Income Statement

Sberbank Group earned RUB 181.6bn in net profit under IFRS in 2010, which is more than seven times the net profit earned in 2009 (RUB 24.4bn). Profit before tax was RUB 230.2bn for 2010 and RUB 29.9bn in 2009.

The Group’s net interest income totalled RUB 495.8bn in 2010 (RUB 502.7bn in 2009), and net fee and commission income increased by 22.3% to RUB 123.6bn.

The Group’s gains from operations with securities recorded through profit or loss amounted to RUB 24.0bn, which is less than the RUB 36.5bn reported in the preceding year.

The Group’s net gains from operations with foreign currencies were RUB 14.1bn, or 13% down versus 2009.

As a result, operating income before the provision charge for loan impairment was up 2.9% year on year and amounted to RUB 666.6bn (RUB 648.1bn in 2009).

The Group’s net profit increased in 2010 on the back of a reduced provision charge for loan impairment (RUB 153.8bn in 2010 and RUB 388.9bn in 2009).

Operating expenses rose to RUB 282.6bn in 2010 (RUB 229.3bn in 2009).

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