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Russia's Sberbank expects up to $1.1 bln profit from AI in 2021 - Interfax

MOSCOW, March 25 (Reuters) - Artificial intelligence (AI) will generate between 80 billion and 85 billion roubles ($1.05 billion-$1.11 billion) in net profit for Russia’s largest lender Sberbank in 2021, Interfax news agency quoted its CEO German Gref as saying on Thursday.

State-run Sberbank is counting on new IT technologies as it seeks to extend its reach into consumer-focused areas.

Last year, Sberbank aimed at making more than 60 billion roubles in extra income from using AI, first deputy chairman Alexander Vedyakhin told Reuters.

Sberbank’s net profit slid 10% year on year to 760.3 billion roubles in 2020 as bad loan provisions rose to 412 billion roubles from 92.6 billion roubles a year earlier. ($1 = 76.3090 roubles) (Reporting by Andrey Ostroukh, Editing by Timothy Heritage)

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