Speaker #1: Increased by 0.5% points, to 51.1%. In this segment, the main growth in absolute terms was concentrated in mortgages, primarily under state support programs due to this big hype, especially in September.
Speaker #1: Before the revision of the terms of family mortgage, the mortgage loan portfolio grew by 9.5% year-to-date, and the second quarter it grew 2.6% and reached 13.6 trillion rubles.
Speaker #1: We increased our share in the mortgage market by 0.7 percentage points over the quarter to 58.7%. Despite the record demand for preferential mortgage programs, the volume of market mortgages continues to grow in September, exceeding 114 billion rubles.
Speaker #1: The highest value since the beginning of 2026, and for many years on record, overall in 9 months the volume of market mortgages doubled. The volume of the consumer loan portfolio increased by 5.7% over 9 months, and more than half of that growth, 3.4%, was in Q3.
Speaker #1: The portfolio is currently 3.7 trillion rubles over the quarter. Our share also increased, by 1 percentage point, to 42.2%. The credit card portfolio increased by 3.8% since the beginning of the year, and by 1.7% over the quarter to 2.6 trillion rubles.
Speaker #1: Sber's market share is 54%. A strong dynamic remains for several quarters in a row. In the car lending segment, our portfolio grew by almost 24% over 9 months, and by 8.2% over the quarter to reach 897 billion.
Speaker #1: Sber's share gained 0.9 percentage points over the quarter, to 22.5%, and for the first time we reached the first place in terms of market share.
Speaker #1: In the car lending market in Russia, in the retail lending market, we maintain our guidance for the corporate clients, for the rates of growth, and our positions in that market.
Speaker #1: We will continue to increase our share. As for the cost of risk for the retail portfolio, as expected, in Q3 it was below 2%, i.e., 1.7%.
Speaker #1: For 9 months it's a bit higher, 1.9%, but it is a significant drop from last year, minus 0.8 percentage points year-on-year. Speaking of the quality of the total loan portfolio at the end of Q3 2026, it remains stable despite isolated deterioration in individual segments.
Speaker #1: The share of stage 3 loans, including those initially impaired, decreased by 0.2 percentage points over the quarter to 5.3%. That was related to the improvement of the risk profile for new retail disbursements.
Speaker #1: As I said, mostly those disbursements were concentrated in mortgages. The total provisions to impaired loans ratio was 97.6%, which decreased due to the write-off of insolvent claims at the expense of the created provisions.
Speaker #1: The total cost of risk over 9 months decreased to 1.1%. Given the challenging situation in individual industries, we maintained the overall cost of risk forecast for 2026 at the level of 1.4%.
Speaker #1: But we do acknowledge that it might be slightly better depending on how the situation evolves. Retail funds in real terms increased by 0.9% over the quarter to 35 trillion rubles since the beginning of the year.
Speaker #1: The growth has been 4%, a restraining effect on the growth of retail funds was exerted by the ongoing outflow of client funds into cash.
Speaker #1: Sber's share increased over the quarter by 0.1 percentage point to 45.1%. We also saw a steady growth of clients' interest in the securities market.
Speaker #1: The number of Sber investment clients reached exceeded 10 million, and has grown by 16% year-to-date. Net asset inflows over the 9 months increased by 80% year-over-year.
Speaker #1: While the total client assets exceeded 3 trillion rubles. In September, a system of quick transfers of securities between brokers was launched, and we welcomed this step forward.
Speaker #1: It adds flexibility for the clients, it allows us to compete better, and against that background we strengthened our ur market positions during the first month of the system operation.
Speaker #1: The inflow of assets to Sber investments from other brokers exceeded the outflow by more than 11 times. The amount of corporate funds increased by 13.5% in real terms over the quarter to 16.7 trillion rubles.
Speaker #1: The growth year-to-date has been 3.7%. Our share increased by 1.6 percentage points over the quarter to 20.1%. Our expectations for the growth of the corporate deposit market in 2026 are in the range between 5 and 8 percent remain valid.
Speaker #1: The forecast for the retail deposit market growth was lowered to 10 to 12 percent, mainly due to the outflow into cash. In both markets, we will grow in line with the sector.
Speaker #1: An increase in the volume of working assets supported the growth of net interest income in Q3. The syndicator increased by 24% to 1 trillion, 108 billion rubles, and in 9 months of 2026, net interest income increased by 23% to 3 trillion, 159 billion rubles.
Speaker #1: The net interest margin began as expected, a slight decrease, and in Q3 it lost 4 basis points to reach 6.65%. Mainly due to the payment of record dividends.
