MOSCOW, April 26. /TASS/. Net profit of Sberbank under International Financial Reporting Standards (IFRS) increased by 11% in January-March 2024 year-on-year to 397.4 bln rubles ($4.3 bln) year-on-year, Russia’s largest lender reported.

"In 1Q 2024 Sber Group generated net profit of 397.4 bln rubles, with growth exceeding 11% y/y. Return on equity reached 24.2%," the report said.

Net interest income rose by 24.4% in the reporting period year-on-year to 699.9 bln rubles ($7.5 bln) on the back of increasing volume of working assets. Net fee and commission income increased by 7.6% 184.1 bln rubles ($1.9 bln) mainly from growth in income from cash and settlement transactions, acquiring volume and documentary commissions, Sberbank said.

The group’s operating income before provisions grew by 9.3% to 801.9 bln rubles ($8.6 bln) due to growth in net interest income and commission income. Net provision charge against credit quality deterioration, including revaluation of loans at fair value, decreased by 36.7% to 53.3 bln rubles ($577 mln).