Sberbank of Russia (SBER) Q4 2025 earnings summary

Executive summary

• Net profit for 2025 rose 7.9% year-over-year to RUB 1,705.9 billion, with ROE at 22.7%, surpassing targets despite challenging macroeconomic conditions and high rates.

• Maintained leadership in retail and corporate banking, expanded digital ecosystem, and topped global acquirer rankings.

• Retail client base expanded to 110.7 million active users, with SberPrime subscribers at 22.9 million.

• Significant investments in AI and digital transformation drove operational efficiency, with over 12 million monthly AI users and economic effect exceeding RUB 450 billion.

• The independent auditor issued an unmodified opinion, confirming consistency with IFRS standards.

Financial highlights

• Net profit up 7.9% YoY to RUB 1,705.9 billion; ROE at 22.7%; EPS increased to RUB 77.81.

• Net interest income rose 18.6% YoY to RUB 3,556.0 billion; operating income before provisions up 16.6% YoY.

• Capital increased by 16.4% to RUB 8.3 trillion; capital adequacy ratio N20.0 at 13.7%.

• Retail loan portfolio grew 6% to RUB 19.2 trillion; mortgage portfolio up 11.6% to RUB 12.5 trillion.

• Retail deposits rose 22.1% to RUB 33.5 trillion; corporate deposits declined 5.3% to RUB 15.9 trillion.

Outlook and guidance

• 2026 GDP forecast revised upwards to 1–1.5% growth; inflation at 5.6–6.6%.

• Maintaining 22%+ ROE and 13.3–13.7% capital adequacy as targets.

• Focus on scaling AI solutions, enhancing efficiency, and 50% dividend payout from net profit for 2026.

• Management prioritizes operational resilience amid sanctions and market volatility.