Page 94 - RusRPTOct23

From May 1, the regulator introduced surcharges for loans for housing under construction with an initial contribution of less than 30% and for finished housing with a contribution of less than 15%. NKR analysts expected a noticeable decrease in demand, but banks only slightly increased rates, which had a minimal impact on transactions: according to Frank RG, in June and July, loans amounted to 627 billion and 657 billion rubles. respectively, which was a historical maximum for these months of the year. In addition, very high surcharges on loans for new buildings and secondary housing will begin to operate from October 1. The largest values will affect the segment of equity participation agreements - for loans with an initial payment of up to 10%, the estimated premium will be 900%. But the share of such loans is relatively small - only 1% of loans.
8.1.8 Sberbank news
Sberbank reported a net profit of 140.9bn rubles for August, as per Russian Accounting Standards (RAS). This announcement was made in the bank's report on September 12.
Notably, the bank did not release its financial reports for the previous year, and consequently, no figures for August 2022 are available for comparison.
In August, Sberbank witnessed a 3.8% increase in its retail loan portfolio, reaching a record high of 915bn rubles. Concurrently, the corporate loan portfolio experienced a 2.3% growth, reaching 22.1 trillion rubles.
CEO German Gref shared during the Eastern Economic Forum that the bank's net profit for January to August totaled an impressive 999bn rubles. He also expressed optimism, suggesting that the bank's return on equity might surpass the current 2023 forecast of 22%.
Sberbank's net interest income demonstrated robust growth, surging by 40.1% y/y to reach 1.5 trillion rubles for the period spanning January to August.
Additionally, there were positive developments in deposits. Individuals' deposits with Sberbank increased by nearly 2% in August, while corporate deposits saw a significant 8.6% rise during the month. Since the beginning of the year, corporate deposits have surged by 18%, surpassing 10.3 trillion rubles in August, according to Gref's statement.
Moscow-based Sberbank has launched transfers to Iran for Russians using a local account number, RIA Novosti reported on September 7. The war in Ukraine has led to significant levels of Russian-Iranian cooperation in the military, economic, and political spheres. Banking and tourism have been the largest areas of perceived growth, while the automotive sector has seen a convergence in recent months following the departure of international car
94 RUSSIA Country Report October 2023 www.intellinews.com