Sberbank of Russia (SBER) Q1 2025 earnings summary

Executive summary

• Net profit for Q1 2025 rose 9.7% year-over-year to a record RUB 436.1 billion, with ROE at 24.4%.

• EPS increased 9.9% to RUB 20.4.

• SberBank Online App reached 84.2 million monthly users, SberPrime subscribers grew to 22.7 million, and active retail clients reached 110.1 million.

• Sber advanced AI integration, launching GigaChat 2.0 and expanding digital and ESG initiatives.

Financial highlights

• Net interest income grew 18.9% year-over-year to RUB 832.4 billion; net interest margin increased to 6.11%.

• Net fee and commission income rose 10.4% year-over-year to RUB 203.2 billion.

• Operating income before provisions rose 21.3% year-over-year.

• Cost-to-income ratio improved to 26.9%.

• Group equity increased 6.3% since the start of the year.

Outlook and guidance

• 2025 macro forecast: GDP growth 1.5–2%, inflation 7.5–8.5%.

• Corporate loan growth expected at 9–11%, retail loan growth below 5%.

• Cost of risk guidance remains at 0.5%-1.5% overall, with retail at 1.5%-2%.

• Cost-to-income ratio expected at 30–32%, ROE forecast above 22%, capital adequacy ratio above 13.3%.

• Management expects continued focus on operational efficiency and AI-driven transformation.