Sberbank earned almost a trillion rubles in January-August

According to the bank’s president, German Gref, in August alone the organization made a net profit of 140.9 billion rubles.

He attributes these results to accelerated business growth. In particular, credit to corporate clients increased 2.3% compared to the previous month. This resulted in a return on equity of 25.2%.

Therefore, Sberbank plans to exceed the current forecast for return on equity by 2023 – more than 22%.

“At the moment, we see that our business is growing better than our latest forecasts, which means that we are on track to finish the year better than our profitability forecasts,” Gref said at the Eastern Economic Forum, quoted by Interfax.

Sberbank’s retail loan portfolio has grown by 8.2% since the beginning of the year and amounted to 14.2 trillion rubles. Growth in August was 3.8%. Last month, the organization provided loans worth almost 3 trillion rubles. The corporate portfolio increased by 17.6% in January-August. Return on equity in August amounted to 27.5%, for 8 months – 25.2%.

Loan provision and revaluation expenses measured at fair value for the first eight months amounted to 512 billion rubles. Last month, the size of the created reserves was seriously affected by the dynamics of the ruble exchange rate. In mid-August, the dollar exchange rate exceeded 102 rubles, the euro – 111 rubles, against which the Central Bank decided to increase the key exchange rate to 12% per year.

Without taking into account the impact of currency fluctuations, the cost of risk for 8 months of the year amounted to 1.4%, according to the Sberbank report. The reserves formed exceed three times the matured debt.

In July, Sberbank posted record profits for the first half of the year, which amounted to 727.8 billion rubles. A significant part of the profit was obtained through the sale of a subsidiary in Austria for 138.8 billion rubles.