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 bn, with ROE at 22.7%, surpassing targets despite challenging macroeconomic conditions.

• Maintained leadership in retail and corporate lending, expanded client base to 110.7 mn retail and 3.5 mn corporate clients, and continued ecosystem and AI-driven service development.

• AI integration and digital transformation delivered significant operational efficiencies, with over 670 GenAI initiatives and an economic effect exceeding RUB 450 bn.

• Sber maintained top global acquirer ranking, handling 10% of global transactions and launching innovative payment solutions.

• Auditor issued an unmodified opinion, confirming IFRS compliance.

Financial highlights

• Net profit increased by 7.9% YoY to RUB 1,705.9 bn; ROE at 22.7%; EPS rose to RUB 77.81.

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

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

• Record-high dividends of RUB 786.9 bn paid; 50% to minority shareholders and 50% to the state.

• Cost-to-income ratio stable at 30.3%; cost of risk at 1.3%.

Outlook and guidance

• 2026 targets reaffirmed: maintain ROE at 22%, capital adequacy at 13.3%, and 50% dividend payout.

• Management expects a challenging year due to gradual rate reductions and macroeconomic headwinds but remains committed to strategic goals and operational resilience.

• Focus on scaling AI solutions and enhancing business efficiency.