According to the bank’s published financial report, Sber achieved record net profit of almost 1.5 trillion rubles in 2023 (5 times more than in 2022).
“During this year, we increased the number of our customers, improved our position in all major banking markets and made a breakthrough in the development of artificial intelligence technologies,” said German Gref, President and Chairman of Sberbank.
He also emphasized that 2023 has become a turning point for Sber. Gref noted that the bank determines the main directions of strategic development.
“Focusing on building a human-centered model using artificial intelligence will be the basis for the long-term sustainability of our business and value creation for our shareholders,” said the chairman of the board of directors of Sberbank.
In 2023, Sber shares have almost doubled. Its shares were the most popular security in the “people’s portfolio” and were chosen by almost 37% of private investors, according to the Moscow Stock Exchange. BCS Express analysts declared that these shares remain one of the most understandable and attractive securities on the market.
“It could pay a record dividend of around 33 rubles per share at the end of the year,” analysts said.
As RegBlock chief analyst Anna Avakimyan said, Sber’s financial results reflect a high level of financial and operational efficiency.
“The fact that return on equity is close to historical values is the main factor in the investment attractiveness of Sber securities. “The bank has gone through a period of high volatility and new sanctions restrictions with minimal losses in 2022,” he said.
Avakimyan emphasized that these indicators are the result of a balanced risk management system.
In addition, Sergey Suverov, investment strategist at Arikapital Management Company and associate professor at the University of Finance under the Government of the Russian Federation, said: “Sber’s record profits and planned dividends for 2023, combined with its technology leadership strategy, confirm the company’s position: “The locomotive of the Russian economy and stock market.”
“This is precisely the situation in which it is possible to implement a profitable growth policy in the interests of both majority shareholders and minority shareholders for many years,” Suverov emphasized.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.