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Sber keeps Russian GDP growth outlook at 3.8% in 2024

Sberbank also reported a 13.9% increase in its corporate loan portfolio over the past nine months, with an 8.9% rise in the third quarter alone

MOSCOW, October 31. /TASS/. Sberbank is keeping its forecast for Russian GDP growth at 3,8% in 2024 and has raised its end-of-year inflation estimate to 8-8.5%, the bank said in its presentation to financial statements.

"High inflation definitely continues to remain the main challenge. We’re seeing a significant impact from high key interest rates on company turnover dynamics. According to the Sber Index, turnover growth is slowing," head of Sberbank Finance Taras Skvortsov said.

Sberbank also reported a 13.9% increase in its corporate loan portfolio over the past nine months, with an 8.9% rise in the third quarter alone. Retail lending grew by 12.4% in the same nine-month period and by 3.2% in the third quarter of 2024.

The bank’s forecast for loan growth in the sector as a whole in 2024 is 18-21% for corporate loans and 10-12% for personal loans.

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