News

Sberbank’s net profit 47% down

Russia’s Sberbank released its interim consolidated IFRS financial statements as at and for the 3 months ended 31 March 2020, with report on review by PricewaterhouseCoopers Audit.

As Alexander Morozov, Deputy Chairman of the Executive Board commented, “Interest income and fees and commissions dynamics were in line with our expectations. Obviously, COVID-19 has disrupted our plans. Nevertheless, Sberbank delivered return on equity above 10%. The current crisis has once again proved our strategy with focus on the development of digital solutions and ecosystem services, the demand for which is progressing at an accelerated pace.”

According to the financial statements, the group’s net profit reached RUR 120.5 bln ($1.6 bln, -46.8% y/y), earnings per ordinary share are down by 46.9% y/y, return on assets was 1.5%, gross loans increased by 6.5% while retail loan portfolio was up by 3.9% and corporate loan portfolio expanded by 8.0%.

Previous ArticleNext Article