Russia's dominant lender Sberbank expects profits to rebound sharply this year after a nearly 80% drop in 2022 as sweeping Western sanctions rattled Russia's financial sector in what the bank's chief executive called 'the most difficult year'.
The logo of Russia's largest lender Sberbank in one of its offices in Moscow, Russia, December 24, 2020. REUTERS/Maxim ShemetovCEO expects 2023 profit near record level of pre-crisis yearThis content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine
MOSCOW, March 9 - Russia's dominant lender Sberbank expects profits to rebound sharply this year after a nearly 80% drop in 2022 as sweeping Western sanctions rattled Russia's financial sector in what the bank's chief executive called "the most difficult year"., which boasts around 107 million active retail clients, was releasing results under international reporting standards for the first time in a year.
Sberbank's annual profit came at 270.5 billion roubles , down 78.3% from 2021 and around 30 billion roubles lower than what it reported under Russian accounting standards. Profit under Russian standards for January-February 2023 stood at 225 billion roubles, Sberbank said on Thursday. Its Moscow-listed shares hit a more than one-year high at market opening before easing 0.3% on the day.
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