The key rate has ceased to be crucial in determining the profit of “Sberbank”

The key rate has ceased to be crucial in determining the profit of “Sberbank”


Moscow. March 17. The key rate has ceased to be a factor strongly influencing the profit of Sberbank, told journalists the head of the Bank Herman Gref.

“Given the fact that we have excess liquidity, the key rate has ceased to be a powerful driver impacting our profit and losses in our financial result,” he said.

A year ago the Bank “with bated breath” expected changes in the key rate, and now the Bank is almost no involvement from the Central Bank, said Gref.

However, he did not give forecasts concerning the decision of Bank of Russia on level of the key interest rates at its meeting on Friday, March 18.

As reported, according to the statements of Sberbank under IFRS, the Bank for the year reduced the amount borrowed from the Central Bank of the Russian Federation funds at 11.2 times to amounted to 269.8 billion.

Sberbank this week reported last year, showing a reduction in IFRS net profit by 23.2% to 222,9 billion.

Gref also commented on the candidates nominated to the Supervisory Board of “Sberbank”. According to him, shareholders have nominated 15 candidates for the 14 seats on the Supervisory Board.

Including nominated all 14 members of the Supervisory Board. The only new candidate – former Prime Minister of Finland Esko Aho.

The Finnish government he headed in 1991-1995. In 2009-2012 was the Executive Vice President for corporate relations and responsibility at Nokia.

Since 2013 is Chairman of the Board of Directors of the East mission industry of Finland (East Office, Association of Finnish companies operating in Russia). Member of the Board of Directors of the Fund “SKOLKOVO” since its creation in 2010.

The Bank of Russia belongs 52,32% of the voting shares of “Sberbank”, other securities are in free float.