Russia's largest bank, Sberbank, saw its 2012 first half IFRSnet profit slip 0.5 percent year-on-year to 175.3 billion rubles ($5.47 billion), the lender said on Wednesday.
Sberbank's first half net profit was above a consensus forecast of analysts polled by RIA Novosti of 171.6 billion rubles ($5.36 billion). Earnings per share fell to 8.03 rubles ($0.250) per share from 8.12 rubles ($0.253) per share a year earlier.
"The 0.5 percent decrease was generated mostly as a result of lower loan loss provision recovery, higher operating expenses and higher tax expenses," the bank said in a statement.
The bank's operating income before provision for loan impairment rose 22.7 percent year-on-year in January-June 2012 to 431.7 billion rubles, mainly due to an increase in its core components i.e. net interest income and net fee and commission income.
Net interest income climbed 25.1 percent in the first six months of 2012 to 324.2 billion rubles.
