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The Sovcombank earned in the 1st half of 2025 17.5 billion rubles. Pure profit in IFRS

Photo of Ashley Davis Ashley Davis15/08/2025
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August 15 14:56

PJSC “SOCCOMBANK” (TICKB: SVCB) published consolidated financial statements under the IFRS for six months – from January to June 2025.

Financial indicators

  • Net profit: 17.5 billion rubles. (1P2024: 38.7 billion rubles)

  • Regular profit: 17.1 billion rubles. (1P2024: 31.3 billion rubles)

  • Irregular profit: about zero (1P2024: 7.4 billion rubles)

  • ROE for regular profit: 9.9 % (1P2024: 21.7 %)

  • Joint capital: 354 billion rubles. (+24 billion rubles since the beginning of the year), 16.6 rubles. per share

  • Net profit per share (minus 70 million treasury shares): 0.78 rubles. (1P2024: 1.87 rubles)

Factors influencing the result

  • The growth of reserves for unsecured retail against the background of the cooling of the economy and regulatory restrictions of the Central Bank of the Russian Federation

  • Compression of a pure interest margin in high rates

  • Increase in expenses against the background of an increase in assets and revenue

  • Increasing income tax rate from 20% to 25%

  • Revenue and growth drivers

  • Revenue from regular activities: 461 billion rubles. (+45 % g/g)

  • Commission income: 26.6 billion rubles. (+25 % g/g)

  • Insurance and Nebankovsky business: 26.0 billion rubles. (+114 % g/g)

The dynamics of segments

  • Retail business: revenue – 232 billion rubles. (+58 % g/g), portfolio – 1.3 trillion rubles, 6 million active users of the mobile bank and the Halva card.

  • Corporate business: Record revenue – 188 billion rubles. (+68 % g/g), portfolio – 1.4 trillion rubles, guarantees – 1.0 trillion rubles.

  • Treasury: the yield of the portfolio of precincts is 18.1 %, the average duracy is 1.2 years (unchanged from the beginning of the year).

“The quarter has developed weaker than our expectations, since the effects of reducing the rate have not yet influenced, and the cooling of the economy negatively affected growth, margin and retail risk,” explained Dmitry Gusev, Chairman of the Board of Socialist Republic of Council of People's Commissars. – Nevertheless, as the rates decrease, the retail business will return to regular profit, and the total ROE to the usual indicators. In the third quarter, we expect an expansion of a pure interest margin and stabilizing risks in consumer lending. Our forecasts for the 2nd half of the year are significantly higher than the results of the 1st half-year, however, the total profit may be lower than the result of 2024. ”

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