You're reading: German Gref says Sberbank profit to fall 30 percent this year

Sberbank could see its net profit tumble approximately 30 percent this year, the bank's head, German Gref, told reporters on the sidelines of the Sochi Investment Forum.

“I said our profit is down by about half for now. It’ll probably be about 30 percent less this year than last,” he said.

Earlier on Oct. 2, Gref told the Rossiya 24 TV channel that the bank’s profit this year would be approximately half last year’s. He later said he had not expressed himself correctly or had been misunderstood.

“Our profitability is rising, and it will recover by the end of the year,” he said. Net profit to International Financial Reporting Standards (IFRS) was 290.3 billion rubles in 2014.