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Sberbank forecasts record 2023 profits amid mortgage market cooldown

November 8, 2023

Today, at the Finopolis forum, German Gref, CEO of Sberbank, Russia’s leading financial institution, projected a significant slowdown in the mortgage market. Despite this forecast, the anticipated increase in Sberbank’s mortgage lending for 2023 is set to reach an impressive 80%, amounting to 4.6 trillion rubles by year’s end.

In October alone, the growth in lending had already reached approximately 3.7 trillion rubles. This surge represents not only an 80% jump from figures recorded last year but also a remarkable leap of 60% from the lending numbers documented in 2021.