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Sberbank net jumps 40 pct to $2.6 bln in H1 '08
MOSCOW - Russia's largest lender, Sberbank , saw its net profit soar 40 percent in the first half of 2008 to 67 billion roubles ($2.55 billion), up from 48 billion roubles in the same period of 2007, it said on Monday.
Analysts had been forecasting net profit of 64 billion roubles, according to a Reuters poll.
‘From the net profit side everything looks good,’ said Olga Veselova, banking analyst at Troika Dialog.
Sberbank has previously forecast that its profit figures, calculated to international accounting standards, would reach 125-135 billion roubles in the full-year 2008 despite the financial crisis.
But in the results for the first half, it warned of the possible impact of the crisis on cash flows.
‘The worsening economic conditions for borrowers may impact the outlook for cash flows as well as the valuations of the Group's financial and non-financial assets,’ the banks said.
‘The current situation may also affect the Group's chances of securing new loans and of refinancing existing loans in time and under the same terms,’ it said.
Following is a table of the main financial indicators from the results for the first six months of 2008 (in billions of roubles):
H1 '08 analyst
H1 '08H1 '07forecast
Pre-tax profit87.4861.4484.47
Net profit67.0147.9964.03
Net interest income168.35110.99173.51
As of June 31, 2008As of Dec. 31, 2007
Total assets5,6044,928
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