DenizBank, the Turkish subsidiary of the Sberbank Group, Russia's largest financial institution, announced a profit this week for the first three quarters of 2013.

On a year-on-year consolidated basis, DenizBank reported a net profit of $450 million, up 111 percent. The bank grew cash and non-cash loans by 43 percent, reaching $25.7 billion and $8.3 billion respectively, grew its customer deposits by 33 percent, reaching $22 billion, grew its assets by 40 percent to reach $35.9 billion and grew its equity by 14 percent to reach $2.9 billion.

"We are pleased to see that DenizBank continues to deliver strong performance, maintaining the momentum we saw in the first half of the year. DenizBank has continued to grow profitability, while demonstrating excellent progress on an operational level with significant improvements in the Bank's infrastructure," Deputy Chairman of the Executive Board Sergey Gorkov said. "DenizBank is an important part of Sberbank's strategy to increase its share of net profit generated from international operations and to establish a leading presence in the fast-growing Turkish economy. We believe it is well-positioned for future profitable growth."

Sberbank completed the acquisition of DenizBank in September 2012.