Frontierby eninvs

Language: EN / RU

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Sberbank USD

Sberbank is Russia's largest bank, serving most of the country's households and businesses with lending, deposits, payments and wealth products, and running a technology and services ecosystem.

At a glance: strengths & risks
✓Revenue growing (+21% y/y, Q2 2026)✓Profit growing (+21% y/y, Q2 2026)✓Strong ROE (21%)✓Book value growing (+17%)✓Dividend yield above fair (15% vs 10%)

Sector: Financial Services

RU_SBER

Price chart

291.17 RUBDay -0.15%

Key metrics

Market

Price
291.17 RUB · -0.15%
Market cap
80.2 bn USD

Growth

Δ NII y/y
35.5%
Δ net profit y/y
29.3%

Multiples

P/E (LTM)
3.4x
3y avg: 4.1x
P/B (FY)
0.8x
3y avg: 0.9x
P/E (ann.)
3.0x

Returns

Dividend yield
12.9%
ROE (annualized)
25.1%
ROI (ROE ÷ P/B)
32.8%

Value creation

annualized net income / market cap (return on equity value)
Banking potential
+31.1%
↓ details

Liquidity

Daily turnover (MOEX)
8.7 bln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusNet interest incomeB USDNet profitB USDAssetsB USDEquityB USDROE (annualized)Source
2026-06-30Q2 2026 (3M)OK14.1
y/y 35.5%
6.7
y/y 29.3%
889.2
y/y 13.5%
107.9
y/y 16.5%
25.1%Report (PDF)
2026-03-31Q1 2026 (3M)OK12.4
y/y 37.9%
6.4
y/y 35.8%
849.2
y/y 18.2%
107.3
y/y 20.0%
24.2%Report (PDF)
2025-12-31Q4 2025 (3M)OK12.3
y/y 51.0%
5.0
y/y 46.3%
879.7
y/y 47.0%
104.8
y/y 51.7%
20.5%Report (PDF)
2025-09-30Q3 2025 (3M)OK11.1
y/y 29.8%
5.6
y/y 20.7%
778.0
y/y 22.3%
93.2
y/y 30.9%
8.0%Report (PDF)
2025-06-30Q2 2025 (3M)OK10.4
y/y 31.4%
5.2
y/y 12.5%
783.4
y/y 21.2%
92.6
y/y 26.7%
22.9%Report (PDF)
2025-03-31Q1 2025 (3M)OK9.0
y/y 16.9%
4.7
y/y 7.8%
718.3
y/y 24.9%
89.4
y/y 22.2%
23.9%Report (PDF)
2024-12-31Q4 2024 (3M)OK8.4
y/y -2.5%
3.6
y/y -13.4%
598.5
y/y 2.6%
69.1
y/y -3.7%
24.3%Report (PDF)
2024-09-30Q3 2024 (3M)OK8.5
y/y 20.5%
4.6
y/y 5.5%
636.4
y/y 25.8%
71.2
y/y 14.6%
8.5%Report (PDF)
2024-06-30Q2 2024 (3M)OK7.9
y/y 7.4%
4.6
y/y -0.9%
646.4
y/y 21.9%
73.1
y/y 10.3%
25.4%Report (PDF)
2024-03-31Q1 2024 (3M)OK7.7
y/y -0.3%
4.4
y/y -10.8%
574.9
y/y 1.1%
73.1
y/y -5.5%
24.2%Report (PDF)
2023-12-31Q4 2023 (3M)OK7.9
y/y —
3.9
y/y —
583.2
y/y —
71.7
y/y —
27.0%Report (PDF)
2023-09-30Q3 2023 (3M)OK7.1
y/y —
4.4
y/y —
505.7
y/y —
62.1
y/y —
9.1%Report (PDF)
2023-06-30Q2 2023 (3M)OK7.4
y/y —
4.7
y/y —
530.2
y/y —
66.3
y/y —
26.0%Report (PDF)
2023-03-31Q1 2023 (3M)OK7.7
y/y —
4.9
y/y —
568.5
y/y —
77.4
y/y —
—Report (PDF)

Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date 2026-06-30. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-04-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

Income statement (bank, IFRS)

IFRS decomposition: interest, fee and trading result with provisions, costs and the recurring/non-recurring profit split (bn RUB). Source: eninvs.com.

