The annual net profit of the largest Russian bank in 2022 fell 4.5 times. Sberbank reported that at the end of last year it made a profit of 270.5 billion rubles against 1.24 trillion rubles in 2021. Sberbank director German Gref called 2022 the most difficult year for the banking sector.
The largest bank in Russia has published financial statements in accordance with IFRS (International Financial Reporting Standards) for 2022.
By the end of the year, Sberbank’s net profit fell 4.5 times, from 1.24 trillion rubles to 270.5 billion rubles. Earnings per common share decreased from 56.98 rubles to 12.39 rubles. Return on equity fell 19 percentage points, from 24.2% to 5.2%.
According to the financial report, Sberbank’s net fee and commission income increased by 15.4% to 697.1 billion rubles. Interest income rose 6.6% to 1.87 trillion rubles. The individual-clients of the bank increased by 2.9% – a total of 106.7 million people.
The head of Sberbank German Gref believes that 2022 was the most difficult year for the country’s banking sector. According to Gref’s expectations, Russia’s GDP growth rate in 2023 will be close to zero and inflation will reach 5-6% by the end of the year.
Author:
Kirill Bilyk
Source: RB
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