Sovcombank plans to boost profit in 2025 - top manager

MOSCOW. March 14 (Interfax) - Sovcombank is planning to increase its profit in 2025 from 77 billion rubles in 2024, said managing director Andrei Osnos during a conference call on Friday.

"On the whole, whatever happens, we expect a growth in our profit compared to last year," he said.

Sovcombank's net profit in 2024 was down 19% to 77 billion rubles under IFRS, compared with 95 billion rubles in 2023.

Osnos added that the result will depend on the key rate, the cost of funding and the securities market situation.

"We expect profit to be somewhat higher this year than last year, but right now is only the start of the year and there are lots of uncertainties. Nobody knows what the rate will be [the Central Bank's rate is currently at 21%] in the middle of the year or at the end," he said.

Providing the economic situation is favorable and the key rate starts to decrease, Sovcombank's margins will improve, which gives reason to believe profit could be higher in 2025 than in 2024, he said.

The bank does not expect the cost of risk to increase significantly in 2025 - it was 2.6% in 2024, Osnos said.

"As for the loan portfolio, we are leaning towards growth of no more than 10%," he said.