Item, bn RUB202320242025YoY
Interest income4 5057 5049 646 +29%
Interest expense-1 941-4 505-6 090 -35%
Net interest income2 5653 0003 556 +19%
Credit-loss provisions-235-443-647 -46%
NII after provisions2 3292 5572 909 +14%
Fee & commission income1 0751 1721 217 +4%
Fee & commission expense-311-329-383 -16%
Net fee & commission income764843834 -1%
Financial instruments & investment result-37.2-23.5146 +723%
Other operating income, net-604-760610 +180%
Non-core activities, net372506563 +11%
Operating income3 6394 1724 773 +14%
Administrative & other expenses (SG&A)-924-1 063-1 237 -16%
Profit before tax1 9852 0352 250 +11%
Income tax-476-454-544 -20%
Net profit1 5091 5801 706 +8%
of which recurring1 5371 5991 595 -0%
of which non-recurring-28.3-18.3111 +708%
Key ratios (annual)
ROE24.9%23.5%22.4% -1.1 pp
Cost of risk (CoR)0.70%1.09%1.41% +0.3 pp
Cost-to-income (CIR)25.4%25.5%25.9% +0.4 pp
Net interest margin (NIM)5.45%5.30%5.48% +0.2 pp

Quarterly dynamics & ratios

ROE = (net profit − perpetual bond coupons) ×4 / avg equity excl. perpetuals; CoR = provisions ×4 / avg credit portfolio; CIR = admin expense / operating income; NIM = NII ×4 / avg assets.

Quarter24/09
Q3		24/12
Q4		25/03
Q1		25/06
Q2		25/09
Q3		25/12
Q4		26/03
Q1		26/06
Q2
P&L, bn RUB
Net interest income7628248328428949889841 067
Provisions-113-160-153-212-170-111-161-172
Net fee income218231203195216219204215
Financial instruments & investment-46.342.732.268.431.314.439.2-50.3
Non-core activities134124136133135158136138
Operating income1 0681 1441 1051 1391 2091 3201 2691 377
Admin (SG&A)-274-308-262-293-309-374-305-336
Net profit411353436423448399508511
Balance (period-end), bn RUB
Credit portfolio42 72543 84243 30743 82446 08847 97349 09449 975
Securities portfolio (bonds)8 1017 0188 5429 3889 81510 94411 31411 489
Customer deposits42 86244 62345 27346 13447 87749 37449 84649 133
Other assets8 1769 9968 2588 2568 5719 8988 6277 678
Total assets59 00260 85560 10761 46964 47468 81469 03569 142
Equity6 6027 0267 4797 2677 7228 2028 7218 387
Key ratios (annualised)
ROE (annualised)25.6%20.7%24.1%22.9%23.9%20.0%24.0%23.9%
Cost of risk (CoR)1.09%1.47%1.41%1.94%1.52%0.95%1.33%1.38%
Cost-to-income (CIR)25.7%26.9%23.7%25.7%25.5%28.3%24.0%24.4%
Net interest margin (NIM)5.33%5.50%5.51%5.54%5.68%5.93%5.71%6.18%

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Monthly operating statistics (RAS, bank charter)

<div class='muted' style='font-size:.72rem;line-height:1.2'>146.5 bln mo</div> source: CBR

