By Sabela Ojea

Sberbank Rossia said Friday that it earned 781.60 billion Russian rubles ($10.63 billion) in net profit for 2020, adding that total assets under management increased significantly.

The Russian bank said pretax net profit came in at RUB966.7 billion, and that net interest income increased 14% to RUB1.441 trillion when compared with the previous year.

"Interest income growth was driven by loan expansion, lower cost of funding on the back of reductions in the key rate and reduced allocations to deposit insurance fund," it said.

Total assets increased by 20% over the period, and amounted to RUB33.1 trillion as at Jan. 1, 2021, it added.

The lender also said that its corporate loan portfolio grew by 16% in the year, with the retail loan portfolio growing by 17%.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

01-15-21 0248ET