Sberbank Scales Back Lending Forecasts as Corporate Debt Strains Mount

While Sberbank outperformed initial expectations during the first half of the year, buoyed by robust interest income, the outlook for the coming months has darkened. Skvortsov noted that the bank is observing worrying trends within its corporate portfolio, directly linked to the broader economic slowdown and the persistent impact of the conflict in Ukraine. The bank's current projections for corporate lending growth, previously set between 9% and 11% for this year, now face an inevitable reduction.

High interest rates and supply-side pressures, including fuel shortages exacerbated by recent refinery attacks, have squeezed the financial stability of many borrowers. These factors have triggered an uptick in loan restructuring requests, compelling the bank to increase provisions to buffer against potential defaults. Despite these headwinds, the lender maintains its intent to hold a 50% dividend payout ratio, with final strategic calculations expected to be unveiled at the end of 2026.