Key Points
A view shows the logo of Sber (Sberbank) at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 15, 2022..
MOSCOW, Nov 7 (Reuters) - Russia's biggest bank Sberbank (SBER.MM) expects record profits this year, CEO German Gref said on Tuesday, recovering from a 75% drop last year when Western sanctions hammered the financial sector...
We expect record profits, and for the banking sector too," Gref told a press conference...
Sberbank reported record annual net profit for 2021 of 1.25 trillion roubles ($13.5 billion), but the 2022 figure fell to 300 billion roubles as sanctions over the Ukraine conflict forced it to quit Western markets and cut off its access to the SWIFT international payments system...
In common with other big Russian companies, the bank did not pay out a 2021 dividend last year on the recommendation of the central bank and government, but it announced a record 565 billion rouble payout in March...
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