing recovery of net interest income and net income growth. As a result capital adequacy ratio increased in March by 0.4 percentage points to 11.6%”, – presented in a press release, the words of Deputy Chairman of Sberbank Alexander Morozov.

Net interest income in the first quarter grew by 74.6% to amounted to 269.8 billion rubles due to the reduction in interest rates in the market and the substitution of state funding by means of customers.

Net fee and Commission income increased by 27.1% to 67.5 billion rubles Growth operations with Bank cards and acquiring services, cash management services and bancassurance, which a year ago brought a small amount of fee income due to lower demand for loans, explained in a press release from the Bank.

The cost of the aggregate reserves in the first quarter amounted to 110.6 billion rubles compared to 78.6 billion rubles a year earlier. Sberbank notes that you created on the balance sheet reserves exceed outstanding debt within 2 times.