Categories: Economy

Sberbank’s record net profit of $4.4 billion in the third quarter

It was reported that Russia’s largest bank, Sberbank, made a record profit of 411.4 billion rubles (about $4.4 billion) in the third quarter of the year.

In the written statement of Sberbank it is stated that in 9 months of the year the bank made a net profit of 1.1 trillion rubles.

The statement states that the bank’s net profit in the third quarter reached 411.4 billion rubles, which represents the highest quarterly net profit the bank has achieved in its history.

IT DROPPED LAST YEAR DUE TO THE EFFECT OF THE SANCTIONS

Sberbank’s net profit decreased by 75 percent compared to the previous year, falling last year to 300 billion rubles due to the impact of sanctions.

Experts say that the depreciation of the ruble against foreign currencies has a positive impact on the profitability of Russian banks. (AA)

Source: Sozcu

Andrew

Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.