MOSCOW (Reuters) -Russia's dominant lender Sberbank on Friday reported an 11.3% increase in first-quarter net profit to 397.4 billion roubles ($4.32 billion) and sharply raised its retail loan growth forecast for the year. Sberbank made record profits of 1.5 trillion roubles in 2023, a more than five-fold increase on the previous year, as Russia's banking sector recovered from the impact of financial sanctions over Russia's actions in Ukraine. The state-owned bank, which dominates Russia's banking sector with around 110 million retail clients, this week announced plans to make a record annual dividend payment of more than $8 billion.
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