Sanctions-hit Russian bank Sberbank has reported better-than-expected profits, even if they are 58% down on the previous year.
Sberbank defies forecasts for profitable Q1
Sberbank made a Q1 net profit of 536 million euros, with return on equity netting 5.9%, a investor-deterring fall of 9.4%.
This profitability black hole can also be explained by a slowing economy and a rise in the declared non-performing loan ratio to 3.9%.
The bank holds about 30% of Russia’s total banking assets, and this dominant position has allowed it to weather some of the financial problems of the stalling economy until now.
