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Sber 9M net profit reaches $12.35 bln

The bank's net interest income increased over 9 months to 1.828 trillion rubles ($19.63 bln)

MOSCOW, November 2. /TASS/. Sber net profit for 9 months of 2023 under the International Financial Reporting Standards (IFRS) reached 1.149 trillion rubles ($12.35 bln), according to the bank's materials.

"The net profit of Sber in the third quarter of 2023 increased to 411.4 billion rubles. For 9 months of 2023, Sber earned 1.149 trillion rubles," the bank said.

According to the bank’s CEO Herman Gref, who was quoted in the statement, strong results for nine months and a good start to the Q4 provide grounds for raising the forecast for return on equity for 2023 to above 24%.

The bank's net interest income increased over 9 months to 1.828 trillion rubles ($19.63 bln). The net interest margin increased to 6% amid rising rates in the economy and an improved balance sheet structure. Net commission income for 9 months amounted to 553.5 bln rubles ($5.93 bln). Total expenses for provisions and revaluation of loans measured at fair value amounted to 48 bln rubles ($514 mln) in the Q3 and 234.9 bln rubles ($2.52 bln) in 9 months of 2023.

The retail loan portfolio amounted to 15.2 trillion rubles ($163.26 bln) at the end of the Q3, having increased by 22.1% since the beginning of the year. Including the mortgage portfolio has grown by 24.6% since the beginning of the year and exceeded 9.4 trillion rubles ($101.01 bln).

The corporate loan portfolio grew by 21.9% since the beginning of the year (+15.6% excluding currency revaluation) and amounted to 22.7 trillion rubles.

Funds from individuals amounted to 21.4 trillion rubles ($229.96 bln), showing an increase of 15.7% since the beginning of the year.

Funds from legal entities increased by 18.1% since the beginning of the year (+12.1% excluding currency revaluation) to 13.4 trillion rubles ($143.9 bln). The cost of funds from legal entities increased by 1.4 percentage points in the third quarter of 2023 to 5.5%.

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