Bank potential breakdown (Return per share)
ReportedForecastMonthly ×12
Reporting periodH1 2026
RAS profit, quarter months
Jan 2026 161.7 bln
Feb 2026 162.8 bln
Mar 2026 166.4 bln
Apr 2026 166.8 bln
May 2026 169.4 bln
Jun 2026 168.1 bln
Jan 2026 161.7 bln
Feb 2026 162.8 bln
Mar 2026 166.4 bln
Apr 2026 166.8 bln
May 2026 169.4 bln
Jun 2026 168.1 bln
RAS profit, following months
Jul 2026 168.4 bln
Aug 2026 169.1 bln
Forecast profit change (×1.01)+1%
Annualised profit, mln RUB2.0 trn2.1 trn2.0 trn
Book (equity)8.4 trn8.4 trn8.4 trn
ROE (annualised)24%25%24%
Price / Book0.78x0.78x0.78x
Potential [ROE / P/B]+31%+31%+31%
Card headline: avg of Forecast & Monthly+31%

Potential = annualised net profit / market cap (= ROE / P/B). 'Reported' is the last IFRS quarter annualised; 'Forecast' adjusts it for seasonality from the latest monthly RAS data (multiplier X = profit of the most recent months / profit of the quarter's months); 'Monthly ×12' annualises the latest RAS month. RAS = parent bank charter, IFRS = group; the bases differ, so the forecast is a momentum indicator.

PeriodNet interest income (YTD)Non-interest result (YTD)
CBR Form 102
Pre-tax profit (YTD)Net profit (YTD)Total comprehensive income
CBR Form 102
Sep 2026 📄 PR2.8 trn
+24.1% y/y · 327.3 bln mo +19.4%
—2.0 trn
+26.1% y/y · 231.0 bln mo +21.3%
1.5 trn
+18.2% y/y · 168.5 bln mo +12.1%
—
Aug 2026 📄 PR2.4 trn
+24.8% y/y · 325.2 bln mo +27.0%
-271.4 bln
-43.2% y/y · -23.5 bln mo +28.6%
1.8 trn
+26.7% y/y · 233.4 bln mo +24.3%
1.3 trn
+19.0% y/y · 169.1 bln mo +14.2%
1.3 trn
-8.0% y/y · 147.4 bln mo -3.2%
Jul 2026 📄 PR2.1 trn
+24.4% y/y · 315.1 bln mo +19.8%
-247.9 bln
-58.3% y/y · -81.1 bln mo -1095.7%
1.6 trn
+27.1% y/y · 225.1 bln mo +22.5%
1.2 trn
+19.8% y/y · 168.4 bln mo +16.2%
1.1 trn
-8.6% y/y · 174.9 bln mo -15.8%
Jun 2026 📄 PR1.8 trn
+25.3% y/y · 321.3 bln mo +27.4%
-166.8 bln
-11.3% y/y · -14.3 bln mo +7.4%
1.3 trn
+27.9% y/y · 237.8 bln mo
995.3 bln
+20.4% y/y · 168.1 bln mo +17.0%
943.0 bln
-7.1% y/y · 96.2 bln mo -63.1%
May 2026 📄 PR1.5 trn
325.6 bln mo
-152.5 bln
-13.5% y/y · -36.0 bln mo turned −
1.1 trn
236.2 bln mo
827.2 bln
169.4 bln mo
846.7 bln
+12.3% y/y · 156.9 bln mo -8.1%
Apr 2026 📄 PR1.2 trn
+22.5% y/y · 292.6 bln mo +26.8%
-116.5 bln
+18.4% y/y · -45.4 bln mo -136.8%
865.9 bln
+26.0% y/y · 239.5 bln mo +37.2%
657.8 bln
+21.3% y/y · 166.8 bln mo +21.0%
689.9 bln
+18.3% y/y · 177.2 bln mo +26.2%
Mar 2026 📄 PR861.4 bln
+21.1% y/y · 305.0 bln mo +27.7%
-71.1 bln
+42.4% y/y · -16.3 bln mo +70.9%
626.4 bln
+22.2% y/y · 211.5 bln mo +21.6%
491.0 bln
+21.4% y/y · 166.4 bln mo +21.3%
512.7 bln
+15.7% y/y · 200.5 bln mo +45.4%
Feb 2026 📄 PR556.4 bln
+17.7% y/y · 264.9 bln mo +9.9%
-54.8 bln
+18.9% y/y · -13.1 bln mo +75.6%
414.9 bln
+22.4% y/y · 209.9 bln mo
324.6 bln
+21.4% y/y · 162.8 bln mo +21.1%
312.1 bln
+2.3% y/y · 182.4 bln mo -11.1%
Jan 2026 📄 PR291.5 bln
291.5 bln mo
-41.7 bln
-203.6% y/y · -41.7 bln mo -203.6%
205.0 bln
205.0 bln mo
161.7 bln
161.7 bln mo
129.7 bln
+30.0% y/y · 129.7 bln mo +30.0%
Dec 2025 📄 PR3.1 trn
297.5 bln mo
-476.6 bln
-27.0% y/y · -131.4 bln mo
2.1 trn
159.6 bln mo
1.7 trn
125.9 bln mo
1.9 trn
+53.5% y/y · 160.3 bln mo
Nov 2025 📄 PR2.8 trn
283.2 bln mo
-345.2 bln
-75.3 bln mo
2.0 trn
188.6 bln mo
1.6 trn
148.7 bln mo
1.8 trn
163.8 bln mo
Oct 2025 📄 PR2.5 trn
277.0 bln mo
-269.8 bln
-59.1 bln mo
1.8 trn
189.6 bln mo
1.4 trn
149.6 bln mo
1.6 trn
146.5 bln mo

