The lender said that its net profit dived due to lower loan loss provision recovery, higher operating expenses and higher tax expense.
For the first six months of 2012, its total operating income before provision for loan impairment increased by 22.7% to RUB431.7bn ($13.26bn), against RUB351.9bn ($10.81bn), during the same period last year.
Net interest income for the first half of current fiscal summed up to RUB324.2bn ($9.95bn), up by 25.1%, while operating expenses increased in 1H 2012 by 32.2% to RUB205.3bn ($6.3bn), year-on-year, with employee compensation growing slower than other operating expenses.
Cost to Income ratio stays at an adequate level of 47.6% against 44.1% in during the first half of 2011, while return on equity remained high at 26.1% in 1H 2012 compared to 33.2% in during the corresponding period last year.
Sberbank is the largest bank of Russia that holds approximately 27% of the Russian banking assets and employs nearly 240,000 people.
The Central Bank of Russian Federation is the founder and major shareholder of Sberbank, owning 57.6% of its issued outstanding shares.
