Sberbank’s quarterly profit amounted to a record 380.3 billion rubles

Sberbank’s net profit under international financial reporting standards (IFRS) for the second quarter of this year amounted to a record 380.3 billion rubles. About it reported bank press office.

For the first half of this year, net profit amounted to 737.5 billion rubles. The return on equity of Sberbank turned out to be at the level of 25.5%. The bank’s net interest income rose to 1.2 trillion rubles in the first half of the year, and 597.6 billion rubles in the quarter. Net fee and commission income reached RUB 186.9 billion. in the second quarter. The bank explained this by the growth of income from operations with bank cards and settlement and cash services. For the first half of the year, fee and commission income amounted to 358 trillion rubles.

The chairman of the board of the bank, German Gref, said that lending to private and corporate clients “grew at a faster pace.” In the second quarter, the bank issued the maximum volume of loans in the history – more than 6.6 trillion rubles, the chairman of the board noted.

“The loan portfolio grew by 7% over the quarter and approached 35 trillion rubles. Client funds are also growing at a high pace – growth for the quarter amounted to 9.2%, ”Gref noted, his words were quoted by the press service.

In July, Sber published data for the first half of 2023 according to Russian accounting standards (RAS) – the credit institution earned RUB 727.8 billion. The bank’s net interest income exceeded RUB 1 trillion. and grew year-on-year by 41.4% due to “growth of business in the current year, as well as the effect of the low base of last year.” Net fee and commission income increased by 18.2% over the same period and reached RUB 322.7 billion. thanks to the growth in acquiring volumes and “changes in conditions in the payment card market.”

As Natalya Milchakova, a leading analyst at Freedom Finance Global, predicted in an interview with Vedomosti, profit under IFRS could amount to approximately 720-750 billion rubles. Yegor Lopatin, Deputy Director of the Group of Ratings of Financial Institutions of the NKR, said that in the absence of new macroshocks, domestic banks can update the record for net profit in 2021 and earn more than 2.5 trillion rubles.