Moscow: Sberbank, Russia's largest bank, on Tuesday reported a 15.5% increase in its net income for January compared to the same month last year. The bank's net income reached 132.9 billion rubles ($1.4 billion) during this period.

According to Anadolu Agency, Sberbank's net interest income also saw an increase of 9.4% in January year-on-year, amounting to $2.4 billion. Additionally, the bank's net fee and commission income grew by 2.6%, totaling $518.6 million.

The return on equity for the bank stood at 22.2% in January. Despite these positive financial indicators, Sberbank acknowledged a seasonal slowdown in business activity due to regulatory constraints and elevated interest rates, which led to a 0.5% decline in corporate and retail loan portfolios in real terms.

In 2024, Sberbank achieved record profits of $16.18 billion, underscoring its strong financial performance.