Russia’s Sberbank 2022 Net Profit Down 75.7% To 300 Billion Roubles

(Reuters) – Russia’s largest lender Sberbank said on Tuesday that its net profit fell 75.7% year-on-year to 300.2 billion roubles ($4.4 billion) in 2022, as Western sanctions over Ukraine hit the domestic banking sector.

The bank, however, posted a 40.1% year-on-year increase in profit under Russian standards in December as it returned to profitability in the second half of the year.

Sberbank quit almost all European markets in 2022, blaming big cash outflows and threats to its staff and property over Russia’s actions in Ukraine and Western sanctions. It was one of several banks banned from the SWIFT international payments network, hampering its banking operations abroad.

($1 = 68.45 roubles)

(Reporting by Reuters)