2023 will be the most successful year for Sberbank – Kommersant

Head of Sberbank (MOEX: SBER) German Gref said that 2023 will be the most successful year for the credit institution in terms of financial results, including profit. He said that with capital adequacy above 13.3%, Sberbank plans to allocate 50% of profits to dividends.

“The current year will be the most successful for us in terms of profit and the most successful in a number of other indicators,” said German Gref, speaking at Investor Day. He also noted that the bank is resistant to external shocks.

German Gref said that this year, against the backdrop of a reduction in state subsidies and changes in the parameters of preferential mortgages, the bank plans to add additional reserves. At the same time, he emphasized that Sberbank does not see any critical consequences for the mortgage market in this.

“There is a good price reserve on the market due to the fact that the margins of developers today are very high. Developers can develop housing without actually spending their own capital, using funds from banks and individual investors. The market has become very profitable, developers are making big profits,” said German Gref.

Earlier, the head of Sberbank said that he expects record profits this year; next year the bank also expects positive business dynamics. Sberbank’s net profit according to Russian accounting standards for October amounted to 132.9 billion, and since the beginning of the year – 1.26 trillion rubles. The Ministry of Finance has already pawned Sberbank dividends in the amount of 50% of profits are included in the draft budget. For 2023, dividends are planned at RUB 750 billion.

More details in the material “Sber held a general training session”.

Anastasia Larina