Sberbank suffered this year’s record outflow from the client’s accounts in July.
Photo: Ivan Grankin
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Corporate Money Flowing Out of Sberbank
Sberbank earned 40 percent more than a year before in the first seven months of this year. At the same time, the outflow from the clients’ accounts was the record maximum in July.
Russia’s biggest saving bank, Sberbank reported past week the seven-month results under the RF accounting standards. Its net profit grew 40 percent on year to 81.8 billion ruble and July amount of 15.2 billion ruble were the maximum from the start of this year. The news proved good enough to inspire investors to set to buying Sberbank Friday. Its common stocks grew 0.46 percent contrary to the 1.42-percent decline of the MICEX index.
At the same time, Sberbank suffered this year’s record outflow from client’s accounts in July. It was as much as 0.5 percent, mostly the money of corporate clients. Their funds (deposits and current accounts of the enterprises) on the bank accounts narrowed by 3.1 percent, from 1,677.1 billion ruble in early July to 1,624.4 billion ruble in early August. The inflow of private depositors didn’t exceed 1.1 percent, which set off only a portion of losses.
In Sberbank, they blame the July reduction on payment of quarterly taxes. But the bank wasn’t affected by it at close of the first quarter, when it benefited from the 4-percent inflow. The analysts say the reason could be withdrawal of a number of corporate clients that found services of other commercial banks much more advantageous. The corporate outflow may continue, the analysts apprehend.
www.kommersant.com
All the Article in Russian as of Aug. 25, 2008
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