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Sberbank sees drop in net profit
RBC, 18.03.2010, Moscow 12:42:53.Sberbank's net profit under IFRS dropped 4 times to RUB 24.4bn (approx. USD 836m) in 2009 compared to a year earlier, according to the lending institution's financial statement. The cost-income ratio stood at 35.4 percent against 49.3 percent in 2008. Meanwhile, operating revenue prior to the creation provisions for the devaluation of its loan portfolio amounted to RUB 648.1bn (approx. USD 22.02bn), having climbed 44.2 percent. Interest revenue jumped 31.5 percent to RUB 815bn (approx. USD 27.92bn), while interest expenses rose 29.1 percent to RUB 312.2bn (approx. USD 10.7bn). The bank enjoyed an increase in revenue from transactions with securities, which reached RUB 36.5bn (approx. USD 1.25bn). Sberbank's operating expenditures inched up 3.4 percent compared to 2008.
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