Sberbank released its annual consolidated financial statements as at and for the 12 months ended 31 December 2018, bank’s website reported, noting that net profit for 2018 reached RUR 831,7 bln, up by 11.1% compared to 2017.
Sberbank’s net interest income rose by 3.5% while net fee and commission income increased by 18.1% year-on-year to RUR 445,3 bln.
“2018 was an important year for Sberbank. Not only did we report a record net profit and reach a Return-on-Equity of over 23%, we also successfully completed the first year of the execution of our Strategy 2020. Furthermore, we embraced the ambitious challenge of carrying out our technological transformation. We completed the revision of all major IT initiatives, hired experienced IT experts, radically redesigned our production process, and integrated our businesses with IT in order to develop our platform,” Herman Gref, Chairman of the Executive Board, CEO, said.