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Sberbank expects record profits for Russian banking sector in 2023

According to the presentation, Sberbank's profit will be comparable to or exceed the results of 2021, when the bank earned $12.5 bln

MOSCOW, October 4. /TASS/. Sberbank expects record profits for the Russian banking sector by the end of 2023, Taras Skvortsov, vice president and head of the Sber finance department, said speaking on the MOEX_hometalks podcast.

"We agree with this assessment that sector profits will be record high. We are highly likely to overcome the level we had in 2021," he said. Skvortsov noted that not only the largest players, but also by banks outside the top 20 show profits which indicates the health of the sector.

The head of the financial department noted that the bank also expects good financial results for 2023. According to the presentation, Sberbank's profit will be comparable to or exceed the results of 2021, when the bank earned 1.246 trillion rubles ($12.5 bln).

In early September, Sberbank reported a record profit for the eight months of 2023 according to Russian accounting standards in the amount of 999 billion rubles ($10 bln).

Earlier, the head of the Bank of Russia, Elvira Nabiullina, stated that the profit of Russian banks at the end of 2023 could reach up to 3 trillion rubles ($30.1 bln). According to the Bank of Russia, the profit of the Russian banking sector for the eight months of 2023 reached 2.4 trillion rubles ($24 bln), which corresponds to the results of the entire 2021.

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