Savings Bank's net profit over 9 months to reach $1.5 bln

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MOSCOW, September 28 (RIA Novosti) - The Russian state-owned Savings Bank's (Sberbank) net profit for the January-September period is expected to reach 43 billion rubles ($1.5 billion), the bank president told an investment conference Wednesday.

Andrei Kazmin said the bank's profits in the first six months of 2005 were 32.4 billion rubles ($1.1 billion).

Kazmin said Sberbank's brisk performance had prompted a rapid growth of its capitalization. The bank's securities have appreciated fourfold in the last four years. Sberbank's [market] capitalization has reached $17.1 billion, and it is ranked the fourth largest company in Russia.

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