MOSCOW, Jan 14 (Reuters) - Russia's Sberbank posted a 74% jump in net profit on Friday for a record 1.24 trillion roubles ($16.32 billion) in annual earnings reflecting the economy's recovery from the pandemic.

The profit, reported under Russian accounting standards, was up from 709.9 billion in 2020.

Sberbank shares were 0.9% up at 275 roubles after results.

The lender had set a 2020 net target of 1 trillion roubles but missed that as the economy shrank by 2.7% in its sharpest contraction in years.

In contrast, the economy in the third quarter of 2021 grew by 4.3%, helped by higher commodity prices, with the full year expected to have seen growth of 4.5%.

Sberbank said its corporate loans expanded by 9.9% last year and retail loans grew by 25.8%, boosting net interest income by 12.3% and powering a return on equity of 24.8%.

Sberbank is set to report full-year results under International Financial Reporting Standards on March 2.

($1 = 75.9630 roubles) (Reporting by Katya Golubkova; editing by Jason Neely)