Speaker #1: In August 2026, amid the current trends, we expect the net interest margin to be decreasing but we are slightly raising our guidance from 6.2% to slightly above 6.2% at the end of 2026.
Speaker #1: Net fee and commission income in Q3 decreased by 1.9% to 212.3 billion. Over the 9 months, the growth was 2.8%, and overall it reached 632 billion rubles in net fees and commissions.
Speaker #1: As, as I said, a restraining effect came from the revision of rates for a number of our products, including the cancellation of all limits and commissions for transfers within Sber, and for payment of utility services.
Speaker #1: In Sberbank Online, these services are now completely free of any charge. In addition, we expanded Sber Prime subscription privileges and improved the terms for payroll clients.
Speaker #1: Given these changes, the dynamics of fee and commission income will also be under pressure in Q4 of this year, so our guidance of 0% fee and commission income growth will remain.
Speaker #1: More and more of our clients are choosing new convenience payment methods around 3.3 million clients use the payment with a smartphone with a smartphone service called Whoosh.
Speaker #1: The total turnover exceeded 52 billion, which is 17% higher than in the previous quarter. In October, we added the Whoosh payment service to our smart rings.
Speaker #1: So you can pay with a with our smart ring or with with a card or with your smartphone. About 2.8 million people used the pay-by-smile service, which was twice as many as last year.
Speaker #1: The turnover of biometric payments increased by 28% over the quarter to 51 billion rubles. The cost to income ratio our operational efficiency indicator remained at a comfortable level, and amounted to 28.4% over the 9 months.
Speaker #1: We did not change the CIR guidance for 2026 and expect it to be within the range of 30 to 32 percent. One of the key reasons for Sber's continued high operating efficiency is the further adoption of artificial intelligence.
Speaker #1: We are at a stage where AI is becoming not just a working tool but a full-fledged digital employee. Currently, Sber has over 1,000 AI agents that take on up to 80% of routine tasks.
Speaker #1: And this is bringing tangible results. In September 2026, Sber increased the volume of development by 70%, which is crucial because it means a completely different speed of deployment of the new changes, the new releases that were constantly doing for our clients.
Speaker #1: Further development of generative AI and products based on our Gigachat model remains Sber's strategic priority, recently we hosted a Gigaconf technology conference where we introduced our new products and solutions.
Speaker #1: And I will list just a few key ones. In September, we opened Access to the new flagship model, Gigachad 3.5 Reasoning, Russia's first neural network with a reasoning mode.
Speaker #1: This is a very important step forward because this paves the way to a broader adoption of Gigachad in finance, in law, in software development, and in other areas where reasoning was the key barrier to improving the quality of the model.
Speaker #1: We also created a whole range of services for business for everyday tasks. One of them is Giga Cowork, a platform for creating and managing AI agents, which also includes a showcase of ready-made roles for AI agents, which accelerates their implementation and work processes.
Speaker #1: Today, Giga Cowork is used by over 1,000 companies. To work effectively, agents need access to high-quality information, so we are developing partnerships with platforms and database developers.
Speaker #1: Giga Cowork agents are already working for Spark, Seabonds, and Garant database, expanding their capabilities in legal, financial, and analytical tasks.
Speaker #2: Another solution is that the AI agent for developers, GigaCode. It already has gone beyond the chat and is now available as GigaCode desktop app.
Speaker #2: It brings together a team of specialized AI agents in a single. Phase. It works with local project folders and enables users to connect additional specialized agents for higher efficiency.
Speaker #2: For everyday life, we developed a GigaAgent. It can take over routine tasks such as calendar management, paperwork, news digest, and by that it frees up time for important personal matters.
Speaker #2: I would like to also to invite you to our annual international conference dedicated to artificial intelligence, AI journey. This year, it will be held from 26th to 28th November.
Speaker #2: The equity of the group has increased by 7.8%, and by 5.5% over the quarter. And amounted to $9 trillion rubles. The capitalization ratio and 20.0.
Speaker #2: The third quarter has decreased by 1.4% to 13.7% due to record dividend payments. The amount of 150 billion rubles. Half of the total amount of dividends, which is 425 billion, was sent to the state budget, and the remaining funds were received by more than 2.4 million private and institutional investors of Sber.
Speaker #2: In terms of guidance, I'd like to draw your attention to our expectations. For 2026, the we think that the GDP growth will be in the range of 0.5 to 1%, annual inflation is expected to be between 6.5 and 7.5%.
