16 Jun 2010 14:27

Sberbank net profit surges to 58.1 bln rubles in 5 mths

MOSCOW. June 16 (Interfax) - Sberbank Russia posted a net profit of 58.068 billion rubles in January-May 2010 under Russian accounting standards, the bank said in a statement.

That compares with a net profit of 4 billion rubles in the same period last year.

The net profit in May was 10.7 billion rubles, given that the net profit in January-April 2010 amounted to 47.4 billion rubles.

Sberbank continues loan provisioning. Loan loss reserves increased to 613.6 billion rubles at the end of May, 3.7% higher than at the beginning of the year. It added 6.6 billion rubles to reserves in May, 19.5% less than the increase of 8.2 billion rubles in April.

The share of bad loans in the loan portfolio increased to 5.7% from 5.5% at the beginning of the month. The reserves were equal to 210% of the volume of overdue loans.