Support The Moscow Times!

Russia’s Sberbank Posts Record $17Bln Profit in 2023

Sergei Kiselev / Moskva News Agency

Russia’s largest lender Sberbank posted a record net profit of 1.49 billion rubles ($16.87 billion) in 2023, marking a fivefold increase from the year before, when Western sanctions over the invasion of Ukraine hammered Russia's financial sector. 

The preliminary financial results, released Wednesday, show the bank's recovery from a 75% drop in 2022, as Russian banks lost access to global payment systems and much of their overseas business.

Sberbank’s previous record net profit stood at 1.246 trillion rubles in 2021 before falling to 300 billion rubles in 2022.

“The year 2023 was a landmark for our team as we identified key strategic development areas,” Sberbank CEO German Gref said Wednesday, pointing to the bank's efforts to build an AI-powered “human-centric” business model for “long-term sustainability.”

Sberbank was among the first Russian companies to be sanctioned over Moscow's invasion, leading to its complete withdrawal from the European market.

Last year, the lender launched operations in annexed Crimea after years of avoiding such a move due to threats of Western sanctions. 

Sberbank has over 100 million customers in Russia and several former Soviet republics.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more