Sberbank targets 2011 net profits of over 200 bln rubles - source
MOSCOW. Dec 13 (Interfax) - Sberbank of Russia anticipates making more than 200 billion rubles in net profits next year, a source at the bank told reporters.
"More than two hundred," he said when asked about the bank's net-profit plans for 2011.
Sberbank expects to make about 150 billion rubles in net profits this year, having posted 109.6 billion rubles in net profits to International Financial Reporting Standards (IFRS) for Q1-Q3. The bank made 45.3 billion rubles in Q3 and expects to end Q4 making as much or more, the source said.
Sberbank expects a net interest margin of 5.8%-6% in 2011, the bank's deputy chairman Anton Karamzin said just the other day.
"We expect the margin to fluctuate in 2011 at the level reached at the end of 2010," Karamzin said. Sberbank expects its net interest margin to be no less than 5.8%-5.9% for 2010, Karamzin said. "We hope that it doesn't drop below 5.8%-5.9% by year's end," he said.
Sberbank plans to release provisions against loan impairment over the next three years, he said. "The peak of provisions-release for that three-year period will come in 2011," he said.
In Jan-Sept, the bank set aside 715.2 billion rubles in provisions, 39.7 billion rubles just in Q3 (down 29.1% from Q2).