Sberbank of Russia (SBER) Q3 2026 earnings summary

Executive summary

• 9M net income rose 17.0% YoY to RUB 1,529.9bn; Q3 net income increased 13.9% to RUB 510.8bn. ROE was 24.0% for 9M and 23.5% in Q3.

• Lending and client funds expanded, while softer economic activity, corporate credit pressure and cash-driven deposit outflows shaped the outlook and risk profile.

Financial highlights

• Net interest income rose 24.0% YoY in Q3 to RUB 1,107.7bn and 23.0% in 9M to RUB 3,158.8bn.

• Net fee and commission income fell 1.9% in Q3 to RUB 212.3bn, reflecting transactional-service pricing changes; 9M income rose 2.8% to RUB 632.1bn.

• Q3 operating income before provisions rose 11.1% to RUB 1,195.7bn; 9M operating income rose 13.3% to RUB 3,489.6bn.

• Q3 operating expenses increased 13.7% YoY to RUB 351bn; 9M expenses rose 14.7% to RUB 990.6bn.

• Operating profit before tax rose 15.4% in Q3 to RUB 687.5bn and 18.9% in 9M to RUB 2,036.0bn.

Outlook and guidance

• 2026 GDP growth forecast was revised to 0.5%-1.0%; inflation forecast was raised to 6.5%-7.5%.

• 2026 average NIM guidance is above 6.2%; Q4 margin is not expected to fall significantly if current liquidity conditions persist.

• Full-year cost of risk guidance is below 1.4%, with potential to finish slightly lower; corporate cost of risk may worsen in Q4.

• 2026 CIR guidance remains 30%-32%; fee and commission income growth guidance remains 0%.

• Lending growth guidance remains 8%-10% for corporate and 5%-8% for retail; client-funds growth guidance is 5%-8% for corporate and 10%-12% for retail.