Q3 profits at Russia’s Sberbank are down by 24% with the bank doubling its provisions for loan losses.<br /><br />The state-controlled bank is one of those subject to the west’s sanctions, however in a statement their effects on performance were never directly referred to.<br /><br />Instead the bank said unknown and continuing losses in Ukraine, a weaker rouble and a general economic slowdown were hitting the bottom line.<br /><br />Sanctions are cramping Sberbank’s ability to access foreign finance, raising its borrowing costs. Its return on equity is now thought to be at a four-year low.
