Sovcombank earned 13 billion net profit in the 1st quarter

In the first quarter of 2025, Sovcombank's net profit amounted to 13 billion rubles. This is evidenced by the bank's IFRS financial statements, which were distributed on Friday, May 16.

According to the document, the regular profit, which reflects the sustainability of the business and the real quality of earnings, remained at the level of last year — 13 billion rubles, and the share capital increased by 23 billion rubles to 352 billion rubles as of March 31. The total return of Sovcombank's shareholders (including dividends) amounted to 76 billion rubles.

The bank's revenue in the first quarter reached 228 billion rubles, an increase of 57% year-on-year. The retail loan portfolio grew by 23% over the year to 1.3 trillion rubles. The main driver was the growth of collateral loans: car loans and mortgages.

In the corporate segment, revenue increased by 65% to 87 billion rubles. The growth was driven by the profitability of the loan portfolio, commission income from issuing guarantees and income from electronic platforms. In 12 months, 1.2 trillion rubles worth of bank guarantees were issued.

Dmitry Gusev, Chairman of the Management Board of Sovcombank, positively assessed the results of the quarter. "Given the traditionally low season in Q1, this start to the year confirms our forecast for an increase in net profit in 2025. A gradual reduction in interest rates will contribute to both profit and asset growth as demand among borrowers recovers," he said.