Sberbank’s nine-month profit rises 17% to 1,529.9 billion rubles
Key Facts
Sberbank increased net profit under International Financial Reporting Standards by 17.0% in the first nine months of 2026 to 1,529.9 billion rubles, from 1,307.3 billion rubles in the same period of 2025, according to data reported by Interfax. In the third quarter alone, net profit was 510.8 billion rubles, up 13.9% year over year from 448.3 billion rubles. The quarterly result was close to analyst consensus, which forecast profit of 510 billion rubles and annual growth of 13.8%. Nine-month profit also came close to the consensus forecast of 1,529 billion rubles, with expected growth of 17.0%. The figures put third-quarter growth below the nine-month pace, while profit continued to rise from a year earlier.
Net interest income was the main source of growth in the quarter, rising 24.0% year over year to 1,107.7 billion rubles. From January to September, the same income measure increased 23.0% to 3,158.8 billion rubles. By contrast, net fee income fell 1.9% in the third quarter to 212.3 billion rubles. Over the nine months, fee income remained 2.8% above its level a year earlier, at 632.1 billion rubles. The comparison shows that expanding interest income was accompanied by weaker quarterly fee income, although fees remained higher on a cumulative basis.
Return on equity was 24.0% in the first nine months, compared with 23.7% a year earlier. But the measure fell in the third quarter to 23.5% from 23.7% in the same quarter of 2025. Expenses for provisions and revaluation of assets related to credit quality declined 14.2% in the quarter to 145.0 billion rubles. On a nine-month basis, these expenses fell 12.2% to 442.5 billion rubles. The bank attributed the decline to aligning forecast models with updated macroeconomic forecasts, while the cost of risk fell to 1.1% in the quarter from 1.4% a year earlier, and to 1.1% in the first nine months from 1.5%.
Profit growth coincided with a slowdown in business turnover and consumer activity in Russia in the third quarter. The chief financial officer said the pace of growth in business turnover slowed compared with the second quarter, with declines spanning most major sectors, including mining, wholesale trade and manufacturing. Against this backdrop, Sberbank expects the Russian economy to grow by 0.5%-1% in 2026, with its forecast leaning toward the lower end of the range. The bank also raised its inflation estimate for the year to 6.5%-7.5%, from a previous range of 6.5%-7%. These estimates reflect a slower economic picture than expected, while the bank continued to post growth in net profit and interest income.
Sberbank kept its guidance for the net interest margin at the end of 2026 at slightly above 6.2%, after the margin fell 4 basis points in the third quarter to 6.65%. The chief financial officer said the margin may continue to decline. For funding, the bank kept its forecast for growth in the corporate deposit market in 2026 at 5%-8%, but cut its estimate for growth in retail deposits to 10%-12%, citing customers’ withdrawal of funds into cash. The chief financial officer also said the Russian central bank may hold its key rate at its final meeting of the year in December, with a possible 25 basis-point cut. Dividend policy is a near-term milestone for shareholders: the supervisory board will approve it after November 10, and the bank will announce it to the public on November 12.
On capital, the group’s N20.0 capital adequacy ratio fell by 1.4 percentage points during the quarter to 13.7%. Interfax linked the decline to dividends of 850.2 billion rubles paid in August 2026. The decline followed the dividend distribution, alongside the bank’s net profit growth in the quarter and over the nine months. The capital ratio and guidance on margins and deposits frame the outlook the bank presented alongside its results. The next announced date for shareholders is the disclosure of the dividend policy on November 12.