Sberbank Q2 2026: NII growth accelerates to +26.7% y/y, net profit +20.9%

Sberbank reported Q2 2026 net interest income (NII) of RUB 1,066.8 bn and net profit of RUB 511.2 bn. On a year-over-year basis, NII rose 26.7% and net profit advanced 20.9%. Revenue growth accelerated from +22.5% in H1 2026 to +26.7% in Q2 2026, marking the strongest NII expansion in the periods shown. Net profit growth also accelerated, from +18.6% in H1 2026 to +20.9% in Q2 2026. Equity stood at RUB 8,387.2 bn at quarter-end.

Q2 2026 y/y growth

What drove the result

The quarter was driven by a sharp acceleration in net interest income, which grew 26.7% y/y to RUB 1,066.8 bn, up from +22.5% y/y in H1 2026 and +18.2% y/y in Q1 2026. This marks the fastest NII growth in the periods shown. Net profit followed with a 20.9% y/y increase to RUB 511.2 bn, also accelerating from +18.6% y/y in H1 2026 and +16.5% y/y in Q1 2026. The sequential comparison shows Q2 2026 NII of RUB 1,066.8 bn versus RUB 984.3 bn in Q1 2026, a 8.4% q/q rise, while net profit was broadly flat q/q at RUB 511.2 bn versus RUB 507.9 bn in Q1 2026. Equity declined from RUB 8,721.4 bn at Q1 2026 to RUB 8,387.2 bn at Q2 2026, likely reflecting dividend accruals or other capital movements.

Key figures

Outlook

The strong Q2 2026 results, with NII growth accelerating to 26.7% y/y and net profit growth to 20.9% y/y, suggest positive momentum into the second half. However, no explicit guidance or dividend updates were provided in the data. The sequential decline in equity warrants monitoring, as it may reflect capital distribution or other adjustments. Investors will look for sustainability of NII growth amid potential margin pressures and the trajectory of profitability in the coming quarters.