Shares for Russian state-owned bank Sberbank have reached record highs after the company announced skyrocketing second quarter profits.
The value of Sberbank's ordinary shares rose by 2.09 percent on
the Moscow Stock Exchange on Thursday, closing at a record high
142.84 rubles ($2.20). Sberbank's preferred shares also enjoyed a
boost, peaking at 102.81 rubles ($1.59) on Thursday.
The bank's net profit for Q2 has risen 2.6 times
year on year, the company announced in a report Thursday. The company
has enjoyed a profit of 145.4 billion rubles ($2.3 billion) over the
last 3 months, compared to 54.6 billion rubles ($845 million) in the
second quarter of 2015.
Sberbank chief German Gref said that the Russian economy had seen "some signs of stabilization," which allowed experts to predict “positive changes to [Russia's] GDP in the second half of 2016."