Support The Moscow Times!

Russia's Sberbank Earns Record Quarterly Profit Despite Sanctions

Russia's biggest bank reported a record-breaking profit of 117.7 billion rubles ($1.8 billion) over January-March, nearly four times more than in the same period last year.

The bumper earnings at Sberbank, which is state-owned and subject to Western sanctions, signal that Russia's economy has sharply improved since a year ago, when the sanctions over the Ukraine crisis and falling oil prices caused financial turmoil.

The country is still in a recession that began at the end of 2014.

Sberbank said in a statement on Wednesday its margins on lending rose, while its cost of risk and provisions for bad debt had fallen sharply from a year ago.

Analysts had forecast profits according to international financial reporting standards of just over 100 billion rubles.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.