Moscow:Russia's largest bank, Sber, has reported a significant net profit of 1.67 trillion rubles ($20.2 billion) for the January to October period, marking a 17.6% increase compared to the same timeframe last year.

According to Anadolu Agency – English, the bank's return on equity during this period was recorded at 22.9%, based on financial results prepared under Russian accounting standards.

Net interest income saw a year-on-year rise of 23.7%, reaching approximately $37.5 billion, fueled by growth in income-generating assets. However, net fee and commission income experienced a slight decline of 1.4%, falling to $7.15 billion. The bank's operating expenses increased by 14.6%, totaling $12.47 billion, with expenses related to provisions and loan revaluation at fair value rising sharply by 35.7% to $7.37 billion.

Sber's total capital witnessed a 2% increase in October, reaching approximately $101.5 billion, primarily driven by retained earnings. For the month of October alone, the bank posted a net profit of $2.04 billion, up 12.6% year-on-year, with a return on equity of 22.4%.

The bank's retail loan portfolio reached approximately $246.8 billion, while corporate loans amounted to $400.4 billion. Additionally, the combined funds held by individual and corporate customers saw an increase of 0.8% during October, totaling approximately $596.4 billion.