Sberbank of Russia (SBER) Q2 2025 earnings summary

Executive summary

• Net profit for H1 2025 rose 5.3% year-over-year to RUB 859 billion, with Q2 net profit at RUB 422.9 billion and ROE at 23.7%.

• Active individual clients reached 111.2 million, with Sber ID users at 104.1 million and 3.4 million corporate clients.

• The Russian economy is slowing, with business turnover growth dropping from 11% in January to 1.5% in June, especially in non-food consumer sectors.

• Interim consolidated financial statements as of 30 June 2025 were reviewed with no material misstatements found.

• The Russian Federation, via the Ministry of Finance, remains the principal shareholder, holding over 50% of shares.

Financial highlights

• Net interest income for H1 2025 was RUB 1,674.2 billion, up 18.5% year-over-year.

• Net fee and commission income for H1 increased 1.2% to RUB 398 billion.

• Operating income before provisions grew 20.8% year-over-year in H1.

• Cost-to-income ratio for H1 was 20.7% to 27.7%.

• Total assets as of 30 June 2025 stood at RUB 61,468.6 billion.

Outlook and guidance

• GDP growth for 2025 expected at the lower end of 1.5%-2%; inflation forecast revised down to 6.5%-7.5%.

• Corporate lending growth forecast revised to 7%-9% for 2025; retail lending portfolio expected to remain almost unchanged.

• Net interest margin forecast increased to above 5.8%.

• Fee and commission income growth expected at 7%-10%, closer to the lower bound.

• Management continues to monitor high inflation, tight monetary policy, and geopolitical tensions.