Sberbank’s profits may hit new record as sanctions cull competition

MOSCOW, June 20 (Reuters) – Sberbank (SBER.MM), opens new tab expects to send at least $11.6 billion in tax and dividends to Russia’s federal budget this year and may build on 2023’s record profits as Western sanctions reduce competition, its finance chief told Reuters.

The country’s largest bank made record annual profits of 1.5 trillion roubles ($17.27 billion) for 2023, about 45% of total banking sector profits of 3.3 trillion roubles, as Russia’s banks rebounded from the impact of sweeping financial sanctions over the Ukraine conflict.