Page 95 - RusRPTFeb23

8.1.8 Sberbank news
The net profit of Russia’s largest state-controlled bank Sber (Sberbank) dropped 76% year on year in 2022 to RUB300bn ($4.4bn) from RUB1.24 trillion seen in 2021 under Russian Accounting Standards (RAS). In December alone, net profit of RUB125.5bn was posted, up by 40% y/y.
As followed by bne IntelliNews, amid Russia’s military invasion of Ukraine the EU has sanctioned Russian banks Sber, VTB, Sovcombank, Novikombank, Otkritie FC Bank, VEB, Promsvyazbank and Bank Rossiya, while also cutting the banks (including Sber) off SWIFT.
Sber reported its first post-invasion financials in October, showing RUB122bn ($2bn) net profit for that month and RUB50bn for 10M22 overall under RAS.
For full-year 2022 results, Sber commented that net interest income stabilised in December and grew by 5.2% y/y to RUB176.5bn, due to a recovery of working assets and the normalisation of interest rates. Net fees and commissions income rose 6% y/y to RUB615bn.
At the same time, operating expenses in December decreased by 12% y/y to RUB81bn.
Notably, the loan book in December expanded by RUB625bn to retail clients, with the mortgage issuance setting a monthly record of RUB382bn. At the end of 2022, the mortgage loan portfolio of Sber reached RUB7.7 trillion, making a 20% y/y growth. The total retail loan portfolio in December grew by 1.7% and 13% year to date to RUB 12 trillion.
The number of retail customers of Sber in 2022 was 107mn and the number of corporate clients was over 3mn.
Russia’s largest state-controlled bank Sber (Sberbank) has launched operations in the annexed Crimea peninsula and plans to open first branches in its largest cities in 1H23, RBC business portal reported citing the press-service of the bank. "Sberbank has formed a team and is starting to work on the Crimean peninsula," the statement said as cited by RBC. Sber will also install its ATMs in Crimea, to be operational within a year. To remind, in 2022 Vladimir Putin urged sanctioned Russian banks and businesses to move to the annexed peninsula, sanctioned since 2015, as they “have nothing more to lose” anymore after the country became the most sanctioned
nation in the world following the full-scale military invasion of Ukraine.
95 RUSSIA Country Report February 2023 www.intellinews.com