Sber reports 3Q 2021 Net Profit of RUB348.3 bn under International Financial Reporting Standards (IFRS)

Oct 28, 2021

Moscow, October 28, 2021 – Sberbank (hereafter ”the Group” or “Sber”) has released its interim condensed IFRS financial statements (hereafter “the Financial Statements”) as at and for the 9 months ended 30 September 2021, with report on review by AO PricewaterhouseCoopers Audit.


Alexandra Buriko, CFO, stated:

‘For 9M 2021, Sber earned RUB978 bn in net profit – thus hitting a historical record. Return on equity came in at 25.8%.

Growth momentum was obvious across all key business segments. In the banking business, the retail loan portfolio continues to expand, while corporate lending has accelerated along with improvement in the asset quality. The payment business is driven by client transactional activity. The wealth management and insurance businesses are developing rapidly on the back of new product launches in 3Q 2021. Revenues of the non-financial business segment increased 3 times y/y for 9M 2021 and exceeded RUB120 bn.

Penetration of ecosystem services is rising, thanks to the development of the unified elements. A single login, Sber ID, is now used by 27 mn clients, and allows access to 135 of Sber own and partner services. The number of SberPrime subscribers has reached more than 3.7 mn. Client engagement of SberBank Online DAU/MAU has exceeded 50% for the first time, and the number of clients shopping with SberPay grew 4-fold in 3Q 2021 to 4.4 mn.

A combination of solid results and ongoing business dynamics is our rational to enhance the full-year guidance for 2021 and we expect the return on equity to come in above 23%.’


Key financial and operating highlights for the reporting period

  • The Group net profit1 reached RUB978.1 bn for 9M 2021 (+75.1% y/y), and RUB348.3 bn for 3Q 2021 (+28.3% y/y). The financial result for the quarter was impacted by a RUB65 bn gain on sale of the discontinued operations related to Eurocement Group. Consequently, net profit from continuing operations amounted to RUB281.8 bn (+6.1% y/y) for 3Q 2021, and RUB904.2 bn for 9M 2021 (+63.6% y/y);
  • The Group earnings per ordinary share (EPS) 1 came in at RUB44.8 bn for 9M 2021 (+77.8% y/y), and RUB16.3 bn (+37.7% y/y) for 3Q 2021;
  • The Group return on equity (ROE) 2 for 9M 2021 came in at 25.8% (+9.8 pp y/y), and for 3Q 2021 reached 26.8% (+4.1 pp y/y);
  • Retail loan portfolio exceeded RUB11 trn, up by 6.5% for 3Q 2021, and expanded by 18.5% for 9M 2021;
  • The Group net fee and commission income increased by 15.6% y/y to RUB455.7 bn for 9M 2021, and amounted to RUB164.3 bn for 3Q 2021 (+11.2% y/y);
  • Asset quality of the loan portfolio improved substantially in 3Q 2021 in all key segments;
  • Revenues of the Non-financial business segment for 9M 2021 grew 2.8 times y/y to RUB121.7 bn;
  • The number of SberPrime subscribers increased by 2.2 times for the quarter to 3.3 mn which was due to interesting offerings from Sber ecosystem to beneficiaries of the one-time state-funded support payments to population debited to Sber accounts.
  • Sber’s Supervisory Board approved the debut ‘Green’ Bond Program, the proceeds from the issuance of which are assigned to finance projects aimed at preserving the environment.   


Key metrics of client activity

mn, unless stated otherwise








Number of active retail clients






Number of monthly active users (MAU)

of mobile App SberBank Online






Number of daily active users (DAU)
of mobile App SberBank Online






Number of active corporate clients







  • Active retail client base reached 102.8 mn, while active corporate client base approached 3.0 mn;
  • The number of SberSpasibo loyalty program users increased by 3.4 mn in 3Q 2021 to 53.5 mn;
  • 26.8 mn clients (+3.8 mn for 3Q 2021) are using a unified login Sber ID that gives access to 135 services of Sber ecosystem and partners.


Statement of Profit or Loss Overview

The Group net interest income was up by 14.2% y/y in 3Q 2021 to RUB469.6 bn. The increase was attributable to expanding volume and higher yields of the working assets (see Banking business segment). Interest expenses grew by 30% y/y due to increased rate of deposit insurance allocations. Excluding this effect, net interest income increased by 15%. Net interest income for 9M 2021 was up by 12.6% y/y to RUB1,330.6 bn.

