Russia's Sberbank 2013 net profit up 4pc, misses target

MOSCOW: Sberbank, Russia's biggest bank, posted a 4.1 percent rise in 2013 earnings to 362 billion roubles ($10.20 billion) due to increased lending. But the bank failed to meet its target because of a hike in provisions for loan-losses amid a deteriorating economy.

Last August, the lender trimmed its estimate for full-year net profit to 370 billion roubles, at the lower end of a previous forecast range of 370-390 billion roubles.