PRESS: Sberbank plans to raise net profit to 1 tln rbl by 2020

MOSCOW, Oct 25 (PRIME) -- Russia’s top bank Sberbank may increase its net profit to 1 trillion rubles per year by 2020, Vedomosti business daily reported on Wednesday citing sources familiar with the bank’s draft 2018–2020 development strategy.

Sberbank and the central bank, the owner of 50% plus one share in Sberbank, declined to comment. Management of the bank will present the new strategy to the Supervisory Council on November 14 and on December 14 it will present it to investors in London.

But the government is skeptical about the plan. The Finance Ministry expects the central bank to pay 150 billion rubles of Sberbank’s 2017 dividends, which would represent half of its net profit, to the budget. It expects Sberbank to receive a 330 billion ruble net profit in 2018 and a 363 billion ruble net profit in 2019.

In 2016, Sberbank’s net profit more than doubled on the year to 541.9 billion rubles, as calculated under International Financial Reporting Standards.

(57.5852 rubles – U.S. $1)

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