According to the bank’s press service, Sovcombank reported a notable performance in the first quarter of 2023. Net profit rose by 23 billion rubles, total assets expanded by 2.3 trillion rubles, and equity grew by 12% to 214 billion rubles. These metrics reflect a robust quarter where sustained profitability and strategic income streams contributed to a stronger balance sheet.
The bank’s lending portfolios also showed positive momentum. The mortgage book increased by 4%, reaching 188 billion rubles, while the auto loan portfolio advanced by 6% to 171 billion rubles. The halva card portfolio, a card-based consumer lending segment, recorded a 9% rise to 123 billion rubles. Together, these lines of business contributed to a broader growth trajectory across retail lending during the period.
In the corporate segment, the portfolio of loans to large companies grew by 7% to 654 billion rubles over the three months, and loans to small and medium enterprises (SMEs) rose by 3% to 157 billion rubles. This pattern indicates a balanced expansion across both large-scale and SME lending, aligning with Sovcombank’s strategy to diversify its credit book while maintaining prudent risk management.
Analysts noted that the first quarter delivered results that exceeded the bank’s 2021 baseline, driven by steady core profits and one-time income streams. Sergey Khotimsky, First Deputy Chairman of the Board of Directors, commented that the period benefited from the Central Bank of Russia’s supportive measures which helped counteract losses related to the freezing of assets abroad and supported growth in key indicators. This perspective underscores how regulatory actions can influence quarterly outcomes and capital dynamics for banks operating in challenging international environments.
Rating agencies likewise recognized Sovcombank’s standing. The Analytical Credit Rating Agency (ACRA) confirmed Sovcombank’s credit rating at AA-(RU) in April 2023, removing the previous under review status and shifting the outlook to stable. Later in July 2023, Expert RA reaffirmed the bank’s rating at ruAA and kept the outlook stable. These judgements reflect continued confidence in Sovcombank’s credit quality and risk profile amidst ongoing market fluctuations.
Additionally, the bank’s insurance group reported a regular profit of 650 million rubles for the first quarter of 2023, signaling solid performance across non-banking segments within the Sovcombank group. Separately, Sovcombank Leasing posted a quarterly result of 652 million rubles for the four months ended in 2023, contributing to the overall earnings mix and demonstrating the diversification of the group’s financial activities beyond traditional lending. These figures illustrate a comprehensive earnings narrative that includes retail, corporate, insurance, and leasing subsidiaries, contributing to the bank’s multi-channel profitability profile.