Sberbank, Russia’s largest bank, recorded a net profit in the first quarter of 2023 of 350.2 billion rubles (about $4.37 billion), according to the credit institution’s data.
“The bank’s net profit in the first three months of 2023 exceeded the level of 350 billion rubles, and the return on shareholders’ equity reached, and in the month of March alone, the bank reaped 125.3 billion rubles of net profit,” Sberbank said in a statement.
He added that the retail loan portfolio last March grew by 2.3% and exceeded 12.6 trillion rubles and showed growth in all sectors: mortgages, consumer lending and credit cards, while the corporate loan portfolio grew by 1.6% last month and exceeded 19.5 trillion rubles.
Sberbank, Russia’s largest bank, noted that the quality of the loan portfolio remains generally stable.
After the announcement, “Sberbank” shares rose on the Moscow Stock Exchange, and by 11:25 Moscow time, it recorded a growth of 0.5%, to 221.27 rubles.
This article was originally published by RT.