Sberbank "squeezed" credits, but received a good profit

Net profit of Russia's largest bank Sberbank in the first quarter of 2010, according to Russian Accounting Standards (RAS) increased 144 times compared with the same period last year. This figure amounted to 43.2 billion rubles. Certainly, it is associated with lower costs for the establishment of reserves. They decreased by 11 times - up to 8,1 billion rubles to 92 billion rubles, the materials suggest the bank. "This financial result is many times the result of the same period last year and is historically the best result of the bank in the I quarter," - said Sberbank. At the same time, in March, the state credit organization has sold some assets in favor of a 100% subsidiary company in order to ensure a more efficient asset recovery. " Since many "toksichnye2 assets were written off the balance, it is possible to dissolve the reserves, which in March fell by 29 billion rubles - to 599 billion rubles on April 1. Despite calls by the Russian authorities hope the Bank of Russia, Sberbank, in the first quarter, significantly reduced the loan portfolio. Recall that the Central Bank chairman Sergei Ignatiev told last week that the credit portfolio of the banking sector (excluding Sberbank) rose in March by about 1.5% after declining in January and February by 1%. A "Sberbank" disappointing. In January-March portfolio corporate customers decreased by 3.2% - up to 4.113 trillion rubles. Top management explained that "repayment of loans by large borrowers and asset sales." Retail loan portfolio declined in the quarter on 1,6% - to 1.151 trillion rubles. At the same time Sberbank has been a gradual slowdown to reduce the portfolio of loans to individuals: in January, the drop was 1.5%, 0.4% in February and in March was recorded an increase of 0,3%. Since the beginning of individuals' funds increased by 2,7% and amounted to 3.878 trillion rubles. Despite the extremely low interest rates, the population continues to have money in Sberbank. Actively earned on bank speculation. We are talking about financial markets, securities. According to reports, the bank's interest income on securities increased by 14 billion rubles due to the growth of the portfolio. While the interest income from corporate lending grew by only 2.9 billion rubles, while the income on loans to individuals decreased by 1.9 billion rubles.