Russian President had a working meeting with Sberbank CEO and Chairman of the Management Board Herman Gref to review the bank’s current operations, the mortgage and consumer lending markets, presidential webpage reports.
According to Gref, Sberbank “Achieved pretty good results despite the ups and downs of the past several months. Naturally, being the largest holder of security, federal loan bonds, public securities, we lost a certain amount due to this volatility. We hope that by the end of the year the situation will stabilize and we will recover these market losses. However, in the past months our net profit has been affected by portfolio volatility and the unstable markets”.