Russia39;s Sberbank posts 78.3 drop in profit for 2022
CEO expects 2023 profit near record level of precrisis year
Sberbank likely to resume dividend payments CEO
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MOSCOW, March 9 Reuters Russia39;s dominant lender Sberbank expects profits to rebound sharply this year after a nearly 80 drop in 2022 as sweeping Western sanctions rattled Russia39;s financial sector in what the bank39;s chief executive called the most difficult year.

Sberbank, which boasts around 107 million active retail clients, was releasing results under international reporting standards for the first time in a year. Russian authorities ordered banks to limit disclosures and dividend payments last year as Moscow tried to maintain financial stability.

Sberbank39;s annual profit came at 270.5 billion roubles 3.57 billion, down 78.3 from 2021 and around 30 billion roubles lower than what it reported under Russian accounting standards.

Profit under Russian standards for JanuaryFebruary 2023 stood at 225 billion roubles, Sberbank said on Thursday. Its Moscowlisted shares hit a more than oneyear high at market opening before easing 0.3 on the day.

CEO German Gref said this year39;s profits should be close to the record 1.25trillion roubles earned in the precrisis year.

DIVIDEND RESUMPTION

Net interest income rose 6.6 yearonyear to 1.87 trillion roubles, the bank said, while net commission…