×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

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.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more