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Sberbank 2010 Profit Surges

Sberbank said its net income under Russian accounting standards rose to 183.6 billion rubles ($6.2 billion) in 2010, according to a statement posted on the bank’s web site Tuesday.

The profit, calculated in accordance with Sberbank’s internal methodology, compares with a net of 21.7 billion rubles in 2009. The bank’s assets surged 20 percent to 8.6 trillion rubles and the money it allocated for bad loans fell to 86.6 billion rubles from 387.3 billion in 2009.

(Bloomberg)


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