Sberbank's net profit for 2023 increased by more than 5 times in accordance with IFRS

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AK&M 28 February 2024 11:33

Sberbank's net profit for 2023 IFRS increased by more than 5 times YoY and amounted to 1,508.6 billion rubles, in the fourth quarter of 2023 it increased to 359.7 billion rubles. This is stated in the bank's message.

Net interest income increased to RUB 736.3 billion in the fourth quarter of 2023 compared to the same period last year. For the 12th quarter of 2023, net interest income increased by 36.8% YoY to RUB 2,564.6 billion. The net interest margin increased to 6.26% in the fourth quarter of 2023.

Net commission income amounted to 210.4 billion rubles in the fourth quarter of 2023. For the 12th quarter of 2023, net commission income amounted to 763.9 billion rubles, an increase of 9.4% YoY or 15.4%.

The Group's operating income before reserves increased to RUB 806.3 billion in the fourth quarter of 2023. For the 12th quarter of 2023, this figure amounted to 3165 billion rubles, an increase of 66.3% yoy.

Total expenses on reserves and revaluation of loans measured at fair value amounted to RUB 30.1 billion in the fourth quarter of 2023 and RUB 265 billion in the 12th quarter of 2023 and decreased by 52.3% YoY.

The cost of risk was 0.3% for the fourth quarter and 0.8% for the 12th quarter of 2023.

The Group's operating expenses amounted to RUB 292 billion in the fourth quarter and RUB 924.4 billion in the 12th quarter of 2023. The growth of operating expenses in 2023 amounted to 27.2%.

The retail loan portfolio grew by 5.9% in the quarter and by 29.3% since the beginning of the year to RUB 16.1 trillion. The profitability of retail loans increased by 2.4 pp YoY in the fourth quarter to 14.1%.

The mortgage portfolio grew by 8.2% in the fourth quarter or by 34.9% since the beginning of the year and amounted to 10.2 trillion rubles.

The portfolio of consumer loans decreased by 1.4% in the fourth quarter to 3.9 trillion rubles. Since the beginning of the year, the growth has amounted to 10.9%.

The Group's risk-weighted assets increased by 27.1% over the year to RUB 46.3 trillion.

Sberbank PJSC is one of the largest banks in Russia and one of the leading global financial institutions. Sberbank accounts for about a third of the assets of the entire Russian banking sector. Sberbank is a key lender for the national economy and holds one of the largest shares in the deposit market. The main shareholder of Sberbank PJSC is the Russian Federation represented by the Ministry of Finance of the Russian Federation, which owns 50% of the authorized capital of Sberbank PJSC plus 1 voting share. The remaining 50% minus 1 voting share of the bank's authorized capital is owned by Russian and international investors.