OREANDA-NEWS. Sberbank's net profit according to Russian accounting standards increased in January - October 2019 compared to the same period of the previous year by 7.9% and amounted to 739.43 billion rubles. This follows from the materials of the bank. At the same time, profit for October of this year amounted to 74.1 billion rubles, which is 1.8% higher than last year.

Net interest income of the bank decreased by 0.4% compared to 10 months of last year and amounted to 1 trillion 39 billion rubles. Sberbank noted that the dynamics of the indicator continues to be affected by the growth in the value of customer liabilities in late 2018 - early 2019.

Net fee and commission income grew by 8.9% and amounted to 376.98 billion rubles. The main driver of growth was the bank's transactional business. "The growth rate continues to be affected by the schedule for recognition of expenses under the loyalty program - since 2019, as part of the approximation of accounting under RAS and IFRS, the bank will recognize these expenses evenly and by the end of the year this effect will be leveled", the bank’s press release said. Operating expenses increased by 8.8%. The cost of reserves for 10 months amounted to 103.4 billion rubles., Which is half the same period last year.