The Group net fee and commission income increased by 11.2% y/y for in 3Q 2021 to RUB164.3 bn, driven by bank cards operations (see Payment business segment).  The net fee and commission income growth in 9M 2021 was up by 15.6% y/y to RUB455.7 bn, which was also due to the low-base effect in 1H 2020 when client transactional activity slowed down under the COVID-related restrictions.

Other operating income. In 3Q 2021, the Group classified assets of the subsidiary bank in Ukraine as restricted assets. The reason for such classification was the regulatory restrictions that do not allow the Group to manage fully the mentioned assets. The Group recorded provisions in relation to these assets in the amount of RUB33.3 bn in 3Q 2021.

The Group operating expenses amounted to RUB210.1 bn in 3Q 2021, up by 20.6% y/y. The growth was driven by payroll indexation in 3Q 2021, the calendarization effect and expenses related to non-financial businesses that led to headcount increase to 281.7 K (+5.6 K in the quarter). For 9M 2021, OpEx grew by 15.1% y/y to RUB591.6 bn.

Cost-to-Income ratio for the financial business 4 improved by 60 bp to 29.4% in 3Q2021, and came in at 29.6% for 9M 2021.

Combined provision charge including revaluation of loans at fair value amounted to RUB57.2 bn for 3Q 2021, and RU110.7 bn for 9M 2021. Cost of Risk was stabilizing on the back of expansion in the corporate and retail loan portfolios, and came in at 85 bp for 3Q 2021 and at 57 bp for 9M 2021.


RUB bn, unless stated otherwise

Q3 2021

Q3 2020

Q3 2021

Q3 2021/
Q3 2020,
% change

Q3 2021/
Q3 2021,
% change

9 м

9 м

9 м 2021/
9 м 2020,
% change

Net interest income






1 330.6

1 181.7


Net fee and commission income









Other non-interest income / (expense) 5









Operating income before provisions 5






1 844.0

1 613.2


Net charge related to change in asset    quality 6 









Net loss allowance / (provision)
for credit related commitments









Staff and administrative expenses









Net profit  from continuing operations









Profit / (Loss) from discontinued operations




1 046.6%





Net profit









Earnings per ordinary share from      
ontinuing operations. RUB









Earnings per ordinary share. RUB









Total comprehensive income









Key financial coefficients

Return on equity 2









Return on assets 3









Net interest margin









Cost of risk (amortized cost and FV loans)

85 bp

143 bp

43 bp



57 bp

219 bp


Cost-to-income ratio –financial business 4









Book value per share 7. RUB










Key segments overview


Banking business

  • Operating income before provisions for the Banking business segment increased by 16.3% y/y to RUB516.0 bn in 3Q 2021.
  • Profit before tax increased by 16.5% y/y to RUB259.2 bn in 3Q 2021.


Key 3Q 2021 Banking business segment highlights

RUB bn, unless
stated otherwise






% change



% change

Gross loans 8:

27 490.9

26 210.0

     25 008.6



Corporate loans

16 458.8

15 856.0

     15 700.4



Retail loans

11 032.1

10 354.0

      9 308.2




28 879.8

27 855.5

     25 765.7



Retail deposits

17 326.0

16 963.7

    16 641.0



Corporate deposits

11 553.8

10 891.8

      9 124.7



Net Loans /
Deposits ratio (LDR)






Retail loan portfolio exceeded RUB11 trn, growing by 6.5% in 3Q 2021, or by 18.5% YTD. The share of retail loans in total loan portfolio exceeded 40% for the first time. The share of sales in digital channels came to almost 60% (+1.1 pp), which increases the accessibility to lending. The yield on retail loans remained unchanged at 11.1%.

  • The mortgage portfolio grew by 6.4% in 3Q, and by 19.8% since the beginning of the year. There remained an elevated demand for mortgage loans on the back of own products and changes to the terms of the state program for families with children. The secondary market originations account for 75% of the mortgage issuances.
  • Consumer loan portfolio increased by 7.5% in 3Q, and by 19.8% for 9M21. The state social disbursements in August and September, as well as nominal wages growth of 9.2% in 3Q21, according to SberIndex, supported spending, in addition to attractive seasonal promos.
  • In September, Sber launched a new core product, a renewed credit SberCard, with interesting terms, including a 120-day zero-interest grace period and no service charge. When using the card for purchases in a number of Sber ecosystem companies, a lower rate of 9.8% is applied. After the launch of the card in September, the number of credit card applications increased by 20% during the month.

