Sberbank announces losses from sale of Denizbank

Sberbank announces losses from sale of Denizbank

Russia’s top bank Sberbank reported a 32% fall in third-quarter net profit, hurt by a foreign exchange loss due to the sale of Denizbank in Turkey.

Sberbank sold Denizbank to Emirates NBD Group for 170.7 billion rubles ($2.7 billion) in July. Sberbank said it has faced a loss of 73.3 billion rubles in the third quarter, mainly from foreign exchange, due to the sale.

According to the bank, net profit fell to 156.1 billion rubles ($2.45 billion) in the quarter. Excluding the sale of Denizbank, net profit rose 6.3% to 230.8 billion rubles, Reuters reported.

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