2 Dec 2009 13:04

Sberbank to publish IFRS results for Jan-Sept on Dec 7

MOSCOW. Dec 2 (Interfax) - Sberbank will publish its IFRS results for the first nine months of 2009 on December 7, the bank told Interfax.

A conference call for analysts concerning the IFRS results will be held on December 8.

For January-September 2008, Sberbank published its IFRS results later on January 26.

The bank's IFRS net profit in January-September 2008 came to 90.2 billion rubles.

In the first half of 2009, the bank posted 6.01 billion rubles in net profit.

Sberbank's assets for the first half of 2009 dropped by 2.3% to 6.581 trillion rubles.

The bank's loan portfolio (prior to reserve subtraction) went up by 3.9% since the start of the year to 5.488 trillion rubles. Overdue loans increased to 6.4% of the total portfolio.

Sberbank's expenditures in the second quarter for reserve formation came to 100.7 billion rubles, up 11.1% from January-March.

At the end of September, Sberbank forecast that its IFRS net profit for 2009 would be five to seven times less than for the same period of 2008 (111 billion rubles).

According to the bank's calculations, the stabilization of the economic situation in Russia allow it to dissolve its reserve in mid-2010, which will automatically be reflected in its financial results.

Sberbank was the largest bank in Russia at the end of the third quarter of 2009 by assets according to the Interfax-100, compiled by the Interfax.