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Sber's non-financial business revenue almost tripled in 2020
The figure reached 71.4 billion rubles, which is slightly more than 2% of the company's total revenue.
The before-tax profit of this business segment reached 8.6 billion rubles, against a loss in 2019. This is 0.9% of the indicator for the group in total.
Sberbank's total revenue in 2020 amounted to 3.37 trillion rubles, which is 2.2% more as compared to 2019. Net profit reached 760.3 billion rubles, 10% less than a year earlier.
Sber discloses the non-banking business figures for the first time ever, RBC agency notes. The financial institution calculates the income of non-financial business companies, taking into account subsidiaries (the credit institution consolidates them on a 100% basis) and partnerships where the company holds a non-controlling stake. The latter are booked as associates, the agency reports with reference to a representative of the credit institution.
The bank intends to develop its non-financial business. Over the past 3 years, Sber has spent $1 billion to develop the ecosystem. Last year, head of Sberbank Herman Gref announced their plans to annually increase the revenue from the ecosystem's key non-financial services by more than 100%. It was noted that most non-financial services should break even in 3 years.
Source: RBC