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Sberbank improves forecast for Russian GDP growth in 2024 to 3.8%

By the end of 2024, Sber expects retail lending to grow by 12-14% (previously 9-11%), while the bank itself expects to grow better than the market

MOSCOW, August 8. /TASS/. Sberbank improved its forecast for Russian GDP growth this year to 3.8% from 2.8%, according to the bank's presentation of its financial statements.

At the same time, Sberbank experts have worsened the inflation forecast for the end of 2024 from 4-5% to 6.5-7.5%.

Sber also revised its forecast for lending growth in Russian banks. By the end of 2024, Sber expects retail lending to grow by 12-14% (previously 9-11%), while the bank itself expects to grow better than the market. According to Sber's forecast, lending to legal entities will grow by 14-17% this year (previously 12-15%), the bank intends to grow in line with the market.

In addition, Sber increased its forecast for the growth of funds of legal entities for 2024 in the sector to 4-6% from 2-4%, individuals - to 26-29% (previously 24-26%). The Bank expects the growth of corporate clients' funds to the sector average, and the growth of the retail deposit market to be at the sector level.

Sberbank also expects the Bank of Russia's key rate to remain at the current level of 18% until the end of 2024.

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