Sberbank received a record quarterly profit

In the first quarter of this year the savings Bank has shown a record profit in accordance with IFRS — 117,7 billion rubles, which is 3.8 times higher than the figure for the first quarter of 2014. Then the savings Bank recorded net profit under IFRS in the amount of 30.6 billion rubles.

This corresponds to forecasts of analysts of JP Morgan, UBS, Citi, BofA Merrill Lynch, VTB Capital, Gazprombank, URALSIB, “Opening”, “Renaissance Capital”, the BCS, which at the end of last week interviewed by Reuters. They predicted a record profit of Sberbank in the first quarter.

The profit forecast of the savings Bank ranged from 85.5 billion rubles (such a result is expected in the BofA Merrill Lynch) to 119,2 bn (UBS forecast).

Analysts had forecast net profit of Sberbank against the backdrop of increasing income from lending and the stabilization of cost of risk, noted Reurers. “We expect the strong performance, the return on equity at 20% in the accelerating recovery in net interest margin and a gradual normalization of deductions in reserves,” pointed out analysts at UBS.

So, return on equity of the savings Bank in the I quarter amounted to 19.3%, compared with 5.9% in the first quarter of 2015. Net interest margin amounted to 5.3% compared to 3.7% a year earlier.