Sberbank Posts Results for July and First 7 Months of 2021

Sberbank, a state-owned Russian banking and financial services company headquartered in Moscow, recently announced its financial results for July and the first seven months of 2021.

More specifically, the bank registered a net profit of RUB126.8 bn, including the result of the sale of shares of the parent company and debt of the Eurocement Group. ROE for the month came in at 30.3%, and ROA increased to 4.2%. The retail loan portfolio up by 1.3%, while retail loan book increased by 2.0%. Additionally, retail client funding grew by 0.6% in July. Corporate client funding in July came down by 1.4%, or by RUB112 bn.

In terms of key financial highlights for the first seven months of 2021, net interest income stood at RUB905.1 bn, up 11.8% compared to the same period in 2020. Net fee and commission income was up by 17.0% on a YoY basisi to RUB320.8 bn. ​Operating expenses reached RUB369.2 bn, 9.5% higher than the prior year. Cost-to-Income ratio came in at 27.9%. Net profit before income tax totaled RUB890.8 bn, increased 1.8 times compared to the previous year. Net profit increased 1.8 times, and amounted to RUB721.6 bn.

​As Fazzaco reported earlier, SberBank, Apple, and Russia’s National Payment Card System NSPK have partnered to offer Mir card compatibility with Apple Pay​.