The cost of ordinary shares of Sberbank at the beginning of trading on the Moscow Exchange fell by 0.79% to 152.4 rubles per paper. Preferred shares fell by 0.94% to 151.25 rubles per unit. By 10:23 Moscow time, the decline had slowed to 0.74% for both securities.

The bank’s shares fell in price after the publication of results for 2022. Sber reported that the bank’s net profit in 2022 amounted to 300.2 billion rubles, which is 75.7% less than in the previous year (1.24 trillion rubles). At the same time, in the last month of 2022, Sberbank made a profit of 125.5 billion rubles, increasing it by 40% year-on-year. Net fee and commission income grew and amounted to 614.8 billion rubles, exceeding last year’s level by 6.2%.

In December, the cost of risk amounted to 0.2%, including due to the positive result from the return of bad debts. At year-end, the cost of risk amounted to 3.7%. Operating expenses decreased by 12% year-on-year in December and amounted to 80.6 billion rubles.

The report also says that Sberbank meets all risk appetite limits on capital adequacy ratios set by the Supervisory Board in December 2021 with a reserve. Experts of “BKS World of Investments” also noted that the bank’s results were achieved without using the Bank of Russia’s relaxations for credit organizations, such as fixing the exchange rate, the value of securities, preferential provisioning on loans to certain companies, etc., RBC writes.