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Russia’s Sberbank reports record net profit as it exits Europe


© Reuters. FILE PHOTO: The logo of the Russian Sberbank Europe AG bank is seen on their headquarters in Vienna, Austria, February 28, 2022. REUTERS/Leonhard Foeger

MOSCOW (Reuters) – Russia’s largest lender, Sberbank, on Wednesday reported record annual net profit for 2021 of 1.25 trillion roubles ($12.40 billion), a jump of 64% year-on-year, as unprecedented western sanctions forced the bank to exit the European market.

The bank’s return on equity for the year was 24.2% and its net interest income stood at 1.8 trillion roubles.

Earlier on Wednesday Sberbank said it was leaving the European market as its subsidiaries there face large cash outflows and threats to the safety of employees and property.

($1 = 100.8170 roubles)

Russia’s Sberbank reports record net profit as it exits Europe

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