Speaker #2: Also, lowered the retail deposit market growth to 10 to 12%. As for other markets, such as the corporate deposit markets and retail lending, our previous guidances still stand.
Speaker #2: In terms of financial performance of Sber, we increased forecast for the average net interest margin to the level of over 6.2%, and the rest of guidances remain the same.
Speaker #2: Finally, in conclusion, I would like to invite you to our investor day that will take place on November the 12th, which is also the 100 5th anniversary of Sber.
Speaker #2: We will summarize the results of the current strategic cycle and present a new group development strategy until 2029. And there we will voice the financial forecast for three years, for 2027, and also the dividends expectations and the other things you are waiting for so much.
Speaker #2: I think this part is now finished. I will be happy to take questions. Thanks, Taras, for your presentation. We are welcome with your questions.
Speaker #2: Please use the raise your hand option in the reactions pad and do not forget to activate your microphone before you ask the question, before you start to speak.
Speaker #2: We see that there are a number of analysts. Yevgeny, from Alpha Bank, floor is yours. Hello, dear colleagues. Thanks for this presentation and congratulations on good performance.
Speaker #2: I'll have a I have a question on the events of the two weeks ago in Saratovo region. You know, with the services, I think we were able to see that the incident didn't lead to any technical degradation or breakdown, but we're interesting to hear your comments on how your clients behaved at that period, because, you know, the reaction is usually quick.
Speaker #2: Have you seen any anomalous withdrawal of cash, or maybe movement of funds to other banks? What kind of dynamics you saw, which was different from the usual?
Speaker #2: Thanks, Yevgeny, for the question. We really understand, you know, the time we're living in, and so we realize the responsibility that we have, responsibility before our customers, and we have taken and will take all the necessary measures to protect the infrastructure, to ensure sustainability of our services.
Speaker #2: And of Sber as a whole. In terms of that specific date, there wasn't any surge in any way. Because, you know, there was actually no basis for that, although of our services continued to work as usual.
Speaker #2: And, you know, the clients could could know about that only after reading the news. About potential risk, but there was no real implemented risk.
Speaker #2: So no transactions stopped and no things like that happened. Thanks, Yevgeny, for your question. Next one. Yegor Daftler from T Investments. Hello, dear colleagues.
Speaker #2: Congratulations on the wonderful results. I have a question on the quality of assets. You know, on the background of what we see, you know, the macro indicators, not not improving the rates, are not decreasing, and.
Speaker #2: Same time, we see a really low cost of risk in the corporate segment. So what in future, how shall we look at this indicator?
Speaker #2: I mean, the corporate segment in general, like cost of risk and the quality of assets. Do you expect any time points in time that could could be indicative of the changes in the trends in this specific segment?
Speaker #2: Currently, we see a downtrend. In terms of cost of risk in the corporates, so is there. Any turn in that process in the future or not?
Speaker #2: A lot for this question. You know, you know, the quality of corporate portfolios, something we think about. In retail, the trends throughout all of the products are very positive, and in the corporate segment, that's the period of higher rates, the higher real rates, it's continues to accumulate, and this negative impact presses on the customers.
Speaker #2: Considering the pause that is now here, I mean, the pause in the decrease of the central bank rate, in terms of the third quarter, as I said, in my speech, in 2025, we already had prepared for even a more negative scenario, and we have created special provisioning for this case.
Speaker #2: The third quarter, part of this provisioning was freed up, and there are being moved over to specific cases. So I think in the third quarter, as far as the third quarter is concerned, it was a bit lower if if we if we account for the macro potential, you know, provisions.
Speaker #2: Also, there are in some cases, problems with where there are problems with revenues, with sales, in certain segments. Export limitations that appear. The you know, the the demand for investment.
Speaker #2: There are some industries which are not ideal in this extent, and there are customers who feel a bit worse than average. And for them, there are additional provisions and in that case, the fourth quarter will be more negative in terms of corporate than we have seen in the first, second, and third quarters.
Speaker #2: As for 2027 and on, let us wait for 12th of November when we will tell you about the trends but there are I think no foundation for the situation dramatically improving for such legal entities.
Speaker #2: That's my answer. Next question. Svetlana Aslanova. Hello. Thank you for giving me this opportunity to ask the question. It is relative to the funds of your customers.
Speaker #2: What's your opinion? Are the trends towards saving changing, especially in retail? And can the change in taxation impact that? I mean, the income from deposits, can it affect their behavior?
Speaker #2: What your may your reaction be and what can it mean for the income of Sberbank? Hello, Svetlana. As far as deposits by individuals are concerned, there's a slowdown in the market in the deposits market.
