MOSCOW, September 10 (RIA Novosti) - Sberbank announced on Thursday a net profit under International Financial Reporting Standards of 6 billion rubles ($194 million) in January-June 2009, compared to 67 billion rubles ($2 billion) a year earlier.
The figure is well above the 4.95 billion ruble ($160 million) consensus forecast of analysts compiled by RIA Novosti.
"The reduction in the group's net profit was largely influenced by the considerable increase in provisioning for loan impairment. At the same time, net profit for the second quarter of 2009 amounted to 5.4 billion rubles [174 million], compared to 0.6 billion rubles [$19 million] for the first quarter," Sberbank said in a statement.
Sberbank's operating income before provisioning for loan impairment increased 44.5% year-on-year in January-June to 308.3 billion rubles ($9.95 billion), the statement said.
"The main drivers of considerable growth in operating income were higher interest income from lending operations and higher commission income due to expanding operations with clients," the bank said.
The improved situation on the financial markets in the second quarter 2009 resulted in trading gains on operations with securities in the amount of 3.2 billion rubles ($103 million) in the first half of the year, compared to trading losses of 0.6 billion rubles ($19 million) in the first half of 2008 and 4.4 billion rubles ($141 million) in the first quarter of 2009, the statement said.