Russia's largest bank, Sberbank, said Monday its third-quarter net profit dropped 82 percent to $146 million as it continued to raise provisions against bad debts.
Net profit fell from 23.2 billion rubles ($787 million) in the third quarter last year to 4.3 billion rubles ($146 million) this year, the state-controlled bank said in a statement. It was down 20 percent from 5.4 billion rubles ($183 million) in the second quarter.
The results missed most analyst forecasts as Sberbank's bad loans increased faster than expected.
The bank's net profit over the first nine months of the year was down 89 percent compared to the same period in 2008.
Sberbank said provision charges for bad loans totaled 301.3 billion rubles ($10.2 billion) in January-September, a more than eight-fold ise on yarealir igre.
Bt herae f rothinno-perfrming loans slowed down in the third quarter, the bank said.
The share of bad loans went up 1.5 percentage points in the third quarter to 7.9 percent, less than a 2.9 percentage point rise in the previous quarter.
Russian banks have been badly hurt by the economic downturn, which has seen many foreign investors withdraw their funds as the price of oil _ a pillar of the economy _ dropped sharply from record highs.
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