Sberbank published its interim condensed consolidated financial statements in accordance with International Financial Reporting Standards for the nine months ending Sept. 30.
The company's net profit for the nine month period reached $8.08 billion compared with $7.92 billion over the same period last year.
Net interest income grew 23.7 percent during the nine month period reaching $18.77 billion compared with $15.18 in 2012. The group's net interest income increased 15.6 percent year-on-year, excluding the effect of the DenizBank acquisition.
There was a decline of 20 basis points in the net interest margin for the period, though it remained strong at 5.8 percent.
There was a 28.2 percent increase in the net fee and commission income for the period to $4.64 billion compared with $3.62 billion for the same period the year before.
The group saw its operating income before provision for loan impairment increase by 22.5 percent to $24.36 billion compared with $19.88 in 2012. This was mainly driven by growth of net interest income, net fee and commission income. It was also supported by the DenizBank acquisition.
Operating expenses saw a 17.2 percent increase that resulted in a cost to income ratio improvement to 44.8 percent. The net provision charge for loan impairment came to $3.22 billion and was translated to annualized cost of risk of 120 basis points for the first nine months of 2013.
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