off-the-wire

Russia's Sberbank not expecting cenbank to cut rates this year -CEO

Kitco Media
By Reuters
Published:
Updated:
Reuters

MOSCOW, March 9 (Reuters) - Russia's biggest lender Sberbank (SBER.MM) does not expect the Bank of Russia to cut rates from 7.5% this year and sees the country's economic growth at around 0%, CEO German Gref said on Thursday.

Sberbank made a net profit of 270.5 billion roubles ($3.57 billion) in 2022, the bank said on Thursday, a 78.3% drop from the year before as sweeping Western sanctions rattled Russia's financial sector.

Gref said the bank's 2023 return on equity should come in at around 20%, up from 5.2% in 2022.

($1 = 75.9500 roubles)

Reporting by Elena Fabrichnaya and Alexander Marrow; Editing by Toby Chopra
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