World Economy

Russian Bank Makes 48% Profit

Russian Bank Makes 48% ProfitRussian Bank Makes 48% Profit

Russia’s Sberbank PJSC said fourth-quarter profit jumped 48%, beating analyst estimates, as rising fee and commission income helped Russia’s largest lender weather the country’s longest recession in two decades, Bloomberg reported. Net income rose to 72.6 billion rubles ($1.03 billion) from 49 billion rubles in the year-earlier period, the Moscow-based lender said in a statement on Tuesday. That compares with the average estimate of 68.2 billion rubles of seven analysts surveyed by Bloomberg. Net fee and commission income increased 19% to 95.6 billion rubles in the period.