World Economy

Sberbank Q1 Profits Up

Sberbank Q1 Profits UpSberbank Q1 Profits Up

Russia’s top bank Sberbank on Wednesday posted record quarterly net profit of 117.7 billion rubles ($1.8 billion) in the first three months of 2016, distancing itself further from struggling rivals and sending its share price higher, Reuters reported. Sberbank dominates the Russian market with around a third of total sector assets and roughly the same share of deposits. That puts it in a strong position to capitalize on a recent stabilization in the Russian economy. Sberbank’s shares were up 2.8% on Wednesday, rising stronger than the broader MICEX index at Moscow Exchange which rose 1.1%.