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Russian banks unlikely to earn more this year than in 2024 — Sber

The sharp slowdown of economic growth is the main reason behind it, Head of Finance Block Taras Skvortsov added

MOSCOW, June 16. /TASS/. Russia’s banking sector will hardly be able to earn the same profit by the end of 2025 as in the previous year, Sberbank Senior Vice-President, Head of Finance Block Taras Skvortsov said in an interview with TASS in the run-up to the St. Petersburg International Economic Forum (SPIEF).

"We aim to achieve return on equity not lower than 22% in 2025. Considering an increase in capital, it can only be achieved if net profit grows in absolute terms to the 2024 level. Based on the results of the first quarter for the group and five months of 2025 for the bank, we have a small reserve, though the second half of the year will be more difficult as a long period of high rates is increasingly slowing down economic growth, which leads to problems for borrowers and sharply slows down the growth of the loan portfolio. Regarding the banking sector, here the situation is the opposite so far as 4M profit decreased by almost 20% year-on-year. I believe that this year it will be very difficult for the sector to reach the result of 2024, [the result in 2025 will] most likely [be] lower," he said.

The sharp slowdown of economic growth is the main reason behind it, Skvortsov added.

Earlier, the Central Bank maintained its forecast for Russian banks’ profit in 2025 at the level of 3-3.5 trillion rubles ($37.8-44.1 bln).

In 2024, Russia’s banking sector earned a record of 3.8 trillion rubles ($38.7 bln).

The St. Petersburg International Economic Forum (SPIEF) will take place on June 18-21. This year, the event will be held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.

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