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. Last Updated: 07/27/2016

Sberbank Net Profit Up 34%

The country's largest bank, Sberbank, on Friday beat expectations by reporting a 34 percent rise in net profit in its first-ever quarterly results to international standards.

Net profit of 26.8 billion rubles ($1 billion) compared with the average forecast of 25.1 billion rubles in a Reuters analyst poll and 19.9 billion in the same period of 2006.

Analysts had forecast that the international financial reporting standards figures would be roughly in line with the results under Russian accounting standards, which Sberbank published earlier. Under Russian accounting standards, its net profit for the period was 25.9 billion rubles.

State-controlled Sberbank, which raised 250 billion rubles in a rights issue in March, has an unrivaled position in the sector due to its vast network of branches across the country.

Total assets were 3.9 trillion rubles ($153.1 billion) as of the end of the first quarter, up from 3.5 trillion at the end of 2006 and slightly behind expectations of 3.99 trillion.

Sberbank's first-quarter net interest income was 52.6 billion rubles, below an average forecast of 53.3 billion in the survey. In the first quarter of last year, net interest income stood at 44.1 billion.

Sberbank shares lost 17 percent last month after the subprime mortgage crisis in the United States hit banking stocks worldwide. They closed 0.5 percent down Friday.