OREANDA-NEWS. August 08, 2013. Denizbank, the Turkish subsidiary  of the Sberbank group, the region's largest banking institution headquartered in Russia, tannounces its  first half 2013 financial results.

Key highlights:

First half net profit of 635 million TL (USD 329,3 mln), grew by 90% y/y

Assets grew by 36%, nearly two times higher than the sector average,  to 65.2 billion TL (USD 33,8 bln)

Equity grew by 14% and  reached 5.8 billion TL (USD 3 bln)

Customer deposits grew by  30%, with total deposits reaching 39.1 billion TL (USD 20,3 bln)

Cash loans increased by 37%, nearly 1.5 times the sector average growth, and reached 46.7 billion TL (USD 24,2 bln)

Non-cash credits grew by 44% to reach 15.6 billion TL (USD 8,1 bln)
 
Commenting on the results Sergey Gorkov, Deputy Chairman of the Board, said,

“We are pleased to see another strong set of results from DenizBank, with encouraging growth across key metrics as it has both improved profitability and expanded its customer and asset base.

DenizBank is an important part of Sberbank's strategy to increase its share of net profit generated from international operations and establish a leading presence in the fast-growing Turkish economy. These results both demonstrate the value DenizBank is already bringing to the Group as well as its potential to further grow its share of the Turkish market.”

In September 2012, Sberbank completed the acquisition of DenizBank AS which is ranked 5th among private and 9th among all Turkish banks by consolidated total assets.