Russia’s Sberbank group IFRS 2011 net profit over $10.5 bln

February 2, 2012

 

The net profit of Russia’s state-controlled Sberbank group exceeded U.S. $10.5 billion in 2011, as calculated under International Financial Reporting Standards (IFRS), CEO German Gref said Thursday at the 2012 Russia Forum.

“Our group earned more than $10.5 billion in the net profit last year,” Gref said.

Gref said the rate of return on capital in 2011 was at 27%–28%. “There are just a few places in the world, where one can have such a rate of return on capital,” he said.

In 2010, Sberbank group’s IFRS net profit was at 181.6 billion rubles (about $6 billion).