Sberbank plans to generate earnings of around 450 bln rubles in 2024 from implementing AI technology

MOSCOW. March 13 (Interfax) - Sberbank plans to generate earnings of around 450 billion rubles in 2024 by implementing AI technology, First Deputy Executive Board Chairman Alexander Vedyakhin said.

"I think that we will earn more than 400 billion rubles this year from artificial intelligence, about 450 billion rubles," Vedyakhin said at the Russia exhibition and forum.

Vedyakhin said that Sberbank currently utilizes AI technology for all decisions regarding loans for individuals. The bank expects to utilize AI 70% of the time by the end of this year to render decisions on loans for legal entities.

Sberbank generated earnings of around 350 billion rubles in 2023 from implementing AI.

Sberbank has been developing AI technology since 2012, with active investment from 2018 to 2022, when the bank was integrating AI into its business. Sberbank calls the new stage, which began in 2023, "AI as the basis for business".