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Sberbank reports 2Q 2021 Net Profit of RUB325.3 bn under International Financial Reporting Standards (IFRS)

Sberbank (SBER)
Sberbank reports 2Q 2021 Net Profit of RUB325.3 bn under International Financial Reporting Standards (IFRS)

29-Jul-2021 / 10:00 MSK
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Sberbank reports 2Q 2021 Net Profit of RUB325.3 bn under International Financial Reporting Standards (IFRS)


Moscow, July 29, 2021 - Sberbank (hereafter "the Group" or "Sber") has released its interim condensed IFRS financial statements (hereafter "the Financial Statements") as at and for the 6 months ended 30 June 2021, with report on review by AO PricewaterhouseCoopers Audit.


Alexandra Buriko, CFO, stated:


"The results of the first half of 2021 reflect the rapid recovery of the Russian economy and our leading position on the financial markets. We earned RUB629.8 bn in net profit and achieved a return on equity above 25%.


In the second quarter, we saw high consumer and transactional activity and improved dynamics in corporate lending. The Sber Group operating income before provisions increased by 22.8% in the reporting quarter. We ramped up our banking business with a noticeable improvement in the asset quality of our loan portfolio. Retail lending remains the main driver: in the second quarter of 2021, the retail loan portfolio grew by 7% and exceeded RUB10 trn.


Our payment business continued to accelerate: operating income in the first half of the year increased by 24.1% y/y due to the growth in the share of cashless turnover and transactional activity. Risk insurance and Wealth management segments also demonstrated high growth rates.


Non-financial business scales fast on the back of unified elements usage and the core technological platform. The revenue of the segment tripled for the first half of the year and exceeded RUB74 bn.


The business dynamics for the first half of the year have formed a solid ground for a more ambitious return on equity forecast of over 22%."



Sber key financial and operating highlights for the reporting period


  • The Group net profit1 reached RUB629.8 bn for 1H 2021 (+119.3% y/y), and RUB325.3 bn for 2Q 2021 (+95.1% y/y);
  • The Group earnings per ordinary share (EPS) 1 came in at RUB28.54 for 1H 2021 (+113.3% y/y), and RUB14.34 for 2Q 2021 (+84.3% y/y);
  • The Group return on equity (ROE) 2 for 1H 2021 reached 25.3% (+12.8 pp y/y), for 2Q 2021 reached 25.8% (+11.5 pp y/y);
  • The retail loan portfolio exceeded RUB10 trn, up by 7.0% for 2Q 2021, or up by 11.2% for 1H 2021;
  • The Group net fee and commission income increased by 30.9% y/y in 2Q 2021 to RUB157.1 bn, or to RUB291.4 bn for 1H 2021 (+18.3% y/y);
  • The asset quality of the loan portfolio improved substantially in 2Q 2021 in all key segments;
  • Revenues of the Non-financial business segment for 1H 2021 tripled y/y to RUB74.7 bn;
  • The new multi-category marketplace SberMegaMarket was launched in 2Q 2021; Sber ID and SberPay services became available to customers, as well as the option to purchase goods with SberSpasibo loyalty program bonuses;
  • The number of users of SberPrime subscriptions exceeded 1.5 mn. An upgraded subscription, SberPrime+, was launched in April. It combines both financial and non-financial services of Sber ecosystem.


Sber key metrics of client activity


mn, unless stated otherwise





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