7 Dec 2009 10:21

Sberbank net profit plunges to 10.3 bln rubles in 9 mths

MOSCOW. Dec 7 (Interfax) - Sberbank Russia posted a net profit of 10.3 billion rubles in January-September 2009 under International Financial Reporting Standards (IFRS), down from 90.2 billion rubles in the same period last year, the bank said in a statement.

Analysts told Interfax in a consensus forecast that Sberbank's net profit in the period would decline 87% to 11.4 billion rubles.

Sberbank boosted loan loss reserves by 105.8 billion rubles in the nine months to 493.8 billion rubles, an increase of 27.2%.

The share of overdue loans in the total portfolio rose to 7.9% from 6.4% at the end of the first half.