Sberbank Reported a Quarterly Profit Decline of almost 50%
The net profit of Sberbank from January to March amounted to 120.5 billion rubles. Last year, over the same period, Sberbank posted a profit of 226.6 billion rubles. Earnings per share, respectively, fell by 46.9% - from 10.55 rubles. up to 5.6 rubles. The number of active customers of the bank at the same time increased to 96.3 million.
As follows from the reporting data, deductions to the bank’s reserves have grown almost eight times, from 17.3 billion rubles. in the first quarter of last year to 138 billion rubles.
The losses of the banks turned out to be related to the outflow of customers in self-isolation regime and measures taken by the authorities to support the population, such as mortgage vacations, issuing interest-free loans to businesses for paying salaries, and restructuring loans. Only the cost of the decision on credit holidays, the head of Sberbank German Gref estimated at 160 billion rubles. for the entire banking sector.