According to the financial institution’s IFRS report, Sovcombank finished 2023 with a net profit of 95 billion rubles, equating to 4.6 rubles per share. The year’s regular net profit stood at 62 billion rubles while irregular gains contributed 33 billion rubles. This mix underscores a year of strong profitability alongside periodic non-operational benefits that influenced the bottom line.
Analysts and executives describe the year as historic for Sovcombank. The bank not only completed an initial public offering but also delivered record-level net profit across its entire operating history. In response to a rising interest-rate environment, the institution set aside additional reserves within its loan portfolio to weather the higher cost of capital in 2024. Management signaled a commitment to sustaining growth trajectories in the current year, emphasizing prudent risk management and disciplined capital allocation as the backbone of its strategy. In a public statement, a senior executive noted that the institution would closely monitor macroeconomic trends and adjust its plans to preserve financial resilience while pursuing expansion opportunities.
In terms of shareholder returns, Sovcombank proposed to the board that 2023 net profit be allocated for dividends at a 30% payout ratio, to be decided at the upcoming annual shareholders meeting scheduled for June 2024. The plan would translate into 1.1 rubles per share, accounting for interim dividends already paid in late 2023 totaling 5 billion rubles. This approach reflects a commitment to returning capital to investors while maintaining a capital base capable of supporting ongoing growth and risk management initiatives.
Earlier communications indicated Sovcombank’s intention to acquire Home Bank, a transaction that is anticipated to close by the end of 2024. The acquisition would potentially broaden the bank’s geographic footprint and product offerings, enabling it to leverage synergies in lending, deposit gathering, and wealth management. Market observers are watching the integration timeline closely, evaluating how the deal will affect capital adequacy, cost efficiency, and revenue diversification across the expanded platform .