Speaker #2: It's very considerable, especially in the third quarter, the growth of portfolio was minimal. And even growth, we were able to increase our market growth.
Speaker #2: We understand that the sector as it is, the third quarter had almost zero growth. A lot of drivers for that. Taxes will be increased in 2027, even two times.
Speaker #2: They will be increased two times. Taxation of, let's say, the most rich segment of for two more than 2.5 million rubles, right? Increased. With the fact that they they are levied right on the moment when the interest is paid.
Speaker #2: So they will pay both for 2026 and 2027 at the same time. Of course, it will affect the market of the deposits. And part of the growth, of course, will shave off a bit from this market.
Speaker #2: A lot of drivers that affect the dynamics here. The dynamics of the key rate and probably another important factor is more withdrawal of cash.
Speaker #2: You know, this year there's were a lot of withdrawals and they stopped, you know, hindered the growth of such deposits. I hope in the last months of the year will give us some optimism.
Speaker #2: We hope they won't be as many withdrawals. And because this market will be under less stress. And of course, the income of the population is also a driver.
Speaker #2: And how they will grow is also a question. All these foundations for the trend. Our opinion is that a very drastic slowdown that happened in 2026 will not have a double further on.
Speaker #2: Of course, the investments markets is sort of being revived, but this trend is, you know, it's a trend of the last many years. And I think that this ratio between these two markets will not change.
Speaker #2: You know, the decrease of the key rate is also one of the drivers, as I said, this, then the text, then withdrawals. And little growth in the income of the population.
Speaker #2: This will affect. Deposits market and the investments market. But not a very serious decrease in the dynamics. We're not expecting that. We'll be able to tell you more on November the 12th.
Speaker #2: Thanks, Svetlana. And if you don't have any questions, we'll move on to the next speaker. Olga Naidionova. Floor is yours. Thanks a lot for making this presentation and congratulate you with your results.
Speaker #2: My question is relative to the credit quality in the corporates. But maybe you can specify the size of the restoration of the micro potential buffer that you carried on.
Speaker #2: And due to that, the cost of risk decreased very seriously. That's one question. For better understanding. Olga, hello. Actually, the impact 2.3.3%, right? Thank you very much.
Speaker #2: Are there any other questions? In terms of restoration, about depreciation of assets. Can you come make a comment? Yes. We're actually reassessing our assets tangible assets and goodwill.
Speaker #2: And we have a very flexible approach here. It's you understand that this this time is is now when development is going very fast. And we're seeing that the number of companies, I hope, have depreciation.
Speaker #2: Of assets or investments. So we're working with the same logics. In the third quarter, we held very serious reevaluation. But it's not due to just one factor, only one factor.
Speaker #2: There are a number of projects intangible assets as well. Frankly, it was the amount that is in the report. But I can't say that it will be you know, on a regular basis.
Speaker #2: It's a one time effect, which is shown in the third quarter as part of our conservative policy of posting this posting these ratios to understand that the equity must be very reliable.
Speaker #2: Very proven. And we shouldn't move all the potential risks into the future and posting them right now this year. I mean, the real cost of assets that we have right now.
Speaker #2: Thank you. Thank you. I think there's another question from Vasily Nikin from Softcom Bank. Hello. Thank you for making this presentation. I have a question on project finance.
Speaker #2: What's the growth of portfolios expected in the fourth quarter and in 2027? What's the dynamic of new limits for that? Thanks, Vasily. You know, project finance in general has been growing due mainly due to pre-approved projects, due to mainly the financing of housing and construction.
Speaker #2: We see that the companies that have started this housing have started the construction, the actual construction, then it's supportive and the current conditions they they still finalize the projects.
Speaker #2: They sell them. Afterwards. And in general, we see that in the third quarter, as far as the objects are concerned, that's already put to the market.
Speaker #2: There are even new. Not for sale. The escrow coverage is 5% better. 5 percentage points better than. We had expected in terms of the models approved with the clients.
Speaker #2: Before at the stage of the approval of loans. In general, these are high quality projects we don't see any sizable risk here. Risks are with, you know, older projects.
Speaker #2: Especially with the regions if if we talk specific about specific regions. Regions where there's a lack of demand or a lot of construction sites there are big regions big cities in Russia with such situation.
Speaker #2: Where only a small percentage of of apartments sold. Less than 60%. In some regions less than 50%. And in those regions there are specific customers although they are big customers they still have some problems.
