15 May 16:35
PJSC Sovcombank (SVCB) presented consolidated financial statements under IFRS for the first quarter of 2026, showing a significant increase in key indicators.
The bank's net profit amounted to 20 billion rubles, an increase of 57% compared to the same period last year. Regular net profit increased by 24% to RUB 17 billion, reflecting an improvement in the sustainable profitability of the business. Net interest margin continued to grow for the fourth quarter in a row, reaching 7.0% versus 4.3% a year earlier. Return on equity increased to 20% (+5 percentage points).
The key event of the reporting period was the acquisition of Capital Life Insurance.
Net interest income increased by 72% and reached 60 billion rubles, commission income increased by 31% to 12 billion rubles. At the same time, the cost of funding decreased to 12.8% from 17.4% a year earlier. Operating expenses increased by 8% to RUB 42 billion, but the CIR improved to 51% versus 68% due to faster revenue growth.
Expenses on reserves increased to 23 billion rubles (12 billion rubles a year earlier), and the cost of risk increased to 3.0% from 2.2% against the backdrop of high interest rates and the adaptation of the loan portfolio to the requirements of the Bank of Russia.
The bank's loan portfolio reached 2.9 trillion rubles (+9% year-on-year). The corporate segment grew by 19% to RUB 1.6 trillion, while the retail portfolio remained at RUB 1.3 trillion. At the same time, the mortgage portfolio increased by 18%.
Customer funds amounted to 3.0 trillion rubles: deposits of individuals increased by 9% to 1.3 trillion rubles, funds of legal entities by 4% to 1.7 trillion rubles. The portfolio of bank guarantees remained at the level of 1.1 trillion rubles.
Shareholders' capital reached 408 billion rubles, an increase of 16% year-on-year. The bank noted that the growth was ensured by regular profits and the effect of the deal with Capital Life. The Supervisory Board will consider the issue of dividends for 2025 on May 27, 2026.
The acquisition of Capital Life Insurance was completed on March 31, 2026. The company ranks third in the Russian long-term endowment life insurance market and is the leader in terms of the size of its agent network in this segment.
