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Sberbank's net profit rises by 10.1% to $4.86 bln in Q2

Strong results in the first half of the year, coupled with economic growth, allowed to raise the forecast for Sber Group's return on equity to over 23% for 2024

MOSCOW, August 8. /TASS/. Sberbank's net profit under the International Financial Reporting Standards (IFRS) in April - June 2024 increased by 10.1% year-on-year and reached 418.7 bln rubles ($4.86 bln), the bank said on Thursday.

"Sber's net profit in the Q2 2024 increased by 10.1% y/y to 418.7 bln rubles. For the first half of 2024, net profit amounted to 816.1 bln rubles, an increase of 10.7% year-on-year," the report said.

Strong results in the first half of the year, coupled with economic growth, allowed to raise the forecast for Sber Group's return on equity to over 23% for 2024.

The bank's net interest income increased by 19.3% to 713.2 bln rubles ($8.21 bln) in the Q2 due to the growth of the portfolio volume. Net commission income increased by 12.1% to 209.5 bln rubles ($2.41 bln) due to growth in income from settlement and cash services, acquiring and documentary business.

The bank's retail loan portfolio exceeded 17.5 trillion rubles ($201.45 bln), growing by 6.3% in the Q2 and by 8.9% since the beginning of the year amid changes in the conditions of government support programs. The mortgage portfolio grew by 5.8% over the quarter and by 6.7% since the beginning of the year - to 10.9 trillion rubles ($125.47 bln).

Individual funds exceeded 25.6 trillion rubles ($294.7 bln), growing by 9.2% over the quarter (+10.2% excluding currency revaluation) and by 11.9% since the beginning of the year (+12.3% excluding currency revaluation).

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