Sberbank earned 999 billion rubles in eight months – Kommersant
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Sber’s net profit (MOEX: SBER) according to RAS for January – August 2023 amounted to 999 billion rubles. These figures were cited by the head of the bank, German Gref, on the sidelines of the Eastern Economic Forum. According to him, Sberbank’s business is now growing better than recent forecasts
“We are on track to finish the year better than our profitability forecasts,” Mr. Gref told reporters.
According to the head of Sberbank, the financial institution’s loan portfolio has grown by almost 18% since the beginning of the year, the retail portfolio over the same period has added 18.2%, and the portfolio of loans to legal entities has grown by 17.6%. “The growth of the credit card portfolio accelerated to 5.6% per month – our product with a grace period of 120 days is the leader, with a market share confidently approaching 50%. The strong growth of the loan portfolio was balanced by attracting client funds,” added German Gref.
Mortgages remained the main driver of growth, accounting for 57% of issuances in August. The increase in the key rate of the Bank of Russia led to increased demand for mortgage loans. The portfolio of housing loans grew by 4.3% over the month (+19.8% YTD), and its volume amounted to 9 trillion rubles, according to reporting Sberbank. It also clarifies that in August private clients took out the maximum amount of loans from Sberbank in the entire history of the bank – in the amount of 915 billion rubles.
The bank’s net interest income for 8 months of 2023 increased by 40.1% year-on-year to RUB 1.5 trillion. Revenue growth year-on-year is due to the growing dynamics of Sber’s business in 2023, as well as the effect of last year’s low base. In August, net interest income increased by almost 50% year on year and amounted to RUB 209.4 billion.
Read about the situation with trading Sber shares on the stock market in the Kommersant article “Sberbank is being assigned quotes”.
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