Page 91 - RusRPTSept21

participation parameters: it is now going to require one child born after 2018 (vs. at least two before).
Across the listed universe, we anticipate a reversal in mortgage sales (75% of deals in 2Q21 vs. 60% prior to the subsidised mortgage introduction) in the near term, mostly on the lower mortgage limits in Moscow and St Petersburg, as that is unlikely to be offset by the family mortgages. Other nearest-term sectoral downside risks include a higher interest rate environment as well as fragile consumer budgets, while prolonged subsidised family mortgages rather improve the longer-term outlook.
8.1.8 Sberbank news
Russia's largest bank state-controlled Sber (Sberbank) posted net income of RUB127bn ($1.7bn), jumping by 93% year on year and 19% month on month and making a record-high Return on Equity (ROE) of 31% in July 2021 under Russian Accounting Standards (RAS).
As followed by bne IntelliNews, for 2020 Sber delivered strong IFRS results in a challenging coronavirus (COVID-19) year and surprised positively with its recent dividend announcement. Strong IFRS
91 RUSSIA Country Report September 2021 www.intellinews.com