Speaker #2: And they require additional provisioning. In general, it's mainly about pre-approved projects. There are no big sizable projects you know that come for to us for lending.
Speaker #2: Very few of them. Everyone is waiting, waiting or have postponed their investment projects. They're ideas. Until the moment where the cost of loans will be more accessible.
Speaker #2: Thank you.
Speaker #1: Thank you for your question. Next question, Artyom Pirminov, BCS. Good afternoon, colleagues. I'd like to ask one question about the macro add-on. It's growth was concentrated in only one segment in the corporate segment or did it also occur in retail?
Speaker #1: So. There did it occur only in certain isolated segments or it was total growth overall growth across the book? Could you please comment on that?
Speaker #1: Yes. So regarding the macro add-on, it only occurred with legal entities with corporate clients as for retail clients we did not have any macro add-ons.
Speaker #1: We believe that the current portfolio quality does not require any special reserves or provisions for legal entities. What we reduced was a separate macro add-on for the residential real estate segment.
Speaker #1: We reduced it; we did not abandon it completely. We halved it. We will continue to be conservative vis-à-vis this segment. So, if necessary, we will be able to compensate for losses in specific cases with this add-on.
Speaker #1: And I would also like to comment on the depreciation of assets. It's a standard thing for us. We always do this revaluation at the end of the year.
Speaker #1: Engaging independent evaluators. Independent appraisers. A bit higher than 3% of nine months. I I don't think that's a big enough value to to comment on it specifically.
Speaker #1: Thank you. And the last question from analysts: Mikhail Ganiev, please. Good afternoon. I have two questions. First, about your margin—record high margin in Q3.
Speaker #1: Great results. The question is, we thought it would go down, but it didn't happen. What are your expectations in Q4? Do you think it will go down in Q4?
Speaker #1: Given the deposit interest rates that are growing, and the key rate has stopped decreasing, that's the first question. The second question is about the inflation rates for your costs.
Speaker #1: Rather high. It's sustainably high. What about your costs and expenses? Is it mostly going to go for salaries, your headcount?
Speaker #1: What about the cost efficiency in the fourth quarter? Thank you, Mikhail. Regarding the margin, in Q4, the main factor that will be putting pressure on our margins is the structural deficit of liquidity.
Speaker #1: In the market. We see that. It's been a a pretty long period of the interbank lending interest rate continuously being above the key rate.
Speaker #1: Which reflects the structural deficit. And secondly is the outflow of of of cash. Which is exerting pressure on banks in terms of delivering on the liquidity ratios.
Speaker #1: Banks had to increase their rates for corporate deposits, and they maintained these rates even though the key rate decreased in the previous six months.
Speaker #1: So these two factors continue to put pressure. But amid the decrease in this outflow into liquidity, and also in the context of the regulator’s steps and measures.
Speaker #1: We see that we largely overcame this crisis point. Our rates are pretty much following the key rate. Give or take. So if this situation persists, we do not expect any significant decreases in the margins in Q4.
Speaker #1: If the crisis continues to evolve, the trend might be more negative than that. But following the reduction of the key rate, our margins will continue to decrease.
Speaker #1: This is a straightforward trend. We have negative sensitivity to key rate decreases in terms of our net interest income. But what the Bank of Russia does with its key rate, we will only know in mid-December.
Speaker #1: So, in October, November, and the first half of December, we will continue to live with the key rate that we have right now. We will do our business with it.
Speaker #1: The key rate that we have. The more important thing will be about the cost of risk in the corporate lending portfolio rather than the margins.
Speaker #1: As for the expenses, previously, salaries were the main component of our expenses. We increased our headcount. Lately, over the past year, I would say the trend has reverted.
Speaker #1: We see that it's cooling down. We are not growing our headcount anymore, so we don't feel the need to take any intensive steps in this regard.
Speaker #1: We are aiming to increase the efficiency of our expenses. Our expenses on on development using AI tools. Another important factor is investments. We are increasing our investments in AI and also in the security and safety of our data centers.
Speaker #1: So, these two priorities will be taking up more and more expenses. They will be driving this expenditure growth, which means we will not be growing in terms of OPEX in line with inflation.
Speaker #1: We will be growing higher than the inflation. We will need to sustain this growth with our income especially the with the net cost to income indicator which will be one of our priorities that we will be monitoring very very closely.
Speaker #1: Thank you very much. We have a few more questions in the chat. In this batch, Channel One is communications with the sellers who suffered the blow on the Ozon and Wildberry marketplace outlets.