Balance sheet & capital (issuer press release)

Period-end balances + capital adequacy + profitability. Extracted from the issuer's monthly press release (LLM parsing).

PeriodCorporate loansRetail loansCorporate depositsRetail depositsTotal capitalN1.0 ratio, %N1.1 (CET1), %N1.2 (T1), %ROE (YTD), %Cost/Income, %
Sep 202632.8 trn
+11.8% y/y
20.2 trn
+12.2% y/y
14.2 trn
+12.1% y/y
34.7 trn
+15.3% y/y
————23.0%26.0%
Aug 202632.5 trn
+14.2% y/y
20.2 trn
+13.2% y/y
14.5 trn
+13.2% y/y
34.5 trn
+15.6% y/y
8.1 trn13.1%10.1%10.4%22.9%25.7%
Jul 202631.8 trn
+13.9% y/y
19.9 trn
+13.2% y/y
13.5 trn
+9.8% y/y
34.4 trn
+15.6% y/y
8.0 trn13.2%10.4%10.6%22.9%26.1%
Jun 202631.1 trn
+13.0% y/y
19.8 trn
+12.3% y/y
12.7 trn
+10.4% y/y
34.2 trn
+15.9% y/y
8.7 trn14.6%12.0%12.2%23.0%25.7%
May 202630.8 trn19.5 trn12.6 trn33.9 trn8.5 trn14.4%12.0%12.3%23.2%26.1%
Apr 202631.1 trn
+14.2% y/y
19.4 trn
+10.4% y/y
12.3 trn
+7.5% y/y
34.3 trn
+17.6% y/y
8.3 trn14.3%12.2%12.4%23.4%25.9%
Mar 202631.0 trn
+13.7% y/y
19.2 trn
+9.8% y/y
12.6 trn
+2.0% y/y
33.7 trn
+19.5% y/y
8.2 trn14.1%12.3%12.5%23.6%24.4%
Feb 202630.4 trn
+12.1% y/y
19.1 trn
+9.7% y/y
13.3 trn
+1.2% y/y
33.4 trn
+20.5% y/y
8.0 trn13.8%11.5%11.8%24.1%24.6%
Jan 202630.1 trn19.1 trn12.4 trn32.7 trn7.8 trn13.8%11.7%12.0%23.2%23.3%
Dec 202530.4 trn18.8 trn12.3 trn33.1 trn7.7 trn13.5%11.6%11.9%22.1%29.5%
Nov 202530.2 trn18.6 trn12.9 trn31.2 trn7.6 trn13.2%11.7%12.0%22.5%28.7%
Oct 202530.0 trn18.3 trn12.7 trn30.8 trn7.4 trn12.8%9.6%9.9%22.4%28.6%

