Sberbank expects to pay record dividends by the end of 2023
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Sberbank (MOEX: SBER) based on the results of the current year, can pay record dividends in its history, said the chairman of the bank’s board, German Gref. He emphasized that there will be no drop in Sberbank’s profits in 2024 and 2025; the credit institution expects to increase profits from year to year.
This year, the bank received 1 trillion 380 billion rubles in 11 months. net profit, Mr. Gref said. “This is an absolute record for the entire existence of the bank. In aggregate, this suggests that we are feeling well. We plan to continue to grow our profits year after year. There will be no fall in 2024, and in 2025, I hope, if everything turns out as we expect,” Mr. Gref said in an interview with the TV channel “Russia 24”. According to government estimates, Sberbank dividends for 2023 will amount to 750 billion rubles.
The head of Sberbank noted that the key rate of the Bank of Russia led to a sharp reduction not only in corporate lending, but also in consumer lending. However, according to German Gref, there are no risks either for the banks’ loan portfolio or for the health of the banking sector as a whole.
“We still plan for the Central Bank refinancing rate to be above 10% at the end of next year, but after the first quarter, in our opinion, it should begin to decline. Now the rate is, of course, prohibitive. It has sharply reduced lending, not only corporate, but even consumer lending; mortgages are still supported by government subsidies, but, of course, the growth rate of the loan portfolio next year will be significantly lower,” noted Mr. Gref.
On increasing the key rate to 16% per annum, the Board of Directors of the Bank of Russia announced following the meeting on December 15. The regulator expects that in 2024 lending growth will slow down from the current 17–20% to 5–10%. Corporate and retail lending next year, according to Central Bank forecasts, will increase by 5–10%, and mortgage growth will slow to 7–12% from 24–27% in 2023.
Read more about the results of the Russian banking sector at the end of November in the Kommersant material. “Banks made money without loans”.
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