Sovcombank earned 17.5 billion rubles of net profit

Sovcombank earned 17.5 billion rubles of net profit under IFRS in six months. This is evidenced by the consolidated financial statements of the bank.

According to the document, Sovcombank's revenue from regular operations amounted to 461 billion rubles, an increase of 45% year-on-year. The insurance and non-banking business brought in 26 billion rubles (an increase of 114% year-on-year).

In the retail segment, the bank earned 232 billion rubles. Compared to the same period last year, the figures increased by 58%. The retail portfolio amounted to 1.3 trillion rubles.

In terms of corporate activities, the bank earned record revenue of 188 billion rubles (+68% YoY), and its portfolio reached 1.4 trillion rubles.

"The quarter was weaker than our expectations, as the effects of the rate cut have not yet been affected, and the cooling economy had a negative impact on growth, margins and retail risk. Nevertheless, as rates decrease, the retail business will return to regular profits, and the overall ROE (9.9% in the first half of the year — Ed.) will return to its usual indicators," said Dmitry Gusev, Chairman of the Board of Sovcombank.

According to him, the net interest margin is expected to expand in the third quarter and risks in consumer lending are expected to stabilize. "Our forecasts for the second half of the year significantly exceed the results of the first half of the year, however, the final profit may be lower than the result of 2024," Gusev concluded.