Top Russian lender Sberbank's the second quarter profits down 44%

Russia's biggest lender Sberbank said Wednesday its net profit for the second quarter dropped 44 percent compared to last year as the country grapples with recession on the back of Western sanctions and low energy prices.

Sberbank's net profit in the second quarter slumped 44 percent to 54.6 billion rubles ($783 million, 685 million euros) compared to the same period last year, when it posted a profit of 97.5 billion rubles.

The Moscow-based bank's second quarter profits -- which represent a 78.4 percent increase compared to the first three months of the year -- beat the estimate of 41.8 billion rubles ($600 million, 525 million euros) made by analysts polled by Bloomberg.

Like other major state banks, Sberbank has been battered by Western sanctions over Russia's role in the Ukraine crisis.