Russia's Sberbank targets significant profit growth in 2026, CFO says

Russia's Sberbank targets significant profit growth in 2026, CFO

Sberbank's Profit Projections for 2026

MOSCOW, Jan 22 (Reuters) - Russia's Sberbank plans to significantly increase profit in 2026 compared to 2025, Sberbank's CFO Taras Skvortsov said on Wednesday evening on RBC TV.

Expected Financial Performance

Sberbank’s net profit for 2025 reached a record 1.69 trillion roubles ($21.95 billion) under Russian accounting standards. The figure under IFRS, to be published on February 26, is expected to be even higher.

Economic Context and Forecasts

Analysts forecast that Sberbank could set another profit record in 2026, with estimates hovering around 1.8 trillion roubles.

Inflation and Interest Rates

Skvortsov said the group’s net profit in 2026 is unlikely to reach 2 trillion, though it could come close.

Ruble and Oil Prices

"Yes, we are targeting a 22% (return on equity). That’s definitely achievable - in fact, our calculations suggest it could exceed what we earned this year, and by a considerable margin. We’ll see how the round numbers shape up over time," Skvortsov said.

“Overall, I see no reason why 2026 should be worse than 2025 - rather, it should be better."

Sberbank currently expects Russia’s economy to grow by 1% in 2026, with inflation projected at 5% to 6%. Early January data do not warrant revising these forecasts, Skvortsov said.

"Everyone expected VAT to rise in December, but we didn’t see it then - instead, we felt its full impact in January. But these are one-off factors," he added.

Skvortsov suggested the Central Bank of Russia could cut its key rate in both February and March, with the rate seen settling at 12-13% by the end of 2026, from 16%.

The bank’s forecasts assume the ruble will gradually weaken, driven by low oil prices and a recovery in import demand.

($1 = 76.9955 roubles)

(Reporting by Elena Fabrichnaya; Editing by Nia Williams)