Sberbank observing some credit portfolio deterioration, but situation manageable - Gref

MOSCOW. June 30 (Interfax) - Sberbank sees some deterioration in the quality of its credit portfolio, but the situation remains fully manageable, Sberbank CEO Herman Gref said.

"Given the current high interest rates and sharply reduced demand for money, our retail portfolio has grown just one percentage point since the start of the year. The corporate loan portfolio remains at approximately zero. However, with unemployment at today's level of 2.3%, we're seeing the quality of the portfolio decline somewhat. Still, the situation is fully manageable - we're providing substantial support to corporate clients," Gref said during an interview at an annual shareholders meeting.

"Naturally, restructuring requests are increasing. But I hope that, as always, we will be able to establish joint plans for navigating these complex times, for both our corporate clients and our retail clients," he said.

In May, Sberbank's corporate loan portfolio to Russian Accounting Standards (RAS) grew 0.9% (0.5% including currency revaluation) to 27.4 trillion rubles. The corporate portfolio has increased 1.5% since the start of the year but declined 1.4% with revaluation. Retail lending rose 0.5% in May to 17.6 trillion rubles, with 0.6% growth since the start of the year (1% excluding auto loan assignments).

Sberbank forecasts 9%-11% sector-wide corporate lending growth in 2025 (aiming to match sector pace), with retail growth below 5% (it is targeting above-sector performance). It may revise its 2025 corporate lending forecast after H1 results, Sberbank said.

The Central Bank of Russia projects moderate corporate lending growth of 8%-13% in 2025, with retail credit expansion expected between 1% and 6%.