Corporate loan portfolio in 3Q 2021 reached RUB16.5 trn, adding 3.8%, or 3.7% adjusted for the impact of the FX revaluation9, primarily thanks to Ruble lending.  The portfolio was affected by the repayment of loans to state and municipal institutions in light of the replacement of their debt with budget loans. Excluding the effect of the repayment, the corporate loan portfolio increased by 5.3% in 3Q21, or 7.4% for 9M21. The yield on corporate loans moved up by 50 bp to 7.1% from increasing market rates and high share of Ruble loans at floating rates, the share of which exceeded 44% at quarter-end.

Retail funding increased by 2.1% in 3Q 2021 to over RUB17.3 trn, in part thanks to state social disbursements. The cost of retail term deposits increased by 30 bp to 4.0%.

  • The share of retail current account balances in total retail funding increased by 1.8 pp for the quarter to 42.8% thanks to increased cashless transactions and growing volumes on the escrow accounts.

Corporate funding was up by 6.1% to RUB11.6 trn. The cost of corporate funding increased by 80 bp to 4.3% on the back of market rates moves.

Net LDR ratio changed to 89.8% in 3Q 2021, adding 1.3pp during the quarter.


Key asset quality metrics

RUB bn, unless
stated otherwise






% change



% change

Stage 3 + POCI loans /
total gross loans
at amortized cost






Provision coverage
of Stage 3 + POCI loans






  • The credit quality of the loan portfolio improved substantially in 3Q 2021 in all main segments. The share of Stage 3 and POCI loans in loans at amortized cost was 5.7%, down by 53 bp, compared to 2Q 2021.
  • Total provision coverage of impaired loans in 3Q 2021 was up by 4.2 pp to 105.1%, compared to 2Q 2021.


Payments business

  • Operating income for the Payments business increased by 17.8% y/y in 3Q 2021 to RUB103 bn. The main growth driver was income from acquiring that increased by 30% y/y in 3Q 2021.
  • Profit before tax increased by 18.2% y/y in 3Q 2021 to RUB71.4 bn.
  • The total volume of transfers, payments and acquiring increased by 30.2% y/y in 3Q 2021 to RUB15.6 trn, thanks to high transactional activity. The share of cashless turnover reached 58.8% at the end of 3Q 2021, according to SberIndex analytics, calculated on the basis of payment card transactions and excluding P2P transfers.
  • The number of monthly users of SberPay, Sber service that allows to pay online without a card from SberBank Online mobile application, increased four-fold during the quarter to 4.4 mn.
  • Sber was rated top three among the largest global acquirers second year in a row, according to the Nilson Report.
  • Transportation acquiring is now available in 147 cities in Russia; four cities were added during 3Q 2021.


Wealth management and brokerage

  • Total operating income before provisions for Wealth management and brokerage segment increased by 14.2% y/y in 3Q 2021 to RUB19.3 bn, and to RUB50.6 bn for 9M 2021 (+9.5% y/y).
  • Profit before tax increased by 21% y/y in 3Q 2021 to RUB12.7 bn.

RUB trn, unless
stated otherwise





% change


% change













Assets under management increased by 5.3% in 3Q 2021, approaching RUB2 trn.   

  • The company of Sber Asset Management business was top-ranked by the volume of assets under management among all Russian asset management companies as of 9M 2021 (according to rating agency Expert RA).

Net assets under custody on the brokerage accounts increased by 15.3% in 3Q 2021 to RUB2.5 trn.

  • Virtual assistants of Salut family became winners of the XI Annual Awards in Innovations and Achievements in Finance - FINAWARD 2021 in the category of ‘Launches/solutions in products and services’ – ‘Investment product or service’. The voice assistants process on average 50K investor queries regarding stock market and Sber brokerage services.


Risk insurance

Total operating income before provisions for the Risk insurance segment reached RUB25.3 bn, up by 18.2% y/y.

  • In October 2021, SberInsurance launched mandatary own-damage insurance for car owners (OSAGO) based on own license. Sber car-insurance marketplace provides clients with own and partner products, and its monthly audience of about one million unique users serves evidence of robust activity on the platform.
  • Today Sber clients have online-access to the entire range of Sber risk-insurance products. Thus, the share of insurance product sales in digital channels reached 50% (+4 pp for the quarter).
  • Among other insurance product launches was ‘Pharminsurance’, which allows clients to reimburse up to 90% of the cost of a medicine by submitting a picture of receipt via SberOnline.


