Sberbank reported meaningful gains in net profit for the January–April period under Russian accounting standards, rising by 5.1% year over year to 495.1 billion rubles. This result is documented in the bank’s financial report, highlighting resilience and ongoing strength in core activities amid a challenging macro environment.
In April, the bank achieved a net profit of 131.1 billion rubles, with return on equity standing at 23.6%. These figures illustrate a robust earnings trajectory and sustained efficiency in capital deployment, contributing to the overall profitability profile for the first four months of the year.
Private client lending continued its expansion, with the personal loan portfolio growing 3.4% since the start of the year to 16.1 trillion rubles. During April alone, Sberbank extended 565 billion rubles in loans to private clients, helping lift the total loan portfolio to 39.9 trillion rubles. The bank’s leadership attributes this to strong demand from both individual customers and corporate clients, underscoring a broad-based credit activity that supported the loan book growth in the period.
According to German Gref, President and Chairman of the Bank’s Board, elevated activity among corporate and individual customers translated into a 1.4% month-on-month increase in the total loan portfolio. The positive momentum in funding also remained evident, with individuals increasing deposits by 2% in April, signaling strong household liquidity alongside corporate funding flows.
Retail deposits reached 23.7 trillion rubles by the period end, marking a 4.5% rise from the start of the year as funds moved into term deposits. Corporate funds stood at 12.3 trillion rubles, up 7.7% during the month, driven by higher term account balances. The report notes a 13.2% year-to-date increase in funds from legal entities, reflecting a favorable funding environment and ongoing corporate confidence in the bank’s financial services ecosystem.
Return on equity has remained strong, at 22.4% since the start of the year and 23.6% in April, signaling efficient use of capital and sustained profitability in a competitive banking market.
During early April, Sberbank announced a major update to its SberSpasibo loyalty program, enhancing its value proposition for customers. The program was integrated with the SberPrime subscription, expanding benefits for subscribers and reinforcing the bank’s commitment to rewarding customer loyalty and deeper engagement across services. This strategic shift aimed to amplify cross-selling opportunities while maintaining a customer-centric approach, a move highlighted by German Gref in remarks about the program’s evolution and its broader impact on customer value.
Industry observers have noted that Sberbank set new profit benchmarks despite the higher interest rate regime and tighter regulatory constraints from the central bank. An investment strategist described the bank’s performance as the result of effective management and the proactive adoption of new technologies, including artificial intelligence, which are contributing to productivity gains and better risk management in lending and operations.
Market commentary also emphasized the bank’s dedicated dividend policy, with expectations that 2024 dividends may exceed the already record levels seen in 2023. This outlook reflects the bank’s emphasis on returning value to shareholders while funding ongoing growth initiatives across its business lines.
Earlier disclosures noted that the board of directors had proposed a substantial dividend payout based on the 2023 results, underscoring the management’s confidence in the bank’s earnings framework and capital strength as reported in the annual financial statements.