German Gref re-elected as head of Sberbank – Kommersant
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Supervisory Board of Sberbank (MOEX: SBER) re-elected German Gref as head of the credit institution for the next four years. Mr. Gref himself announced this at a press conference following a meeting of the Supervisory Board.
Speaking about the development of Sberbank in 2024, Mr. Gref noted that it is now difficult to make accurate forecasts both for one specific credit institution and for the entire Russian banking sector. Still, Sberbank expects record profits next year.
“We look positively at the development of our business, we also hope for very good results, record numbers next year. The year will most likely truly be the most successful of the entire period, and for us we expect record profits, and for the banking sector too,” he added (quoted by TASS).
The head of Sberbank noted that the organization’s dividend policy will be approved by the supervisory board, which will take place on December 5, but they do not plan to make major changes to it. “We will finally approve the dividend policy on December 5, so I will announce all the main provisions on December 6. We are very conservative in terms of taking on obligations and fulfilling them, so we do not plan any very serious changes in the dividend policy. I think that we will continue to pursue our policy in the same vein as we did before, including with regard to the size and interim dividends,” said German Gref.
In the third quarter of 2023 Sberbank earned record net profit under IFRS in the amount of RUB 411.4 billion. The previous maximum was achieved in the second quarter of 2023 – RUB 380.3 billion. For January-September, the credit institution’s net profit amounted to 1.15 trillion rubles. Sberbank predicts that net profit for the whole of 2023 may exceed the record figures of 2021, when the bank earned 1.246 trillion rubles.
Read more about the activities of the credit institution in the Kommersant material. “Sberbank strengthened by ruble”.
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