Capital adequacy ratios (CBR)

Bank of Russia form 0409135 · latest reporting date 01.09.2026 (August 2026) · systemically important

Н1.013.10%headroom +3.10min. 10.00%
Н1.210.36%headroom +2.36min. 8.00%
Н1.110.12%headroom +3.62min. 6.50%
Н20.015.05%headroom +5.05group, 01.07.2026
group:
9.514.413.10%10.202509.2026ratio · dashed — minimum · bars — headroom
DateН1.0, % (headroom)Н1.2, % (headroom)Н1.1, % (headroom)Н20.0, % (headroom)Н20.2, % (headroom)Н20.1, % (headroom)Н2, %Н3, %Н4, %Н27, %Status
01.09.202613.10 (+3.10)10.36 (+2.36)10.12 (+3.62)———57.63101.8363.60—ok
01.08.202613.18 (+3.18)10.64 (+2.64)10.39 (+3.89)———79.45114.6663.04—ok
01.07.202614.63 (+4.63)12.21 (+4.21)11.96 (+5.46)15.05 (+5.05)12.81 (+4.81)12.56 (+6.06)62.51144.6863.09—ok
01.06.202614.41 (+4.41)12.30 (+4.30)12.05 (+5.55)———118.61164.5762.47—ok
01.05.202614.27 (+4.27)12.45 (+4.45)12.19 (+5.69)———88.54118.0663.24—ok
01.04.202614.15 (+4.15)12.58 (+4.58)12.32 (+5.82)14.44 (+4.44)13.09 (+5.09)12.83 (+6.33)69.81104.4162.62—ok
01.03.202613.81 (+3.81)11.77 (+3.77)11.51 (+5.00)———129.93114.8964.240.00ok
01.02.202613.79 (+3.79)11.95 (+3.95)11.69 (+5.19)———131.28151.7763.770.00ok
01.01.202613.55 (+3.55)11.96 (+3.96)11.70 (+5.20)13.89 (+3.89)12.54 (+4.54)12.28 (+5.78)94.94127.2064.24—ok
01.12.202513.21 (+3.96)11.97 (+4.72)11.71 (+5.96)———187.2992.5263.79—ok
01.11.202512.76 (+3.51)9.88 (+2.63)9.62 (+3.87)———85.17111.0964.97—ok
01.10.202512.87 (+3.62)10.10 (+2.85)9.83 (+4.08)13.37 (+4.12)10.57 (+3.32)10.31 (+4.56)100.80165.4364.30—ok

CBR reporting dates are the 1st of the month, i.e. the previous month's close. Figures in brackets are headroom over the minimum incl. buffers; «r» marks a value taken from the bank's own release (clickable). N20.x are banking-group ratios, N2/N3/N4 are liquidity ratios, N27 is the NSTLR.

All banks, full history and liquidity ratios →

P/B — daily history

Current 0.79x · 3-year median 0.91x

P/B3-year median

P/E — daily history

Current 3.5x · 3-year median 4.1x

P/E3-year median

P/B is market cap ÷ equity of the latest reported quarter, P/E is ÷ profit of the last four quarters. EV/EBITDA is not computed for financials: EBITDA is not a meaningful line for them and their net debt is operating liquidity, not leverage.

Peer comparison

Group: Financial Services. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnP/E
MTS BankRussia0.41.9x
MosgorlombardRussia0.02.2x
Bank VTBRussia15.22.8x
SovcombankRussia2.82.9x
DOM.RFRussia4.63.5x
ZaymerRussia0.23.7x
Bank Sankt-PeterburgRussia1.43.9x
TBankRussia8.83.9x
CarMoneyRussia0.04.6x
EuroplanRussia1.010.6x
Credit Bank of MoscowRussia4.215.3x
Group median3.7x
Group average5.0x
This companyRussia79.73.4x

Group median 3.7x; this company 3.4x — a 8% discount.

