MOSCOW, March 31 (RIA Novosti) - Russia's largest lender Sberbank may already feel the effects of a weakening ruble and strain in financial markets in the second quarter of this year, Prime business news agency reported Monday, quoting the bank's CEO.
"I think that all of these latest issues with the changing of the [ruble's] rate and the strained situation on the markets most likely will be felt in the second quarter already," German Gref said at a meeting with President Vladimir Putin, while adding that first quarter results, in general, will be "quite positive."
Meanwhile, Gref noted the deteriorating situation of industrial borrowers, particularly in agriculture, construction and metallurgy, adding the bank has seen a large amount of debt restructuring.
The Sberbank CEO moved, however, to calm market fears, saying the overall economic outlook is not pessimistic.
"I would not say that the situation is critical or even bad. We see that we have the potential to work in this context in the future," Gref said.
Sberbank said last week Western sanctions against the country over Crimea have had no significant impact on its operations and that the bank has contingency plans at the ready in case of further economic fallout.
Gref earlier said the bank had no plans to change its development strategy for the next four years and will announce this year's financial forecast in the summer.
Dozens of Russian officials and several banks have been hit by punitive sanctions levied by Washington and Brussels in response to the reunification of Crimea with Russia.
Sberbank was not targeted by name in the sanctions.
