Russian lender Sberbank posts 10% rise in second-quarter profit

 Russia’s dominant lender Sberbank (SBER.MM), opens new tab on Thursday reported second-quarter profit of 418.7 billion roubles ($4.88 billion), up 10.1% from the same period last year, boosted by a growing loan portfolio.

The state-controlled bank made a record 1.5 trillion rouble profit in 2023, a more than fivefold increase on the previous year, as Russia’s banking sector recovered from the impact of financial sanctions over the country’s actions in Ukraine.