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Business & Finance

Sberbank sees no need for fresh provisions on past loans, bets on stronger 2021 results

  • Sberbank set aside 541 billion roubles ($7.4 billion) in provisions for non-performing loans last year when the COVID-19 pandemic hit the Russian economy and some of its clients.
  • He added that Sberbank, which made a net profit of 781.6 billion roubles in 2020 under Russian accounting standards, will stick to its plan to channel at least 50% of net profit to dividend payments.
Published February 16, 2021
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MOSCOW: Russia's largest lender Sberbank has no plans to make additional provisions for last year's non-performing loans, its CEO German Gref said on Tuesday, reflecting the bank's belief that this year's financial results should outperform 2020.

Sberbank set aside 541 billion roubles ($7.4 billion) in provisions for non-performing loans last year when the COVID-19 pandemic hit the Russian economy and some of its clients.

As a result, the bank did not meet its 1 trillion rouble net profit goal. But as the bank sees no need to set aside fresh funds for past bad loans, the financial result this year should outperform 2020, Gref told an online briefing.

He added that Sberbank, which made a net profit of 781.6 billion roubles in 2020 under Russian accounting standards, will stick to its plan to channel at least 50% of net profit to dividend payments.

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