Sberbank's retail loan portfolio has increased by 2.5% to RUB 16.5 trillion since the beginning of 2024, the bank said in a statement.
The growth driver was consumer lending and credit cards, while mortgage lending remained under pressure from high rates. The yield on retail loans increased by 0.8 percentage points to 14.9%.
Sberbank's share in the retail lending market was 47.2%. The share of retail product sales in digital channels increased by 6.5 percentage points to 73% at the end of the first quarter of 2024.
The bank's mortgage portfolio has increased by 0.8% to RUB 10.3 trillion since the beginning of the year. Mortgage loans in the first quarter amounted to 450 billion rubles.
Sberbank of Russia (TIN 7707083893) is the largest bank in Russia, Central and Eastern Europe. The Bank is the main creditor of the Russian economy and holds the largest share in the deposit market. Sberbank's services are used by customers in 18 countries around the world. The Bank has a branch network in Russia: about 14 thousand service points. The bank's foreign network consists of subsidiaries, branches and representative offices in the UK, USA, CIS, Central and Eastern Europe, India, China and other countries.
Sberbank's net profit under IFRS in the first quarter of 2024 amounted to 397.4 billion rubles, an increase of 11.3% year-on-year. The return on equity reached 24.2%. Net interest income increased by 24.4% to RUB 699.9 billion, and net commission income increased by 7.6% to RUB 184.1 billion. The Group's operating expenses increased by 25.1% to RUB 227.6 billion. The cost-to-income ratio was 28.4%.
