Page 167 - RusRPTAug24

For now, though, the housing market looks like it will manage to avoid a collapse. Vasily Astrov of the Vienna Institute for International Economic Studies says that “deceleration and possibly stagnation” are likelier than a big drop in prices.
8.1.8 Sberbank news
Sberbank's net profit for the first half of 2024 increased by 5.6% y/y to RUB 768.7bn. Return on equity (the ratio of net profit to equity) was 22.9%. This is stated in the credit institution's financial statements under RAS.
Net interest income for the reporting period amounted to RUB 1.2 trillion, up 16.9%, and net fee and commission income amounted to RUB 353.8bn (+9.7%). Operating expenses increased by 20.2% to RUB 447bn. The expense-to-income ratio was 27%.
In June, Sber's net profit reached RUB 140.3bn (+1.1% y/y) with a profitability of 24.8%. This dynamic is due to the effect of a high base for 2023, which included profit from the deal to sell a subsidiary in Austria, the report explains.
Net interest income in June increased by 13.8% to RUB 207.1bn due to an increase in the volume of operating assets. Commission income amounted to RUB 64bn (+10%) primarily due to an increase in acquiring volumes and income from trade finance and documentary operations, the report states.
In June, Sber attracted a record volume of funds from individuals since the beginning of the year, the press service quotes the words of the head of the credit institution, German Gref. "In June, we attracted a record volume of funds from individuals since the beginning of the year in the amount of about 900bn rubles. Our updated conditions for depositors were in high demand, and, as a result, the growth rate of deposits exceeded 4% per month," he said.
In addition, in June, Sber issued a record number of loans to private clients since the beginning of the year - 763bn rubles. This result is mainly due to increased demand for mortgages in anticipation of the reduction of preferential state programs, the report states.
After the publication of the report, Sberbank shares peaked at 325.3 rubles (+0.44%). By 11:27 Moscow time, the shares were trading at 324.9 rubles (+0.26%).
8.1.8 Bank news
The Central Bank is reportedly preparing to remove several banks from 167 RUSSIA Country Report August 2024 www.intellinews.com