Non-financial business

Revenues11 of the Non-financial business segment increased by 2.6 times y/y to RUB47.6 bn for 3Q 2021. For 9M 2021, the segment’s revenues increased by 2.8 times y/y to RUB121.7 bn.

  • The e-commerce GMV in 3Q 2021 reached RUB28.1 bn (on a pro-rata basis), up by 10 times y/y. The key driver remains the e-grocery segment, represented by SberMarket and Samokat.
  • SberMarket GMV tripled y/y to RUB13.3 bn, and the number of completed orders increased by 1.5 times in 3Q 2021. Active promotion of SberPrime subscription among our clients allowed SberMarket to increase its client base above the threshold of 1 mn active monthly users.     
  • SberMarket orders can now be placed through SberMegaMarket.
  • In September, SberMarket opened its first darkstore jointly with a large retailer.  The roll-out of this format will enable express-delivery from hypermarkets with a hefty range of products.
  • Samokat GMV grew 4.7 times y/y in 3Q 2021 to RUB10.6 bn (on a 100% basis). Samokat maintained its e-grocery market leadership by number of orders. The number of orders increased 4.2 times y/y in 3Q 2021 to 18.9 mn.
  • Samokat e-grocery services are now available in 22 Russian cities, and the number of darkstores increased to 758, up by 2.6 times y/y in 3Q 2021.
  • SberMegaMarket GMV had a 2.3–fold growth q/q to RUB6 bn in 3Q 2021.
  • SberLogistics grew deliveries 1.7 times in 3Q 2021. The number of pick-up points increased to 8.4K across Russia, with majority located in Sber branches and allowing clients to collect deliveries from over 10K internet shops and marketplaces.
  • The FoodTech & Mobility revenues reached RUB4.7 bn in 3Q 2021, increasing by 3.1 times y/y. The number of restaurants and stores signed up to Delivery Club exceeded 47.5K, up by 8.5K year to date.
  • Revenues for companies in the Entertainment segment totaled RUB3.4 bn, increasing by 1.8 times y/y.
  • The number of Okko users reached 4.5 mn in 3Q 2021, including 3.3 mn SberPrime subscribers. The audio-streaming SberZvuk is used by 3.7 mn clients, including 3.3 mn SberPrime subscribers.
  • The musical collection of SberZvuk has expanded to 65 mn tracks. A new personalized format of audio-streaming ‘Waves’ combines the best of radio and streaming.
  • The Health segment revenue increased by 70% y/y to RUB1 bn in 3Q 2021, and amounted to RUB2.8 bn for 9M 2021. The main growth drivers were online doctor appointments and telemedicine services, the number of which in 3Q 2020 was comparable to the total number of calls for the entire 2020. Products from the Health segment have been included in SberPrime subscription.
  • There is a growing demand for digital non-financial services of the classified platform DomClick. The monthly active audience increased by 1.6 mn in 3Q 2021, and reached 16 mn. Revenues from supplementary services exceeded RUB3.8 bn in 3Q 2021.
  • В2В segment revenues grew 1.6 times y/y in 3Q 2021 to RUB12.9 bn. EBITDA amounted to RUB3.1 bn in 3Q 2021, and to RUB7.2 bn for 9M 2021.   
  • SberCloud revenues increased by 2.6 times y/y in 3Q 2021 to 2.3 bn, and were up by 3.8 times to RUB6 bn for 9M 2021.


Technological leadership

Sber continues tech transformation, and expands the range of product and service offerings.

  • The number of technological changes and releases increased by 2.5 times y/y to 790K for 9M 2021.
  • The number of external IT specialists who partnered to develop products using Sber solutions, including Platfom V, SmartMarket, SberCloud, increased by more than 10 times year to date to 29K.
  • The number of monthly active users of Salut voice assistants exceeded 5 mn in 3Q 2021, while the number of requests that the Salut voice assistants processed exceeded 257 mn since the launch of the service a year ago. The virtual assistants have now new options to order products not only by Samokat, but SberMarket as well.
  • The SmartMarket, a platform of SmartApps, that allows developing and monetizing applications and teaching new skills for virtual assistants Salut, already has more than 800 apps (+60% q/q). Sber devices now have a new feature that allows to pay with face ID and voice commands.
  • SberCloud clients now have access to the SmartSpeech technologies service developed by SberDevices, which accelerates the engagement of speech technologies in chatbots and voice assistants in call centers, online stores, and support services.
  • SberCloud received status of “Cloud Verified” from VMware that verifies compliance of infrastructure and virtual framework with VMware standards among global cloud providers.
  • Computer vision technology is now installed in over 2K branches, which increases efficiency and reduces operational risks.



