Russia’s largest state-controlled bank Sberbank (Sber) posted a Russian Accounting Standard (RAS) net profit of RUB141bn in September and RUB1.19 trillion in 9M24 overall, making a return on equity (ROE) of 26.3% and 23.9% respectively.

As followed by bne IntelliNews, Sberbank showed a rise of 21% year on year in RAS profit to a record-high RUB1.48 trillion ($17bn) in 2023, with a RUB116bn RAS profit in December 2023 alone. 

Sber’s loan portfolio grew by 2.1% y/y in September (+12.9% YTD). Growth slowed in both the retail (+0.9% month on month) and corporate segments (+2.1% m/m), but still remained elevated in the latter, Renaissance Capital analysts commented.

Customer funds grew by 1.7% m/m (+14.8% YTD), with growth remaining strong among both retail and corporate customers.

To remind, Sber, under full blocking sanctions, did not pay the RUB623bn dividend for 2021 amid the fallout from Russia’s full-scale military invasion of Ukraine.

But the bank surprised with the record-breaking total dividend payout of RUB565bn ($7.3bn) in 2022, making more than double the RUB271bn net profit the bank earned last year. The largest recipient of the dividend, at RUB282.5bn, was the state (50% plus one share in Sberbank).

Sber then paid another record-high RUB752bn ($8.5bn) dividend for 2023, or RUB33.3 per ordinary and one preferred share (10.6% yield for both). According to the latest reports, Russia's budget revenues from dividends of Sber in 2025 are planned at RUB375bn ($4bn).

The state, represented by the National Welfare Fund, owns 50% plus one share in Sberbank. Thus, the total amount of dividends that can be paid by the bank in 2025 could amount to RUB750bn, or 50% of the IFRS net profit of RUB1.5 trillion according to the bank’s dividend policy.