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Sberbank Completes Loan Provision for Croat Co.

Sberbank Completes  Loan Provision for Croat Co. Sberbank Completes  Loan Provision for Croat Co.

Russia’s largest lender Sberbank has completed building up provisions for a loan it gave to Croatia’s indebted food and retail company Agrokor, the bank’s press office said on Wednesday. Sberbank’s exposure to Agrokor amounts to about 1.1 billion euros. To lift part of the burden from the struggling Croatian food group, Sberbank last month bought a stake in Slovenian food retailer Mercator from Agrokor, Bloomberg reported on Wednesday. Meanwhile, Russia’s largest bank, said it made a net profit of 185.6 billion roubles ($3.14 billion) in the second quarter, posting a record quarterly result and beating analysts’ forecasts. Analysts polled by Reuters had forecast Sberbank would make 167.4 billion roubles in net profit in April-June. Sberbank said its net interest income increased to 357.6 billion roubles in the second quarter from 339.3 billion roubles a year ago, while return-on-capital was at 24.8% versus 22.8% a year ago.Provisions against bad loans declined to 89.1 billion roubles in April-June from 96.5 billion roubles in the same period of 2016.

 

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