Sovcombank Q2 2026: NII up 40.8% YoY, profit swings to positive

Sovcombank reported Q2 2026 net interest income of RUB 4,811 million, up 40.8% year-on-year, while net profit turned positive at RUB 5,874 million versus a loss of RUB 7,529 million in the prior-year period. Growth in net interest income decelerated from the 69.1% YoY pace seen in H1 2026, reflecting a high base and moderating loan repricing.

Q2 2026 YoY growth

Key drivers

The swing to profitability was driven by a sharp improvement in net interest income, which rose 40.8% YoY, and a recovery from the prior-year loss. Net profit for H1 2026 reached RUB 25,576 million, up 410.8% YoY, supported by strong operating performance and lower provisioning. Equity grew to RUB 423,678 million by end-June 2026, up from RUB 353,802 million a year earlier.

Key figures

Outlook

Sovcombank's strong H1 performance and positive Q2 profit suggest continued earnings recovery, though the deceleration in NII growth warrants monitoring. We watch for sustained loan growth and asset quality trends, as well as any guidance on full-year profitability.