Speaker #1: Are we supporting them in any regard? And the second question is about the new dividend policy of Sber—when will it be presented? So regarding sellers, we've had a peak in terms of applications for restructuring; it occurred right after the hit on the warehouses.
Speaker #1: Obviously, about a few months ago. We are currently handling about 6,000 applications for restructuring from them, amounting to ₽21 billion. But our loan portfolio is not very sensitive to this segment.
Speaker #1: Overall the portfolio the the the relevant part of the portfolio for the sellers is less than 1%. It's 0.2% I would say. So of course we are taking steps.
Speaker #1: We are offering support to them in terms of restructuring and free services: legal counsel, legal support, and individual service packages. All of this has been made available to them.
Speaker #1: So, we do support those sellers. And the second question was the dividend policy. Right. With the dividend policy, clearly, it's one of the key aspects of our strategy, and we will present all of the information after November 10th once it's been adopted by the Supervisory Board.
Speaker #1: And on November 12, we will announce it to the public. Thank you very much. And now, questions from the journalists. Marina Anufrieva, RBC Investment.
Speaker #1: The floor is yours. Hello, I have two questions. First, what is your guidance for the USD to ruble rate in 2026 and next year? Second, 13% is the average deposit rate.
Speaker #1: The Bank of Russia is likely to reduce its key rate, or what about your guidance for 2027 in terms of deposit rates? What steps do you need to take to encourage this transitioning?
Speaker #1: From deposits to other financial instruments, such as securities. Thank you. Regarding the first question, in 2026, we expect the rate to be between 80 and 85 rubles per USD in Q4.
Speaker #1: As for deposit interest rates, two factors here. The dynamics in terms of deposit rates will be following the key rate, clearly. Will this gap vis-à-vis the key rate be varying up or down?
Speaker #1: It will depend on whether the banking sector has any liquidity deficit—normative liquidity primarily. The gap currently is around 1%, maybe even lower. So unless this condition changes, we may expect pretty much the same situation in Q3.
Speaker #1: 2027. If the normative liquidity situation gets better deposit rates may go down slightly more than the interest rate than the key interest rate because we've had historically this gap be more than 1% the year around 1.5 and then 2%.
Speaker #1: As for investments I don't think the deposit interest rates since it is following the key rate I don't think it will be significantly impacting the inflow of investments.
Speaker #1: Unless we are talking about the key rate reduction to I don't know 6% as we had several years ago. A 1 to 2% reduction will not have any material impact on this on these flows of of funds into other financial instruments.
Speaker #1: The lending market may reinvigorate, but for that, we will need the key rate to be around 12%, or ideally around 10%. This will encourage structural changes, but judging by the guidance of the Bank of Russia that's just been recently published, we don't expect it to be around 10%, as I said.
Speaker #1: So, I mean, structurally, we will likely be in the same situation as we are now. Thank you. Next question. Tatiana Voronova from Media. Good afternoon.
Speaker #1: Can you hear me? Yes. Please go ahead. I have several questions about your statements. The securities portfolio as it follows from your presentation 70% is.
Speaker #1: You said more than 8 trillion rubles. Will you maintain this share, this participation, in the ministerial auctions? Do you have any strategy in terms of participation in auctions?
Speaker #1: So as
Speaker #3: As I said, I have several questions. The next one is:
Speaker #4: What is your take on the way the regulator works with cash? In May, we saw the first methodological restraints or restrictions. Is it creating any complications in settlements for parallel imports?
Speaker #4: Does it have any impact on the share of liquidity? On the share of funds in cash? Another question: the quality of corporate lending. Sberbank is a huge creditor for the Samalot developer.
Speaker #4: You have a big stake in project finance, but you probably have some other borrowings. What is your take on this situation? Will it have any impact on your financial metrics in terms of restructuring?
Speaker #4: And one more question. In terms of year-on-year, you reduced your expenses on your ecosystem significantly. Why is that? How did you achieve this result, not including the cost?
Speaker #4: This is slide 9. And will it— will this result be sustainable? Thank you.
Speaker #5: Thank you, Tatjana.
Speaker #4: For studying our statements. So many questions, I'll try to answer them one by one. As for securities and OFZ, Our share is about 30%.
Speaker #4: In Q4, it will go down to around 25%.
Speaker #5: According to our estimates—sorry, in Q3. I meant Q3; I said Q4. In this regard,
Speaker #4: It is in line with our share in assets, in financial assets in the banking sector. Our share is varying depending on the demand for...
Speaker #5: from other participants.
