Sber increased its income – Kommersant FM
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Sber’s annual net profit increased fivefold and reached a historical record. According to Russian accounting standards, the bank earned almost 1.5 trillion rubles in 2023, the credit institution reported. In 2022, the figure barely exceeded 300 billion rubles.
What helped Sber increase its net profit? General Director of the analytical agency BusinessDrom Pavel Samiev believes that the main role was played by the low base effect and the lending segment: “Almost all credit segments have grown – both retail and corporate. With the growth in issuance volumes and, accordingly, the portfolio, there was a fairly good interest margin. This is probably the main contribution to this financial result.
In addition, commission income of various types grew when banks sold various products. These are additional products for clients: investment, insurance, transactional and, of course, business, that is, what concerns settlement and cash services, commissions on various transactions and operations. There was growth everywhere, not only against the background of the low base of 2022, but also in comparison with calmer and more successful periods earlier.
On the other hand, there were no major stresses that could lead to a decrease in financial results and the recording of significant losses due to the revaluation of other assets.”
Sberbank’s net interest income over the past year increased by more than a third, to almost 2.5 trillion rubles. The organization itself explained these indicators by the growing dynamics of the bank’s business, as well as the effect of the low base of 2022.
The head of the Central Bank, Elvira Nabiullina, said at the end of November that the Russian banking sector was back in good shape, and it was time to think about its development. However, you shouldn’t expect new records from the entire industry and Sber in particular in 2024, says Vyacheslav Putilovsky, junior director for bank ratings at the Expert RA agency:
“Thanks to the actions of the Bank of Russia in the context of the sanctions shock in 2022, a systemic crisis was avoided in the Russian banking system. In 2023, some restoration and adaptation began, some even managed to earn a lot of money. But what will happen next is quite difficult to predict, because sanctions pressure will only intensify.
On the one hand, sanctions will be circumvented and somehow leveled, and on the other hand, they will come up with new ways to harm the Russian financial sector. Recent events with tightening of Chinese and Turkish banks are one example. Accordingly, this is a fight that has yet to be won, and it is not a fact that these record results will be repeated.”
Sber approved a new three-year dividend policy in December last year. The bank set a target level of payments of half the group’s net profit according to international financial reporting standards. These figures are scheduled to be published on February 29.
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