Sberbank’s Kazakh unit eyes higher 2011 net profit

Nov 08. Reuters

Sberbank's Kazakh unit eyes higher 2011 net profitThe Kazakh unit of Russian state-controlled lender Sberbank expects to more than double its net profit this year, the head of the bank said on Tuesday, without stating a reason.

Oleg Smirnov, chief executive of Sberbank’s unit in Kazakhstan, told reporters he expected the bank to record a net profit of between 6 billion and 7 billion tenge ($40.5 million-$47.3 million) in 2011, versus 2.6 billion tenge in 2010.

Sberbank, the seventh-largest of Kazakhstan’s 39 banks by assets, plans to increase its share of the country’s banking assets to 5 percent by 2015 from 2 percent in 2010. Sberbank, Russia’s biggest bank, founded its Kazakhstan unit in 2006.

Smirnov said he expected the bank to have around 420 billion to 430 billion tenge in assets at the end of this year, versus 283.2 billion tenge at the end of 2010.

The bank had increased its loan portfolio to 283.3 billion tenge as of Sept. 30 from 168.3 billion tenge at the end of 2010. ($1=148.045 tenge)

http://www.reuters.com/article/2011/11/08/kazakhstan-sberbank-idUSL6E7M81NL20111108

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