RBC Investments tracked the performance of the top 10 Russian securities with the strongest growth from December 29, 2000, through December 26, 2023. Among these, Sberbank’s preferred and ordinary shares secured the first two spots in the ranking, underscoring the bank’s enduring market influence over more than two decades.
Analysts highlighted staggering gains: the price of Sberbank’s preferred stock surged more than 660-fold, while the ordinary shares rose about 387-fold in the same period. Those figures reflect a remarkable combination of market confidence, consistent profitability, and strategic capital allocation that resonated with investors looking for exposure to Russia’s financial sector.
Industry experts also pointed out that Sber shares were the most sought-after blue chips in the Russian market during the prior year. Data from the Moscow Exchange showed that in November, Sber’s common and preferred shares together comprised a substantial 37.4 percent of the average investor portfolio, with 30.1 percent in common shares and 7.3 percent in preferred shares, illustrating a strong preference for the bank’s equity among market participants.
Furthermore, analysts projected a near-term continuation of Sber’s positive price trajectory into 2023. The consensus suggested the stock could experience another ascent as investor sentiment improved and the market absorbed a broader recovery narrative for the Russian economy.
Projections for 2023 cited solid earnings momentum as a key driver. Sberbank reported robust results in the first 11 months, with net profit reaching 1.38 trillion rubles, while the bank also signaled the potential for a record dividend payout. This combination of profitability and shareholder-friendly policy contributed to a more optimistic outlook for the equity’s total return prospects by year-end. A brighter macro environment, characterized by improving economic indicators and a cautious but improving market mood, was expected to support broader participation and upside for the stock.
Looking ahead to 2024, the consensus among analysts was cautiously optimistic about continued upside for Sber shares, with potential growth estimates reaching around 40 percent, contingent on sustained earnings strength and a stable financial backdrop that supports bank dividends and capital return to shareholders.
Industry commentators from Gazprombank Investments characterized Sber as the largest, most stable, and dynamically developing enterprise in Russia, noting that its earnings show relatively low sensitivity to shifts in exchange rates or commodity prices. This perspective underlines why Sber remains a cornerstone holding for many institutional and retail investors seeking reliability amid evolving global market conditions.
Additionally, one of the main catalysts for stock appreciation in the coming year could be the anticipated dividends based on 2023 results. The bank’s new dividend framework indicates distributions of half of IFRS net profit to shareholders, a policy that, given the strong 2023 performance, could translate into a payout on the order of hundreds of billions of rubles. This dividend trajectory, combined with continued earnings strength, supports a constructive long-term view for Sber’s equity outlook.