Commenting on Sber’s published financial results for February 2024, Sergei Suverov, investment strategist of Arikapital Management Company and associate professor at the University of Finance under the Government of the Russian Federation, noted that the Sber team continues to improve its financial results every month.
Let us remind you that today Sberbank published its financial results for February 2024, according to which net profit increased by 4.8% compared to February 2023 (to 120.4 billion rubles). In total, according to the results of the first two months of this year, Sber’s net profit reached 235.5 billion rubles, an increase of 4.7% year on year.
Sberbank President and Chairman of the Board of Directors German Gref noted that the bank’s total loan portfolio increased by 0.5% during the month, despite the pressure on corporate and individual loans. Thus, it reached 38.9 trillion rubles. Gref also emphasized that despite high interest rates, customer savings at Sberbank are growing significantly faster. The volume of funds collected from bank customers increased by 2.3% during the month, reaching 34.3 trillion rubles.
“Sber achieves the almost impossible. “German Gref’s team is improving its financial results every month, despite many predictions that profits in the banking sector will fall this year,” he said.
According to Suverov, such results can be achieved thanks to motivated employees and the positive impact of new technologies.
“The financial market continues to bet on Sber; shares recently broke the psychologically important barrier of 300 rubles per share and retain growth potential,” he added.
According to financial analyst Dmitry Tsarkov, Sber is the highest quality enterprise among all Russian companies.
“In total, we have around 20-22 percent investor potential for this security,” he said.
Alexey Antonov, head of investment advisory department at Alor Broker, believes that holders of Sber shares should abandon them and go out to get dividends.
This year, Sber shareholders are planned to receive 50% of the net profit for 2023 in the form of dividends, that is, 750 billion rubles.