Sberbank has made a slight profit growth

Russian bank giant Sberbank marks small increase in net profit in second quarter and increase of reservations for bad loans.Net profit was 86 million roubles (2,6 milliard dollars), what is for 3,5 % more than in the same period in year 2012,and on the name of reservation for bad loans bank has singled out 30,9 milliard roubles, what is about 15 times more than in last year when it was 2,1 milliard roubles. The part of bad loans is 3,2 %, the same as at the end of year 2012, while the rate of adequacy of capital Tier1 insecond quarter was decreased to 10,5 %, from 10,9 % which was at the end of first quarter of 2013.

Despite the fact that in Sberbank was forecasted that in this year the net profit will be made from 370 to 390 milliard roubles, analysts consider this forecasts too optimistic, due to slowing down of activities in Russian economy which increased only 1,2 % in second quarter.

Russian Ministry of economy lowered increase estimates at the beginning of the week, second time this year. Estimates talk about increase of 1,8 % in this year, while in earlier forecasts the increase mentioned was of 2,4 %.As main reasons for lowering the forecasts, in ministry was said that it was due to export decrease and personal spending. This situation, according to the analysts, could make bigger pressure on domestic consumers and make paying off of loans harder.

Anyway, the results of Sberbank’s business, which are according to consumer lending in the terms of weak corporate demands, mostly in harmony with the expectations of market and they show the exposure of that bank in national ownership on the slowing down of Russian economy.

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