Sovcombank's net profit for 2025 amounted to 53 billion rubles according to IFRS.
The year 2025 passed in conditions of tight monetary policy, increased risks in retail lending and increased regulatory requirements. Sovcombank maintained margins, increased the scale of its business and consistently improved key indicators in the second half of the year. In the fourth quarter, ROE was 19%, net interest margin increased to 6.4%, and cost of risk decreased to 2.5%. The Group's total revenue is close to 1 trillion rubles. Rate stabilization and net interest margin normalization form the basis for further yield growth in 2026.
Pressure on profitability peaked in the second quarter, with cost of funding reaching 17.6%, cost of risk 3.7%, and cost-to-income ratio 61%. Since the third quarter, all key operating indicators have consistently improved: by the fourth quarter, CIR decreased to 52%, cost of funding to 13.8%, cost of risk to 2.5%.
Total loan portfolio (net) increased by 14% to 3.0 trillion. rubles The bank focused on low-risk collateralized lending and corporate lending.
Corporate loans (net): +25% y/y to 1.7 trillion rubles – due to loans to large companies (+24%), project financing and growth of loans to constituent entities and municipalities of the Russian Federation.
Retail loans (net): +3% y/y to 1.3 trillion. rub. Mortgages grew by 17% (399 billion rubles), installment cards “Halva” – by 5% (164 billion rub.). Consumer loans fell by 19% due to high rates and regulatory restrictions. Car loans grew by 7% to 499 billion rub.however, the dynamics remained under the pressure of several factors: high interest rates, lengthening the terms for the sale of pledged cars in the event of a borrower’s default, as well as the strengthening of the ruble, which made imported cars cheaper.
Portfolio of non-financial bank guarantees grew by 27% to 1,109 billion rub. (2024: 874 billion rub.) is one of the key sources of commission income for the Group. The guarantee business does not require funding, which makes it insensitive to interest rates. In conditions of high resource costs, this direction is especially effective for the Group and at the same time attractive for clients who receive the necessary collateral without diverting their own liquidity. The main part of the portfolio is guarantees to suppliers within the framework of government and commercial procurement under 44-FZ and 223-FZ.
The Group includes B2B-RTS, Russia’s largest digital platform for government and commercial procurement, occupying a third of the electronic trading market. The platform provides government procurement under 44-FZ and 223-FZ, as well as commercial tenders for private sector companies. B2B-RTS continues to increase the volume of processed trades. The procurement business generates stable commission income without credit risk and creates synergy with the Group's guarantee business: the Bank provides bank guarantees to bidders who need to secure bids and contracts.
Customer funds grew by 13% to 3.4 trillion rub.: individuals – ₽1.4 trillion (+15%), legal entities – ₽2.1 trillion (+12%). The concentration of the deposit base decreased: the share of the top 10 depositors was 12.8% (2024: 14.6%).
The share of Stage 3 loans increased to 4.7% (12/31/24: 3.4%) – mainly in retail under the pressure of high rates: Stage 3 consumer loans amounted to 12.4%, car loans – 5.3%, mortgages – 4.3%. Reserve coverage of the retail portfolio is 97%, taking into account collateral (real estate and cars). The corporate portfolio remains of high quality: the Stage 3 share is 3.1%, and reserve coverage is 107%.
The capital of the owners of the Bank’s ordinary shares amounted to ₽389 billion (+18% y/y), taking into account the additional issue of 1.8 billion rub. shares in April 2025 for the purchase of Home Bank and dividends paid in 2025 of 7.9 billion rub. by the end of 2024. The total capital of the Group is 415 billion rub. (+7% y/y). Dividends based on the results of 2025 will be considered at the AGM in June 2026.
“2025 was a difficult year for banks. A high key rate, tight monetary policy and increased regulation put pressure on the sector's margins and profits. Under these conditions, Sovcombank maintained profitability and continued growth. Our diversified business model paid off when it mattered most. The Group's assets exceeded 4.5 trillion rub.including due to the growth of the corporate loan portfolio by 25%. The insurance business, electronic payments and digital platform for government and commercial procurement grew at double-digit rates, regardless of rate levels. The Group’s total revenue approached 1 trillion rub.and growth in fee and non-banking income helped offset pressure on interest margins. In the second half of the year, performance began to improve consistently. The cost of funding has decreased and the quality of the retail loan portfolio has stabilized. Results improved by the end of the year, although the impact of high rates has not yet been fully exhausted. ROE in the fourth quarter amounted to 19% per annum. We expect a gradual restoration of profitability to a level more familiar to us, understanding that quarterly dynamics may remain uneven due to seasonality. This allows us to look confidently at 2026,” commented Dmitry Gusev, Chairman of the Board of Sovcombank PJSC.
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