By Sabela Ojea

Sberbank Rossia reported on Thursday a rise in net profit for the third quarter of 2021 and said that it benefited from growth momentum across all of its key business segments.

The Russian bank posted a net profit of 348.3 billion Russian rubles ($4.93 billion), rising 28.3% on a year-on-year basis.

Net interest income for the quarter increased to RUB469.6 billion, up 14.2% on a year-on-year basis, it added.

Sberbank's return on equity reached 26.8%, it said, adding that it expects a full-year return on equity of above 23%.

In the banking business, the retail loan portfolio is expanding, with corporate lending accelerating along with improvements in the asset quality, the lender said. The payment business is driven by client transactional activity, it added, noting that the wealth management and insurance businesses are developing rapidly on the back of new product launches.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

October 28, 2021 03:44 ET (07:44 GMT)

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