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Falling Profits, But Corporate Russia Stays in the Black

Falling Profits, But Corporate Russia Stays in the Black
Businesses bruised by pandemic, while blue chips defy worst expectations.
Corporate profits were up 40% in the final quarter of 2020.
Vladimir Gerdo / TASS
Moscow’s decision to defy a second wave of the coronavirus and keep its economy firing helped the country’s largest companies book a strong end to the year and cement their recovery from the early blows of the coronavirus pandemic, analysis of company results shows.
Over the full year, corporate profits at Russia’s large and medium-sized companies dropped by around a quarter, according to data from Russia’s official statistics agency (Rosstat). ....

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Russia's Sberbank Posts $10Bln Profit in 2020

Russia’s Sberbank Posts $10Bln Profit in 2020
Profits down on 2019, but state-owned lender weathers coronavirus storm better than first expected.
Jan. 15, 2021
Sberbank is majority-owned by the Russian government.
Alexei Zotov / TASS
Sberbank Russia’s largest bank and most valuable company posted profits of more than $10 billion in 2020, despite the economic fallout of the coronavirus pandemic.
The lender’s net profit for the year came in at 782 billion rubles ($10.1 billion) a fall of 7.7% compared to 2019, Sberbank said in annual financial results announced Friday morning.
The results cap a strong turnaround for state-controlled Sberbank Russia’s most valuable listed company with a market capitalization of around $88 billion. Profits crashed by as much as 85% last spring as Russia entered a six-week lockdown in an attempt to stop the spread of the virus. ....

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