  • In October, Sber approved principles and standards of corporate governance on the Group level, including all subsidiary companies.
  • Sber’s Supervisory Board approved the debut ‘Green’ Bond Program, the proceeds from the issuance of which are assigned to finance projects aimed at preserving the environment. The selection criteria and disclosure requirements for such projects are contained in the ‘Green’ Bond Framework.
  • Sber’s portfolio of ‘green’ loans and ESG-linked loans exceeded RUB140 bn by the end of 3Q 2021. 
  • Based on the ESG data collected from large and medium-business corporate clients, Sber developed key principles for the ESG-scoring that will be completed by 2023.
  • In 3Q 2021, Sber approved methodology and launched stress-testing for transition ESG-risks.
  • Sber headed the ESG-rank among Russian public companies, according to the National Rating Agency.


Selected Capital Adequacy Results Overview

Credit risk

31 711.5

        29 772.7

        29 253.9



Operational risk

2 986.3

         2 986.3

          3 664.3



Market risk

1 906.5

1 405.0

1 206.0



Common equity Tier 1
apital adequacy ratio






Tier 1 capital adequacy ratio






Total capital adequacy ratio






Leverage ratio   






Common equity Tier 1 capital grew 6.4% to RUB5,105.7 bn. Total capital increased by 5.7% for 3Q 2021 to RUB5,429.8 bn.

The Group risk-weighted assets were up by 7.1% to RUB36,604.3 bn in 3Q 2021, driven by loan portfolio expansion and change in the macro add-on for retail loans. Risk-weighted assets density increased by 2.3 pp to 88.1% in 3Q 2021.

Common equity Tier 1 capital adequacy ratio and Tier 1 capital adequacy ratio in 3Q 2021 came down by 10 bp to 13.95% and by 13 bp to 14.36%, respectively, while total capital adequacy ratio decreased by 21 bp to 14.83%.


Conference call details

Sber Conference call dedicated to consolidated IFRS results for 9M 2021 and as at September 30, 2021 will be held on October 28, 2021 at 5:00 pm Moscow time (3:00 pm London / 10:00 am New York time).


Conference ID: English – 6842767

Russian - 7839279

Telephone numbers:


+7 495 646 9190 (local access)

8 800 286 750 11 (toll free)


+44 (0)330 336 9434 (local access)

0800 279 7209 (toll free)


+1 929-477-0402 (local access)

888-204-4368 (toll free)


Includes discontinued operations, which included Eurocement Group from 3Q 2020

Excluding the subordinated loan agreement in the amount of RUB150.0 bn classified as equity financial instrument that was previously ceded by the Bank of Russia in favor of the Ministry of Finance

Based on profit from continuing operations

Operating income before provisions for debt financial assets, credit related commitments and revaluation of loans at fair value due to change in credit quality

Other non-interest income / (expense) includes: Net gains / (losses) from non-derivative financial instruments at fair value through profit or loss; Net gains from financial instruments at fair value through other comprehensive income; Net gains from derivatives, trading in foreign currencies, foreign exchange and precious metals accounts translation; Net losses arising on initial recognition and modification of financial instruments measured at amortized cost; Impairment of non-financial assets; Net charge for other provisions and allowances; Revenue of non-financial and other business activities; Cost of sales and other expenses of non-financial and other business activities; Net premiums from insurance and pension fund operations; Net claims, benefits, change in contract liabilities and acquisition costs on insurance and pension fund operations; Income from operating lease of equipment; Expenses related to equipment leased out; Net share of loss of associates and joint ventures; Other net operating income / (expenses)

Includes net expenses from provisioning for debt financial assets and revaluation of loans at Fair Value due to changes in credit quality

Total equity attributable to shareholders of the Bank / Total numbers of shares outstanding (ordinary + preferred)

Before loan loss allowance and including loans at amortized cost and at fair value

Based on management accounts

10 Taking into account the change in the methodology in accounting for the revaluation of the OTC assets and REPO transactions

11 For the segment Non-financial business Revenues of the associates and joint ventures are disclosed proportionately to the ownership share of the Group in the reporting period.  For the companies of the Group Revenues are calculated on the 100% basis from the date of the control. The information does not include data on Yandex.Market and the financial results from the disposal of Yandex.Market



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