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  Wednesday, October 23, 2019
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Russian state-controlled retail savings bank Sberbank said on Monday
Russian state-controlled retail savings bank Sberbank said on Monday its net profit calculated to International Financial Reporting Standards increased 39.6%, year-on-year, in January-June to 67 billion rubles ($2.6 billion).

The results exceeded the expectations of most analysts, who predicted half-yearly net profit would grow around 32% to 63 billion rubles ($2.4 billion).

Sberbank, which holds more than half of Russian household deposits, said pretax profit grew 42.5% in the reporting period to 87.5 billion rubles ($3.3 billion), the value of assets climbed 13.7% to 5.6 trillion rubles ($213 billion) and shareholder equity went up 8.5% to 691.16 billion rubles ($26 billion).

Russia's Central Bank controls more than 60% of Sberbank's voting stock.

As Russia is feeling the effects of the ongoing global financial crisis, Sberbank has seen an increase in deposits as Russians transfer their money from commercial banks to the state-controlled bank as a safe haven.


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