Sovcombank’s net profit for 2023 increased 6.3 times – Kommersant

Sovcombank's net profit for 2023 increased 6.3 times - Kommersant

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Sovcombank’s net profit in 2023 amounted to 89 billion rubles. (in 2022 – 14.157 billion rubles), follows from reporting companies according to RAS. The bank’s interest income last year amounted to 302.718 billion rubles. versus 236.135 billion rubles. in 2022.

According to the report, Sovcombank’s assets increased over the past year by 39.2%, to 3.175 trillion rubles. Individual funds reached 833.954 billion rubles. (in 2022 – 720.982 billion rubles).

From the bank’s IFRS reporting, it follows that net profit in 2023 reached 95 billion rubles. Of this, regular profit amounted to 64 billion rubles, irregular profit – 31 billion rubles. The volume of assets increased to 3.2 trillion rubles. (+46%). Retail interest income amounted to RUB 796 billion. (+36%), corporate loan portfolio – RUB 1.1 trillion. (+38%). Current accounts and customer deposits grew to RUB 2.5 trillion. (+48%).

In February 2024, Sovcombank announced its intention to buy Home Bank. After this, the number of active retail clients of Sovcombank will be able to grow by 50%, to 9 million. Today, April 1, Sovcombank received permission from the Bank of Russia and the Federal Antimonopoly Service to purchase Home Bank. First, the bank will buy 51% of the shares of HKF Bank through the issue of new shares of Sovcombank in the amount of 5% of the authorized capital. At the second stage, Sovcombank will buy 49% of the shares of HKF Bank in installments over 2024–2025.

Read more about the deal in Kommersant’s material. “Merger under sanctions”.

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