Group average 5.0x; against the average this company is at a 33% discount. The average sits 36% above the median: Credit Bank of Moscow (15.3x) skews the group.

At the adjusted group median the market cap would be +9% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 28.1x, Russia 6.3x, South Africa 11.2x, Kazakhstan 9.2x, India 27.1x, Indonesia 7.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-21; the company's own is live.

Dividend potential

Dividend-model upside: +39%

The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)1866 bn RUB
Payout ratio49%
Recent actual dividend (3-yr median)37.64 ₽
= Forecast dividend per share42.33 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-6.3 pp
= Fair dividend yield (bank floor ≈ rate−3.5)10.5%
3 · Valuation → upside
Current price291 ₽
Forecast dividend yield14.5%
Fair price (dividend-based)405 ₽

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Three-year model and IRR with caveats

Expected IRR: +31% (bear +19% … bull +50%)

price in 3 years 447 ₽ (+54% к 291 ₽); dividends along the way 157 ₽ (+54% цены); base — LTM на 2026-06-30 (H1)

Metric, RUB mlnLTM, actual
12m to 30.06.2026
2027
12m to 30.06
2028
12m to 30.06
2029
12m to 30.06
Assets69.14 trn78.18 trn88.16 trn99.20 trn
Asset growth—+13%+13%+13%
Return on assets2.70%2.68%2.60%2.56%
Opening equity8.39 trn8.39 trn9.46 trn10.63 trn
ROE22.2%25.0%24.3%23.9%
Net profit1.87 trn2.10 trn2.29 trn2.54 trn
Closing equity—9.46 trn10.63 trn11.92 trn
Equity to assets—12.1%12.0%12.0%
Dividend per share37.64 ₽47.59 ₽52.08 ₽57.55 ₽
Yield on current price12.9%16.4%17.9%19.8%

Debt and cash are as of 30.09.2024: the 30.06.2026 report carries the income statement only

Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Realised pace (acceleration/deceleration)
LTM YoY +16%; acceleration +3.4pp
LTM г/г по отчётности		100%+15% · +11% · +9%
Model assumptions
Exit multipleP/B 0.85x (0.68x…1.24x)
Partial re-rating: the mean of today's P/B 0.78 and the three-year median 0.91. For banks this base is measurably better — on our daily series (14 names, 5,163 observations) the median three-year error is 0.42 against 0.45 for today's multiple and 0.50 for the median alone, and the odds of ending above today's are 48%. Full re-rating to 1.24 is the bull case
Key rate by year13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year)
Cost inflation6.2% · 5.6% · 5.3%
Dividend policy49% of net profit
Year-3 EBITDA margin target41.6%
Current CPI (actual)6.3%, на 2026-09-30
Governanceno flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00
Model versus analyst forecasts
Linemodelanalystsgap
2027 Консенсус, houses: 7.0 · blended from 50% 2026 + 50% 2027
Net profit2.10 trn2.01 trn1.04x
2028 Консенсус, houses: 4.0 · blended from 50% 2027 + 50% 2028
Net profit2.29 trn2.18 trn1.05x

The comparison runs on financial results, not target prices: a target depends on the multiple and horizon, while revenue and EBITDA forecasts compare directly.

Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Net profit1313%1.01x62%

The model is anchored at each past reporting date with only the data available then, and its one-year-ahead forecast is compared with the actual. Rates and inflation are actuals, so this checks the operating forecast, not macro guessing.