Speaker #4: The floater auction, as we saw it, had big demand from the non-banking sector because the Ministry of Finance doesn't very often offer floaters—just for the second time this year.
Speaker #4: For the first time, we were talking about such a large amount. So there was significant demand from the non-banking sector. We took what we could accept.
Speaker #4: What we could afford in terms of yield. We have certain requirements in terms of AFZ yield, so we apply them when we participate in such auctions.
Speaker #4: If not, we're not going to support it by any means. We're going to adhere to our standards and our requirements. Given the budget deficit from the Ministry of Finance, we see that they're planning to increase the issuance of AFZ.
Speaker #4: So, our forecast will be roughly the same that we will try to maintain next year. We're not going to radically revise our strategy.
Speaker #5: At this point.
Speaker #4: Speaking of the actions of the regulator and the effects they may have on companies engaged in parallel import, specifically the cash-related actions of the regulator.
Speaker #4: I mean, of course, they are taking steps, and this is not just the strategy of the Bank of Russia; it's the overall strategy of the government to encourage this transitioning from the gray area to the biggest extent possible for the sectors, the industries.
Speaker #5: salaries, etc.
Speaker #4: ...to legalize all of those things. And, of course, we also encourage it. This means, among other things, that the amount of cash is going to grow.
Speaker #4: And the package of measures announced last year is also going to make an impact. But the economy is adjusting to this new reality, and hopefully, by the end of the year and next year, we will not see such a significant outflow of cash.
Speaker #4: Has it had an impact on parallel imports? I can say that the importers have been working officially, legally; they did not feel any impacts.
Speaker #4: This was fully targeting those who work in this gray area, who avoid...
Speaker #5: paying.
Speaker #4: Customs duties and charges, we see this outflow of cash. in the deposit market, and this is a concern for us. But still, we see a positive trend, a largely positive trend.
Speaker #6: We expect the dynamic to wane a little. In terms of corporate customers and the construction company that you named, there's now, you know, a process going on.
Speaker #5: complex program.
Speaker #6: ...of overcoming the current situation. It's done with several key banks, which financed the projects of this customer. So what I can say is that we don't see any big risk.
Speaker #6: Of things going, uh, haywire. There are agreements made, but there's still time needed to finalize the decisions. But no risk for the provisioning in the fourth quarter from this specific customer is awaited.
Speaker #6: The current provisions are enough, considering the current financial standing of the company. As far as the ecosystem is concerned, we have always had a target of development for the financial business.
Speaker #6: Its effective development is probably due to the current situation with the sanctions that we have, as well as the increase in rates. Of course, these businesses are growing and developing.
Speaker #6: It's hard to develop when the cost of lending is— of borrowing is high. But step by step, little by little, the indicators are improving.
Speaker #6: If you talk about marginality—about income profitability, I mean—this is within the expectations, the goals that we have set for 2026. Thank you.
Speaker #6: Thank you. Next question. Anastasia Savelyeva, Interfax. Hello, I have one question on the report. You wrote that the group purchased shares in some companies, but following the analysis, you came to the conclusion that these assets are not part of the business.
Speaker #6: So you cannot disclose what assets these are, but you can say these are like non— not main assets, right? There's a new areas for you or not?
Speaker #6: A question about your strategy as well. Maybe you can give the guidelines, whether you want to retain the 50/50 payment of dividends — 50% of income paid as dividends — and an ROE of 22%.
Speaker #6: Because we understand that to reach this indicator, Sberbank needs to earn more and more every year. Thank you. Nastassija, thank you for the question.
Speaker #6: In terms of the assets that we're buying, sometimes we're making such transactions, and in the reports we are disclosing that, but with no specific names. However, they were high-quality assets.
Speaker #6: That will ensure us the return on investment—a very good return on investment, I must say. In terms of the strategy, if I tell you about the dividend policy and ROE, it would not be correct because the supervisory board hasn't approved that.
Speaker #6: It's only at the level of the suggestions of management, and we'll discuss that on November 10th. Only after that can it be published for the market.
Speaker #6: There will be no intrigue. You will not watch our conference on the 12th of November, and we really want you to come and see and join us.
Speaker #6: So we'll not be able to answer your question right now. I invite you to join us on November 12th, also the 185th anniversary.
Speaker #6: Of Sberbank. We will give you all the necessary expectations and comments for 2026, and the following three years. Thanks a lot. Next question. Well, I think we must speed up; we're over the limit.
Speaker #6: Elena Fabrychnaya from Reuters. The situation with cash in October is better in terms of your growth dynamics. And how will the measures of the Central Bank affect that?
