Actuality, November, 5, 2007

Russian Sberbank

(Savings Bank) has published the reporting for the first half-year according to the International Financial Reporting Standards. The net profit of the bank for January-June, 2007 totals RUR 47,99 bln.

($1,9 bln.), that is 29,6 % higher, than in the similar period of the last year.

Besides Sberbank assets totaled RUR 4,282 bln. according to IFRS by the end of June, (growth rate is 47 % in annual calculation, and for a half-year the assets have increased by 23,5 %), and bank's own capital increased by 120 % and 87 % accordingly, and totaled RUR 577,9 bln. ($23,116 bln.).

According to Alla Aleshkina, the first deputy of Sberbank board of directors, this year develops successfully.

This is due to the result of extra issue stocks, investments in securities and more effective work of credit subdivisions, and not only in the head office, but also in regional ones.

At the same time Alla Aleshkina has declared, that “ the net profit prediction for a year is reviewed, and it will total not less than RUR110 bln. ($4,4 bln.).”

Meanwhile, analysts consider, that in the first half-year Sberbank net profit appeared to be less because of advancing growth rates of expenses. Let's remind, that in the beginning of 2007 during extra issue stocks Sberbank involved RUR320 bln.

But then the bank was obliged to increase operational expenses on credit granting.

Thus, the credit growth effect, according to the experts, would be obvious only in 2008. However, the second half-year is traditionally more profitable for Sberbank. Judging by figures for the 3Q the bank increased the credit portfolio of corporate borrowers by 30 %. Thus, the bank business increased not only due to extra issue.

The extent of means on accounts of corporate clients, according to the reporting of IFRS, increased by 59 %.

“The bank reporting has a good tendency.

Even, in spite of the fact, that profit is low than predictions, Sberbank still will get the fix annual profit of RUR100bln., judging by the reporting of IFRS for nine months”, considers Mark Rubinshtejn, the “Metropol” analyst. According to the predictions of Natalia Orlova, the Alpha-Bank analyst, Sberbank net profit will total $4,5 bln. in the result of this year.

At the same time the “UralSib” analysts determine, that the actual net profit will appear to be higher than predictions and will total $4,3 bln. Deutsche Bank analysts have the same prediction.