Sberbank of Russia (SBER) Q3 2025 earnings summary

Executive summary

• Net profit for nine months of 2025 rose to RUB 1.307 trillion, up 6.5%-9% year-over-year, with Q3 net profit at RUB 448 billion and ROE at 23.7%.

• Active retail clients increased by 600,000 to 110.5 million; Sber ID users reached 110.1 million, and SberSpasibo loyalty program members totaled 98.7 million.

• Corporate clients grew by 120,000 to 3.4 million; Sber Business Spasibo program reached 864,000 companies.

• New products launched include proprietary iOS payment technology, Russia's first automatic Social Security tax refund platform, and AI-powered consumer devices.

• Financial statements for the period were prepared in accordance with IAS 34, with no material misstatements identified.

Financial highlights

• Net interest income for nine months rose to RUB 2,568 billion, up 17.3%-18% year-over-year; Q3 net interest income at RUB 894 billion.

• Total operating income before provisions for nine months reached RUB 3.079 trillion, up 17.4% year-over-year.

• Operating expenses increased 12.5%-14.4% over nine months, with the expense-to-income ratio improving to 28%-28.7%.

• Equity grew 9.7% to RUB 7.9 trillion; total assets increased to RUB 64.47 trillion.

• Earnings per share for nine months were RUB 59.61, up from RUB 55.93.

Outlook and guidance

• GDP growth forecast for 2025 revised down to 0.5%-1%; inflation forecast at 6.5%-7.5%.

• Net interest margin forecast for 2025 raised to above 5.9%.

• Net fee and commission income growth target lowered to 3%-5% for the year.

• Cost of risk guidance for 2025 maintained at 150 bps.

• Management continues to monitor high inflation, tight monetary policy, and sanctions, focusing on operational sustainability.