MOSCOW, January 26 (RIA Novosti) - Russia's
state-controlled savings bank Sberbank posted on Monday a 29%
increase in net profit for the first nine months of 2008 over
the same period of 2007, driving growth on the Russian stock
market.
Sberbank, in which Russia's Central Bank holds over 60% of
voting shares, said its profit for January-September 2008
calculated to International Financial Reporting Standards was
90.2 billion rubles ($2.7 billion).
The bank attributed net profit growth in the reporting
period to the bank's expanded credit portfolio, increased
margin on operations with clients, and larger fee incomes,
especially in operations with individuals.
Sberbank, which holds more than half of Russian household
deposits, said its return on assets amounted to 2.2% and return
on equity stood at 17.9% in the reporting period.
Trading in Sberbank commons on the RTS stock exchange was
suspended for an hour from 1:45 p.m. Moscow time (10:45 GMT) on
Monday, as the retail bank's shares appreciated more than 15%.
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