Independent one-year estimates: eninvs Company_Forecast — 382 ₽; eninvs DividendPrediction — 314 ₽; Frontier див-модель — 405 ₽. Ours on the same horizon — 355 ₽

Checks and caveats
  • ⚠ Growth rests on a single source (momentum)
  • ⚠ The name has two share classes: ordinary shares are 96% of the market cap. The exit multiple is computed on the whole cap, so the exit value is split between classes in the same proportion — otherwise the ordinary upside would be overstated 1.05x
  • ⚠ The forecast cash flow cannot be checked against the statement: the group holds a bank or fintech, so client money inflows land in operating cash flow — Ozon's 'actual' comes to +216bn where the formula gives minus 42. No conversion correction is applied here
  • ✓ Year-3 ROE 24%
  • ✓ Three-year dividends — 54% of the current price
  • ✓ IRR +31%
  • ✓ Profit runs off assets rather than retained earnings; the capital cushion covers the whole horizon
  • ✓ Base is fresh: report 4 months old
  • ✓ Historical check (13 observations): median profit miss 4.7 pp of revenue, within ±5 pp in 54% of cases, relative error 13% at bias 1.01x
  • ✓ Versus the analyst forecast for 2027 (7 houses): profit 1.04x
  • ✓ One-year value agrees with an independent estimate: eninvs Company_Forecast (0.93x). Compared with: eninvs Company_Forecast, eninvs DividendPrediction, Frontier див-модель
  • Profit runs off assets (RoA 2.70%), not retained earnings; asset growth from собственная история активов, медиана 3 темпов (+16%, +13%, +12%). Growth is capped by leverage: equity/assets stays above 11.2%, the bank's own historical minimum.

A forecast, not investment advice. Related-market prices are held at today's level, so the model answers what the business earns and is worth if markets stay here — it does not predict prices.

Dividend history

Paid, trailing 12-mo: 37.64 RUB/sh · 12.9%

Pay yearDividend /sh
202637.64 ₽
202534.84 ₽
202433.30 ₽
202325.00 ₽
202118.70 ₽
202018.70 ₽
201916.00 ₽
201812.00 ₽
Payments by period
PeriodLast day to buy/sh
2026 q32026-07-1737.64 ₽
2025 q32025-07-1734.84 ₽
2024 q32024-07-1033.30 ₽
2023 q22023-05-0925.00 ₽
2021 q22021-05-1018.70 ₽
2020 q42020-10-0118.70 ₽
2019 q22019-06-1116.00 ₽
2018 q22018-06-2212.00 ₽
2017 q22017-06-126.00 ₽
2016 q22016-06-101.97 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 47% buy — balanced5d: 51% buy — balanced20d: 51% buy — balanced

Iceberg levels last session: 2 bid / 1 ask; largest — bid 290.9 (filled ×9.0 of displayed, 39 refills).
Robot clips (recurring characteristic order size): 10 bid / 15 ask; largest — ask 199 lots ×1575 appearances across 330 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×452, ask ×399.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
21.1047%2/110/1575,568
20.1056%1/311/772,810
19.1051%1/111/1375,408
16.1051%2/011/1056,411
15.1045%1/25/751,371

Source: L2 order book + trade tape (TQBR main session, ~23 liquid names). Trade side = the aggressor crossing the spread. Iceberg = level filled a multiple of its displayed size with regular refills. Robot clip = a non-round order size recurring hundreds of times across dozens of price levels (an algo's fingerprint migrating with price); ping = 1-2 lot probe orders. Updated nightly.

Investment-community mentions

Substantive mentions last 7 days: 2 (2 negative), last 30 days: 15 (7 positive, 5 negative) across tracked channels, broker research and shows. 20 passing mentions (digests, calendars) hidden.

Sources: Telegram channels (bloggers — blue chip, broker research — green), YouTube shows via transcripts (orange). Tone (▲/▼) is an automatic assessment in the stock's context. Quotes are fragmentary; authors' views are not our recommendations.

