Sberbank hits record profit amid sanctions

Sberbank of Russia has not been affected by the sanctions. Despite the fact that the US and the EU had blocked access to the international financial market. The bank made a record profit.

In the second quarter, the largest Russian bank's net profit was the equivalent of almost two billion euros, which is about one-fifth higher than at the beginning of the year, the company announced. The head of the Bank German Gref also expressed confidence that in the coming months: "We expect a slow economic recovery."

The state-controlled institution is benefiting from the recent economic crisis, as citizens and businesses place more trust in the market leader for money transactions. In addition, it can be refinanced due to high customer deposits.