OREANDA-NEWS. February 24, 2009. Sberbank of Russia expects net profit in 2009 but it will not likely exceed the 2008 value, a source in the bank said. January deposit outflow was below 1%, not including currency revaluation. “We will post profit, but everything will depend on how fast credit portfolio problems grow and how fast reserves (for potential losses) climb”, the source said.

According to the source, given projected reserves for potential losses of 5.0-7.5% as of YE 2009, the bank will be in the black, but growth will be flat. According to preliminary data as of year-start 2009, reserves for credit losses were around 3-4%, in line with international standards. “January (deposit) outflow was below 1%, not including currency revaluation, while we had inflow, including the revaluation results,” the source said and noted that as of the beginning of 2009, the share of forex deposits at Sberbank accounted for some 22% of aggregate deposit base, up 9% y-o-y. In December 2008, the bank offset October deposit outflow. Net inflow in December 2008 reached RUB 100 bn.