DOM.RF Q2 2026: Net Profit +22% YoY as NII Growth Decelerates to +29.6%

DOM.RF reported Q2 2026 net interest income (NII) of RUB 52,154 mn, up +29.6% y/y, and net profit of RUB 28,705 mn, up +22.2% y/y. The NII growth rate decelerated from +32.8% y/y in H1 2026 (which includes Q2) and from +42.6% y/y in Q1 2026, confirming a moderating trend in core revenue expansion. Equity rose to RUB 480,788 mn from RUB 394,684 mn a year earlier.

Q2 2026 y/y growth: headline metrics

What drove the result

Net interest income remained the primary earnings driver, with absolute NII of RUB 52,154 mn in Q2 2026 versus RUB 40,250 mn in Q2 2025. However, the y/y growth rate has moderated: after +42.6% in Q1 2026, NII growth slowed to +29.6% in Q2 2026. Net profit growth also decelerated, from +82.5% y/y in Q1 2026 to +22.2% y/y in Q2 2026. On a sequential basis, Q2 NII of RUB 52,154 mn was up +7.3% from RUB 48,602 mn in Q1 2026, while net profit rose +0.6% from RUB 28,528 mn. Equity increased to RUB 480,788 mn from RUB 469,665 mn at end-2025, reflecting retained earnings.

Key figures

Outlook

The deceleration in NII growth from +42.6% y/y in Q1 2026 to +29.6% y/y in Q2 2026 suggests that the strong base effect from prior periods is fading. Net profit growth also slowed sharply, from +82.5% y/y in Q1 2026 to +22.2% y/y in Q2 2026. Investors will watch whether this moderating trend continues into H2 2026, particularly as equity accumulation (RUB 480,788 mn) supports capital adequacy but may limit leverage-driven growth. No consensus estimates or dividend updates were provided in the data.

While absolute profitability remains solid, the sharp deceleration in both NII and net profit growth warrants caution. The sequential increase in NII (+7.3% q/q) and net profit (+0.6% q/q) was modest, and the y/y comparison will become tougher in H2 2026 given the high base from H2 2025 (NII +33.9% y/y, net profit +56.9% y/y). Without new guidance or dividend announcements, the stock may lack near-term catalysts.