31 May '11, 11am

UPDATE 2-Sberbank mulls buybacks, Q1 earnings double: stake, which is worth nearly $6 billion at current market

* Considering buyback before state sells 7.6 percent stake * Earnings could reach $10 billion this year - CEO * Q1 net profit 86.8 bln roubles vs 77.4 bln forecast * RoE rises to 33.6 percent, bank strongly capitalised (Adds comments by CEO, analyst) MOSCOW, May 31 (Reuters) - Sberbank , Russia's largest bank, is mulling a share buyback before the planned state sale of a 7.6 percent stake, its CEO said on Tuesday, as the bank announced a doubling of first-quarter earnings. The strong results at Sberbank, popular among foreign investors who regard it as a proxy for Russian economic growth, were buoyed by loan writebacks as the bank's credit portfolio returns to health after the slump of 2008-09. CEO German Gref said Sberbank may launch a share repurchase scheme as it seeks to protect minority shareholders before the sale this year of the stake, which is worth nearly $6 bill...

Full article: http://sg.news.yahoo.com/1-sberbank-doubles-profit-loan-w...

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