Speaker #6: So they recommended the banks to confirm the funds that the people and companies are disposing of, and then If it's after the 1st of October, maybe you have seen the negative dynamics in the mortgage.
Speaker #6: Regarding the summary, I think you've covered that. Thank you for this question. In terms of cash, on the 20th of October—October is better than September.
Speaker #6: September was better than August. So, good dynamics here. And in October, a very sizable decrease of the outflow. Still one week remaining. We hope it will stay the same.
Speaker #6: But it's a very optimistic trend for us right now. I think it's a good thing to keep for the following months. In terms of mortgage, we have very big demand.
Speaker #6: In September, for the state-supported programs, a very sizable part of the customers try to, you know, jump on the last car of the train.
Speaker #6: Then have this mortgage supported by the Family Mortgage State Government Program. And after that, there will be a decrease, for sure. I think 100 billion rubles—this will be deferred.
Speaker #6: Demand. And now, the fall in the confirmations of such mortgage applications is rather significant. So, the effect of the decrease in new conditions, I mean, if we compare them to the older conditions, and if we take account of the peak periods, there's a 20% probable decrease.
Speaker #6: And October, the coming weeks, is actually what we are having. Sometimes we see that, you know, approvals on the market mortgage programs is actually quite more than 50%, closer to 60%.
Speaker #6: It's increasing. I think it's a positive signal because the fact that in our portfolio 63% of mortgage. issued with state subsidies is It's generally not a very good situation.
Speaker #6: And we think that the market mortgage will grow and replace the mortgage with state support. The limitations are in the time period and the change of the rate for specific categories.
Speaker #6: It's all directed at orienting the customers towards market programs. Only, you know, specific customer categories with several children, they have these decreased rates. I think the 3rd quarter was the last one where we've seen such high approvals.
Speaker #6: With the state support applications, then in November, I think, you will see a decrease in mortgage approvals—very much lower than September. I get a spillover; it does.
Speaker #6: Can you hear me? We can hear you very well. Thank you very much, Taras. Hello, I wanted to specify that. You said that maybe you can. Do you?
Speaker #6: Do you plan to increase? About the GDP, I think you didn't mention the drivers behind the improvement of GDP. Hello, Rita. Thank you for these questions.
Speaker #6: About GDP, I think it's very simple. The main driver is actually the actual data that was published. We expected less growth, even for the financial sector.
Speaker #6: That is, it's within the forecast. This was underestimated. Actually, the first half of the year through July showed very good dynamics, and the figures increased.
Speaker #6: We were actually on the brink of the 0.05, now it's quite another range, closer to the lower border. So if we take Our expectations, they haven't changed as much, but the range broadened.
Speaker #6: This is about the GDP. In terms of data centers, the short answer is yes: we will continue to increase the investment this year.
Speaker #6: I mean expenses, and we will continue to do so. The current situation, it is inevitable because it's better to have some additional measures of protection than than having problems having to do with with the lack of these, um, capabilities.
Speaker #6: Of course, there will be these expenses, and this will impact the financials, but mostly for the following year. Thank you. We're finalizing our Q&A session with the last question.
Speaker #6: By Daria Mityanska from Urianovosti. I have a question about the new strategy. Which business segments under the strategy can become key sources of growth and for net income growth in the coming three years?
Speaker #6: Thank you for this question. Actually, I cannot comment in detail, but I can say that at our conference Alexander Vidyakhin will speak, who is responsible for the whole corporate business, and Kirill Tsarev.
Speaker #6: Who is responsible for the whole retail business? These are the key areas that will form our income basis and the financial performance. So they will tell everyone in detail about the novelties and in what areas we plan to develop.
Speaker #6: In general, I must say that Sberbank is a very big company. We are first in the Arbeka rating in terms of revenues—in 2025.
Speaker #6: By profits, we were first in 2024 already; by revenue, in 2025. So, we will not radically change our activities. We will continue developing the segments we're working in.
Speaker #6: But of course, there are new initiatives launched. They're being scaled out, and then they find their way into our results. They're one of the drivers of our development.
Speaker #6: Even though there are changes in the market, macro changes, and sanctions policy, we still find there are opportunities for growth and opportunities to show very strong results. I think we will strive to remain very active and will make analysts and our shareholders very happy.
Speaker #6: Thank you. Thank you very much. That's a wrap for this call. We invite you to join the live feed on November 12th. There will be a lot of news there.
Speaker #6: We'll wait for you there. If you have any questions left after this call, use all of our channels. Use our email. And we will answer them.
