Sberbank Q1 Net Profit Drops

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Russia's company Sberbank reported a 58 percent decline in its net profit for the first quarter.Sberbank's quarterly net profit slipped to 30.6 billion rubles ($583.3 million), versus a year-ago profit of RUB72.9 billion.Net interest margin shrank 200 basis points to 3.7 percent, while net interest income dropped 16 percent to RUB200.3 billion, under IFRS.By the end of March, non-performing loan ratio increased to 3.9 percent.

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