Big drop in Sberbank’s profits

Although the net profit of Sberbank, the giant state-owned bank of Russia, was 270.5 billion rubles in the whole of 2022, its net profit fell by 78 percent according to International Financial Reporting Standards (IFRS). In the financial report shared by the bank, it was reminded that there were 1.246 trillion rubles in 2021.

Last year, the bank’s equity volume increased to 5.8 trillion rubles and the group’s capital adequacy to 14.8 percent, while Sberbank’s net interest income increased by 6.6 percent annually to 1.875 trillion rubles, driven by growth in the volume of operating assets.

While net fee and commission income increased by 15.4 percent to reach 697 billion rubles, it was emphasized that the main contribution to the growth came from the income from clearing and cash services, as well as transactions made with debit cards.

According to the news of Gazetemru, the operating expenses of the group for the reporting period decreased by 1.5 percent to 822 billion rubles, while the ratio of operating expenses to revenues was 41.6 percent.

In 2022, the net cost of credit risk, including loan revaluation, reached 555 billion rubles, while Sberbank’s retail loan portfolio increased by 12.2 percent to 12.4 trillion rubles.

The corporate loan portfolio, on the other hand, increased by 13.2 percent to 18.6 trillion rubles, excluding currency revaluation.

Last year, retail deposit volumes increased by 7.4 percent to reach 18.5 trillion rubles at the end of the year, excluding currency revaluation at the end of the year, while corporate funds increased by 17 percent to 11.4 trillion rubles during the year, excluding currency revaluation.

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