Sberbank increases net profit to IFRS to 1.580 trln rubles in 2024, but sees decline to 353 bln rubles in Q4

MOSCOW. Feb 27 (Interfax) - Sberbank increased its net profit to International Financial Reporting Standards (IFRS) 4.8% in 2024 to 1.5803 trillion rubles, compared to 1.5086 trillion rubles in 2023, the bank said in a statement.

The bank's net profit fell 1.8% to 353.1 billion rubles in Q4 2024, down from 359.7 billion rubles in the same period of 2023.

The results fell short of analysts' consensus forecast, which had predicted net profit growth of 5.3% to 1.589 trillion rubles in 2024 and a 0.7% increase to 362.1 billion rubles in Q4.

Return on equity declined to 24.0% in 2024 from 25.3%, and to 20.6% in Q4 from 22.9%.

Total provisions and revaluation of loans measured at fair value amounted to 135.4 billion rubles in Q4 2024, primarily due to provisions for the corporate portfolio (compared to 30.1 billion rubles a year earlier). For 2024 as a whole, this figure reached 413.0 billion rubles, mainly driven by the retail segment, up from 265.0 billion rubles in 2023.

The cost of risk reached 1.0% in 2024, compared to 0.8% in 2023, and 1.2% in Q4, up from 0.3% a year earlier. The bank attributed this increase in Q4 to additional provisions in the corporate segment. In the retail segment, the cost of risk declined over the quarter due to a seasonal improvement in asset quality, the bank said.