Page 98 - RusRPTFeb24

8.1.8 Sberbank news
Russia’s largest state-controlled bank Sberbank (Sber) a record posted 21% year-on-year growth in Russian Accounting Standards (RAS) profit to RUB1.48 trillion ($17bn) in 2023, with RUB116bn RAS profit in December 2023 alone.
As followed by bne IntelliNews, Sberbank posted a RUB357bn ($4.5bn) net profit under IFRS in 1Q23 and RUB737.5bn ($7.9bn) in 1H23. The profit for 1Q23 alone was 1.5 times higher than the bottom line posted for all of 2022, when the bank came under sanctions for Russia's full-scale military invasion of Ukraine.
In 2023, return on equity remained above the long-term average at 24.7% for 2023 and 21.0% in December, Renaissance Capital commented.
Net interest income in December remained at the previous month's level, while fee and commission income increased significantly, offset by higher operating expenses and provisioning. Notably, in December, the growth of retail customer debt slowed to almost zero.
In December, retail debt growth slowed to 0.3% month on month (versus 2.5-2.7% in October-November), while corporate loan growth accelerated to 1.2% m/m (after 0.7-0.9% growth in previous months).
98 RUSSIA Country Report February 2024 www.intellinews.com