Sberbank on steady track of profitability, expects to stay on it

MOSCOW. Dec 14 (Interfax) - Sberbank has reached a stable trajectory of profitability and expects to stay on it going forward, the leading Russian lender's first deputy CEO, Alexander Vedyakhin said.

"For us it was a shock when you're hit with all possible restrictions. We survived this shock, we managed," Vedyakhin said at the Fintech conference organized by business daily Vedomosti.

"Sber has reached stable profitability. If you look at the results, you see that we're on such a stable trajectory. I'm confident, God willing nothing happens next year, we will, should continue to hold to the stable trajectory of profitability. This, at any rate, is how we see our future," Vedyakhin said.

Sberbank resumed publishing some financial results after the end of October. The bank earned a net profit of 122.8 billion rubles to Russian Accounting Standards in October, which enabled it to post a profit for the first ten months of 2022, in the amount of over 50 billion rubles. The bank posted a net profit of 101.6 billion rubles for November and 174.8 billion rubles for the first 11 months of 2022.