Russia’s dominant lender Sberbank reported a nearly 80% plunge in 2022 net profit Thursday as sweeping Western sanctions rattled Russia’s financial sector in what the bank’s CEO called “the most difficult year.”
Sberbank\n \n was releasing results under international reporting standards for the first time in a year. Russian authorities ordered banks to limit disclosures and dividend payments last year as Moscow tried to maintain financial stability. Sberbank’s annual profit came at 270.5 billion rubles , down 78.3% from 2021 and around 30 billion rubles lower than what it reported for 2022 under Russian accounting standards. CEO German Gref said this year’s profits should be close to the record 1.
‘Anti-crisis plan’ Sberbank’s resilience in the face of sanctions helped Russia’s banking sector recover from a loss-making first half in 2022. Other lenders, such as No. 2 bank VTB, have not fared so well and Russia’s central bank warned of “systemic risks” to the sector last week as lenders scramble to turn a profit. Banks are now jostling for business from the state — particularly as the defense budget swells — and the country’s big companies.
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