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Russia’s Sberbank says bad loans rise to 2.1%

Posted on: March 26, 2009


Reuters – Wednesday, March 25

MOSCOW, March 24 – Russia’s largest lender Sberbank <SBER03.MM> said on Tuesday its non-performing loans were at 2.1 percent of the credit portfolio as of March 1, up from 1.7 percent at the end of January.

It said spending on bad loan provisions stood at 59 billion roubles in the first two months of 2009.

The bank said its net profit to Russian Accounting Standards fell to 5.1 billion roubles in the first two months of 2009 from 23 billion in the same period last year.

(Reporting by Dmitry Sergeyev, writing by Dmitry Zhdannikov; editing by Simon Shuster)

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