VLADIVOSTOK, September 7. /TASS/. Russia’s top lender Sberbank became profitable in the second half of this year, Chief Executive Officer Herman Gref told an online press conference at the Eastern Economic Forum (EEF) on Wednesday, adding that the lender had made provisions and upgraded its full-year projections.
"In the second half of the year we reached the profitability track, and we almost fully formed necessary provisions. The good sign is that we no longer use the Central Bank’s exemptions and subsidies. The second half of the year will be much more positive as the bank has adjusted to the new reality, and we are actively changing our business model. It is safe to say the situation has stabilized, we have got through the hard times. We have upgraded our viewpoint on this year," he said.
The amount of reserves created returned to the pre-crisis level in August, return on capital is recovering gradually, while net interest income almost reached the pre-crisis level, Gref noted, adding that the credit organization does not need recapitalization.
"We will look much better by the end of the year than we expected earlier. Let’s wait until Q4 and it will be clear. We will not need recapitalization, in this respect we are self-sufficient, and we have solved all our problems," he concluded.
Organized by the Roscongress Foundation, the Seventh Eastern Economic Forum is running from September 5 to September 8 in Vladivostok. TASS is the event’s general information partner and its official photohost agency. This year, the theme of the forum is: "On the Path to a Multipolar World."