Kazakhstan’s subsidiary of Russia’s Sberbank expects annual net profit of $27.3 million

Kazakhstan’s subsidiary of Russia’s Sberbank expects annual net profit of $27.3 million, Oleg Smirnov, the bank’s Chairman of the Board, told at a press conference in Almaty August 2. In May the Bank had expected its annual net profit to make up $ 20.5 million. Mr. Smirnov elaborated that the estimated net profit was raised after the H1 2011 results were tallied. As of the end of the H1 the net profit figure totaled $16.4 million. “The year 2010 was quite successful. We entered the top ten banks in Kazakhstan. As of today the bank is ranked 9th in terms of assets”, Mr. Smirnov said at a press-conference in April. The Bank had reported in April that the share of the bank in the consolidated assets of the Kazakhstan’s banking system stood at 2.3% in 2010, whereas in 2009 the figure stood at 1.9%. Sberbank was ranked 2nd in terms of lending growth dynamics in 2010. According to Mr. Smirnov, the bank’s assets in Kazakhstan are set to grow by 40% in 2011. As of the end of the Q1 2011, the bank’s assets grew by 20.3%, reaching $ 2.3 billion. Individuals’ deposits for the period grew 40.8%, reaching $ 1.5 billion. As of April 1, net profit made up $ 7.5 million. Sberbank today is the largest credit institution in Russia and CIS.