Corporate events

21.10.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО Сбербанк объявило о дополнительном доходе по биржевым облигациям серии ИОС_PRT_SPX-5Y-001Р-477R, который составит 602,95 руб. на облигацию, с общей суммой выплат 132,9 млн. руб. Выплата состоится 23.10.2026.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

RU equity fund ownership

Disclosed in the top-10 of 12 of 17 funds, ≈8,8 млрд ₽ combined. Last month: added — 8, trimmed — 1, left top-10 — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
EQMX ВИМ - Индекс МосБиржиВИМ Инвестиции12.72%1,7 млрд ₽+0.62 pp31.08.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капитал12.70%1,9 млрд ₽+0.91 pp31.08.2026
SBMX Первая - Фонд Топ Российских акцийПервая12.68%2,6 млрд ₽+0.68 pp31.08.2026
TITR Т-Капитал Акции ростаТ-Капитал9.55%30 млн ₽+1.86 pp31.08.2026
TRND Т-Капитал Трендовые акцииТ-Капитал9.41%46 млн ₽+1.28 pp31.08.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капитал9.22%34 млн ₽+0.74 pp31.08.2026
AMRE АТОН – Российские акции +Атон-менеджмент9.05%79 млн ₽—31.08.2026
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал8.64%1,2 млрд ₽+0.52 pp31.08.2026
BCSR БКС Индекс Российского рынкаБрокеркредитсервис7.74%27 млн ₽+0.90 pp31.08.2026
TRUR Т-Капитал – Стратегия вечного портфеля в рубляхТ-Капитал6.53%1,2 млрд ₽—31.08.2026
SBPS Первая – Фонд Моя цель 2035Первая6.44%8 млн ₽—31.08.2026
AKUP Альфа-Капитал Умный портфельАльфа-Капитал4.91%15 млн ₽-1.42 pp31.08.2026
DIVD ДОХОДЪ Индекс дивидендных акцийДОХОДЪleft top-10 (was 3.69%)31.08.2026

Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B), profitability and dividend yield of Sberbank — from primary filings.

Frequently asked questions

What is Sberbank's P/E ratio?
Sberbank trades at a P/E of 3.4x (price to trailing 12-month earnings).
What is Sberbank's P/B ratio?
Sberbank trades at a P/B of 0.8x.
What is Sberbank's dividend yield?
Sberbank's trailing 12-month dividend yield is 12.9%.
What is Sberbank's return on equity (ROE)?
Sberbank's ROE is 25.1%.
What is Sberbank's market capitalization?
Sberbank's market cap is 80.2 bn USD.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
СберИОС586—0.01%100.06—68K—10.2026
СберИОС477—0.01%160.17+0.00%16K271K10.2026
СберИОС478—0.01%100.13+0.00%460K475K10.2026
СберИОС763—0.01%100.99+1.84%1K6K10.2026
СберИОС476—0.01%100.57+0.00%3.0M4.7M11.2026
СберИОС479—0.01%99.02+0.00%102K1.7M11.2026
СберИОС771—0.01%————11.2026
СберИОС484—0.01%165.17+0.00%83K947K11.2026
СберИОС485—0.01%98.64+0.00%149K241K11.2026
СберИОС482—0.01%98.48+0.00%99K99K11.2026
СберИОС481—0.01%97.78+0.00%4.8M1.9M11.2026
СберИОС490—0.01%173.63+0.00%34K945K11.2026
СберИОС491—0.01%98.26+0.00%5K31K11.2026
СберИОС492—0.01%98.15-0.86%212K295K11.2026
СберИОС768—0.01%120.00-0.03%60K44K11.2026
СберИОС488—0.01%97.89+0.00%10K286K12.2026
СберИОС489—0.01%130.96+0.00%92K1.4M12.2026
СберИОС803—0.01%98.66+0.00%98798712.2026
СберИОС496—0.01%97.55+0.00%2.0M350K12.2026
СберИОС495—0.01%97.60+0.00%813K339K12.2026

and 220 more issue(s)

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

See also: The Cheapest Bank Stocks in the World (2026): Where Global Banks Trade Below Book · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map