The financial situation is deteriorating." Sberbank reported defaults of 2.7 trillion rubles The problems of the Russian economy are reflected in the balance sheet of the country's largest bank. Sberbank's default assets grew by nearly 20% since the beginning of the year and reached 2.7 trillion rubles by the end of September, according to the state bank's report. "It is the quality of the portfolio of companies that causes us the greatest uncertainty and concern," noted Taras Skvortsov, Saber's vice chairman of the board and chief financial officer. More than a quarter of Sberbank's investment portfolio (27.8%) is occupied by residential real estate loans. Default loans to builders for project financing during the nine months rose almost one and a half times from 258 to 375 billion rubles, and to other companies by more than a quarter from 821 billion to 1.06 trillion rubles. 13.4% of Saber's portfolio is deposited by oil and gas companies, 11.9% by metals and mining companies. The period of high interest rates continues, and "exerts more and more pressure on customers", Skvortsov explained. The fourth quarter "will definitely be more negative in terms of legal entities" than the first three, warned Skvortsov: "In the fourth quarter, we are now seeing a number of cases where the financial situation of customers is deteriorating, where there are revenue problems, sales problems, with some export restrictions, with investment demand." More details.

The financial situation is deteriorating." Sberbank reported defaults of 2.7 trillion rubles The problems of the Russian economy are reflected in the balance sheet of the country's largest bank. Sberbank's default assets grew by nearly 20% since the beginning of the year and reached 2.7 trillion rubles by the end of September, according to the state bank's report. "It is the quality of the portfolio of companies that causes us the greatest uncertainty and concern," noted Taras Skvortsov, Saber's vice chairman of the board and chief financial officer. More than a quarter of Sberbank's investment portfolio (27.8%) is occupied by residential real estate loans. Default loans to builders for project financing during the nine months rose almost one and a half times from 258 to 375 billion rubles, and to other companies by more than a quarter from 821 billion to 1.06 trillion rubles. 13.4% of Saber's portfolio is deposited by oil and gas companies, 11.9% by metals and mining companies. The period of high interest rates continues, and "exerts more and more pressure on customers", Skvortsov explained. The fourth quarter "will definitely be more negative in terms of legal entities" than the first three, warned Skvortsov: "In the fourth quarter, we are now seeing a number of cases where the financial situation of customers is deteriorating, where there are revenue problems, sales problems, with some export restrictions, with investment demand." More details.