Sber has defined key priorities for the next strategic cycle, maintained its dividend target at 50% of net profit, set a capital adequacy ratio of 13.3%, and established a goal of achieving an annual return on equity of 21%
November 12, 2026, Moscow
This new strategy represents the next step toward a human-centric approach. Over the past three years, AI technology has developed reasoning capabilities and is now able to perform increasingly complex tasks on behalf of the user. We are witnessing the integration of AI into existing processes. However, its primary impact will emerge later through the transformation of business models, the creation of new products, and the restructuring of market relationships. This is giving rise to a new paradigm: the agent economy, in which a significant portion of market interactions is carried out by AI agents. In this economy, it becomes essential to establish trust; not only between humans, but also between humans and AI agents, as well as among the agents themselves.
Sber’s strategic goal by 2029 is to be one of the top architects and builders of Russia’s agent economy. Technology should assist individuals both in managing daily tasks and in pursuing their broader life goals. We aim to empower people to better understand themselves, explore alternatives, make informed decisions, and unlock their full potential, whether in their professional lives or entrepreneurial ventures, in their families, through creative pursuits, in education, or in their relationships with others.
During Investor Day, held to mark the bank’s 185th anniversary, CEO and Chairman of the Sberbank Executive Board Herman Gref discussed how the rapid advancement of artificial intelligence is reshaping the economy and the role of humans within it.
Herman Gref, CEO and chairman of the Executive Board, Sberbank:
“Sber’s strategic goal by 2029 is to grow into a leading architect and builder of Russia’s agent economy. Technology should assist individuals both in handling everyday tasks and in achieving their life goals. We aim to empower people to better understand themselves, make informed decisions, and unlock their full potential, whether in their careers or personal ventures, in their families, through creative pursuits, in their studies, or in their relationships with others.”
The financial model behind Strategy 2027–2029 envisions a combination of high return on equity and large-scale investment in technological development.
Sber has set a goal to maintain an annual return on equity (ROE) of at least 21% throughout the upcoming strategic period. The target capital adequacy ratio under the N20.0 regulatory standard is maintained at a minimum of 13.3%, notwithstanding the tightening of regulatory requirements for the banking sector. The bank also maintains its commitment to allocating 50% of its IFRS net profit toward dividend payments. The remaining profits will be invested in ensuring the long-term sustainability of Sber’s business model and in executing its strategic initiatives.
The financial model for the new Strategy accounts for a scenario of moderate economic growth. Sber forecasts an average annual GDP growth rate of approximately 1.5% for the 2027–2029 period, with inflation expected to stabilize near the Bank of Russia’s target levels by 2028–2029. According to Sber’s estimates, these conditions will create the prerequisites for the key policy rate to fall below 10% in 2028.
A wider scope of commercial applications for generative artificial intelligence will be one of the key pillars of Strategy 2027–2029. In addition to cost reduction, the bank intends to leverage AI to generate new revenue streams. Sber sees significant potential in further personalizing traditional financial products and in developing enterprise-grade generative AI solutions for its partners.
Advancing these technologies will require substantial investment in infrastructure and system reliability. At the same time, the use of generative AI will help improve the bank’s in-house efficiency and curb the growth of traditional operating expenses. This will enable Sber to maintain its cost-to-income ratio (CIR) within the 32–35% range over the next three years.
Against the backdrop of a gradual easing of monetary policy, Sber expects a moderate decline in its net interest margin, which is nonetheless projected to remain above 5.5% by the end of 2029. Over the horizon of its Strategy, the bank anticipates that the growth of net fee and commission income will not exceed the rate of inflation. The cost of credit risk is expected to gradually normalize to approximately 1%.
In its core lending and deposit-taking markets, Sber plans to grow at a pace comparable to that of the banking sector in general. Additional positive contributions to financial results are expected from other business verticals, including non-financial operations.
Sber enters its new strategic cycle having met all the financial targets set for the preceding three-year period. Despite a high key interest rate, tightening regulations, and other external challenges, the bank has maintained a strong return on equity — exceeding 22% — preserved an adequate capital buffer, and paid out record dividends to its shareholders. Over these three years, total dividend payments surpassed RUB 2.4 tn, which equals all the dividends the bank paid over the previous 20 years.
You can view the new Strategy 2029 at the following link.
