OREANDA-NEWS. November 15, 2013. Denizbank, the Turkish subsidiary of the Sberbank Group, Russia’s largest financial institution, announces financial results for nine months of 2013.

On a year-on-year consolidated basis, Denizbank:

Reports net profit of TL 874 Million (USD 470 mln), up by 111% on a year-on-year basis,

Grew cash and non-cash loans by 43% to reach TL 52.4 billion and 16.8 billion respectively (equivalent of cash USD 25.7 bln and non-cash USD8.3 bln),

Grew its customer deposits by 33% to reach TL 44.8 billion (USD 22.0 bln), 

Grew its assets by 40% to reach TL 73.3 billion (USD 35.9 bln),

Grew its equity by 14% to reach TL 6.0billion (USD 2.9 bln)

Sergey Gorkov, Deputy Chairman of the Executive Board, commented on the results,
“We are pleased to see that Denizbank continues to deliver strong performance, maintaining the momentum we saw in the first half of the year. Denizbank has continued to grow profitability, while demonstrating excellent progress on an operational level with significant improvements in the Bank’s infrastructure.

Denizbank is an important part of Sberbank's strategy to increase its share of net profit generated from international operations and to establish a leading presence in the fast-growing Turkish economy. We believe it is well-positioned for future profitable growth.”

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.