DOM.RF Q2 net profit up 22.2% YoY, margins remain high

In Q2 2026, DOM.RF increased net profit by 22.2% YoY to RUB 28,705 million, with net interest income up 29.6%. Net margin stood at 55.0%, down from 58.3% a year earlier, but remains high.

Key figures, RUB bn

What the report showed and what's behind it

In Q2 2026, DOM.RF's net interest income grew 29.6% YoY to RUB 52,154 million. Quarterly net profit was RUB 28,705 million, up 22.2% YoY. Over the last twelve months, net profit reached RUB 106,940 million, and net interest income RUB 188,400 million.

Margins and costs

Net margin in Q2 2026 was 55.0%, down from 58.3% a year earlier. The decline reflects faster growth in operating expenses, including capital expenditures, which rose to RUB 5,194 million in the quarter versus RUB 798 million in Q2 2025.

Debt, cash flow, capex

In Q2 2026, capex amounted to RUB 5,194 million, significantly above the year-earlier level (RUB 798 million). Operating cash flow for the quarter is not disclosed, but in Q4 2025 it was negative at minus RUB 606,980 million, possibly reflecting seasonal factors. No net debt data is available.

Valuation and what to watch next quarter

Based on the last twelve months, the P/E ratio is 3.64, which looks modest. ROE is 23.4%, and trailing dividend yield is 10.55%. In the next report, watch the YoY dynamics of net profit and net interest income, as well as the level of capex and operating cash flow.

Valuation on the latest reported figures