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.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.