Sberbank boosts H1 IFRS earnings 10.7-fold to 64.3 bln rubles, below forecast

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Sberbank boosts H1 IFRS earnings 10.7-fold to 64.3 bln rubles, below forecast

MOSCOW. Aug 25 (Interfax) - Sberbank boosted net profit to International Financial Reporting Standards (IFRS) 10.7-fold year-on-year in H1 2010 to 64.3 billion rubles, from 6.01 billion rubles in same period last year, the bank said in a statement.

Analysts said in a consensus forecast that they thought the bank would turn profit of 65.997 billion rubles in H1 2010.

Sberbank said net profit fell 48% in Q2 compared with Q1 2010 to 20.8 billion rubles.

It said provisions for loan impairment fell 42.4% in H1 2010 compared with H1 2009 to 110.3 billion rubles.

Non-performing loans (NPL) rose to 9.1% from 8.9% of the loan book during Q2 2010.