Gref reported record profits of Sberbank

The profit received by Sberbank from the beginning of 2016, was a record for all history of the Bank, said the head of Sberbank German Gref at a meeting with Prime Minister Dmitry Medvedev.

“For eight months of the current year we’re doing even slightly higher than we expected at the beginning of the year. We earned record profit during all years of existence of the Bank, which seems, on the one hand, amazing in a very difficult year, but, on the other hand, is a result of previous years of investing and reduce costs,” — said the head of Sberbank German Gref. His words are on the official website of the Russian government.

As previously reported , in January-August 2016 profit of Sberbank grew up 322,8 billion rubles, which is almost three times higher than in the same period of 2015. In August, the savings Bank earned a net profit of 47.8 billion rubles, With the Bank for eight months by 51% increased amount of net interest income (before 734,9 bn), while its net fee and Commission income increased by 22.8% (198,4 billion rubles). Operating expenses of the savings Bank has increased for eight months by 11.2% due to indexation of salaries of employees. Costs total reserves decreased by 64.1 billion rubles. regarding eight months of 2015 and amounted to 213,7 billion.

Net profit of Sberbank under IFRS for six months of the current year amounted to 263,1 billion against RUB 85.2 billion in the first half of 2015. The Bank’s financial result was higher than forecast due to growth in interest income and sale of shares of “Krasnaya Polyana”. As have informed in the savings Bank, the increase in interest income was primarily due to the increase of securities portfolio (its volume exceeded 2 trillion) and mortgage lending.

At the meeting with Medvedev, Gref, announced that by the end of the year, the Bank retained positive expectations for the financial result. “Although I’m always afraid to predict in the current macroeconomic situation can happen anything, so the bankers are always very superstitious,” admitted the head of Sberbank.

Since the beginning of the year, the Bank issued 5.4 billion rubles of loans to corporate borrowers that, according to Gref, is quite a significant amount. At the same time, a banker told said that the share of corporate loans in the portfolio of Sberbank was reduced by 4 percentage points

The head of Sberbank said that in the loans segment recorded a decline of 17%. In response, the Prime Minister promised that the government will continue to support the Russian car industry. “We will support the automotive industry will continue to achieve in this field (and then they deny it no one can– we now have a real modern industry automotive industry) was not lost in a difficult economic situation. We hope that Sberbank will also contribute,” said Dmitry Medvedev.