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Bloomberg
Russia’s biggest bank Sberbank said on Tuesday its net profits had doubled as borrowing in the country picked up after an abrupt halt last year.
The country’s most popular consumer bank saw third-quarter net profits soar to 137 billion rubles ($2 billion) — a gain of 110 percent compared to the same period in 2015.
The results were in line with analysts’ expectations surveyed by the Interfax news agency.
In another sign of improving borrowing activity, the bank’s losses due to provisions for bad loans fell by 21.8 percent to 101.7 billion rubles ($1.55 billion).
“Our results continued the positive trend set in the previous two quarters,” said deputy executive chairman Alexander Morozov in the company statement.
Sberbank’s net interest income grew by 30.1 percent year-on-year to 342.8 billion rubles ($5.25 billion) while income from fees and commissions increased by 8.2 percent to 88.6 billion rubles.