The AAA(RU) credit rating of Sberbank (hereinafter, Sberbank or the Bank) reflects its very high standalone creditworthiness assessment (SCA). Sberbank’s standalone creditworthiness is very high compared to other Russian credit institutions, which is supported by its market positions, strong capital position, adequate risk profile, and adequate liquidity and funding position.
The credit ratings of the senior unsecured bond issues have been affirmed at AAA(RU). The credit ratings of the subordinated bonds, which are Tier 2 capital instruments, have been affirmed at AA-(RU).
Sberbank is Russia’s largest bank and holds about one third of the total assets of the banking system. Sberbank occupies leading positions in most domestic banking business segments in Russia.
KEY ASSESSMENT FACTORS
Very strong business profile. The Bank has a stable franchise and enjoys the largest market shares in most banking business segments. Sberbank’s key competitive advantages include a substantial amount of relatively low cost retail deposits, which allows the Bank to earn high net interest income. In addition, the Bank has wide customer base coverage in terms of geography and industry, which provides for diverse operating income, including interest income from loans to corporates and individuals, significant investments in the most advanced customer financial and non-financial services.
Strong capital adequacy assessment. In recent years, Sberbank has recorded rather stable growth of profits. The five-year averaged capital generation ratio (ACGR) is fairly high (around 150 bps). Fulfilment of capital adequacy ratios with a margin (including Tier 1 CAR at 13.2% as per the consolidated IFRS reporting as of December 31, 2025 and N1.2 CAR at 12.6% as of April 1, 2026) allows the Bank to pay dividends and comply with mandatory ratios. The Bank’s operational efficiency indicators exceed the market average. The three-year average CTI and NIM have remained almost unchanged. ACRA’s stress test shows that within the 12 to 18-month horizon the Bank is able to withstand a rather high additional increase in the cost of risk (over 500 bps), without the Tier 1 ratio declining below 6%.
The adequate risk profile assessment is based on a sustainably moderate level of non-performing loans and a low concentration of the loan portfolio on the 10 largest groups of borrowers. As of December 31, 2025, the share of loans granted to companies operating in high-risk industries (construction and real estate) was higher than the threshold value of 100% of Tier 1 capital set by ACRA’s methodology. At the same time, the level of accepted market risk is assessed as not high. Sberbank’s risk management system is mature and sophisticated at both the operating and strategic levels.
The Bank’s adequate funding and liquidity position is underpinned by the sufficient coverage of potential outflows by highly liquid assets. If needed, the Bank has access to considerable regulatory (for repurchase transactions and collateralized refinancing), market and other types of refinancing. Sberbank meets liquidity regulatory ratios with a margin: as of April 1, 2026 N2 was 69.8%, N3 was 104.4%, and N4 was 62.6%. Sberbank’s funding profile is assessed as well-balanced and is characterized by moderate concentration on both the largest lenders and funding sources. ACRA does not expect any significant changes in the funding structure within the 12 to 18-month horizon.
Taking into account the very high level of standalone creditworthiness on Sberbank, the potential impact of shareholder support on the Bank’s credit rating has not been determined.
Key assumptions
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Maintaining exceptional market positions;
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Tier 1 CAR above 12% within the 12 to 18-month horizon.
POTENTIAL OUTLOOK OR RATING CHANGE FACTORS
The Stable outlook assumes that the rating will highly likely stay unchanged within the 12 to 18-month horizon.
A negative rating action may be prompted by:
- Loss of shareholder control and downgrade of the SCA.
rating components
SCA: ааа.
ISSUE RATINGS
Sberbank, series 001Р-SBERD5 (RU000A10B0E4), maturity date: March 12, 2030, outstanding issue volume: RUB 20 bln — AAA(RU).
Sberbank, series 001Р-SBERD4 (RU000A10AS85), maturity date: February 11, 2030, outstanding issue volume: RUB 20 bln — AAA(RU).
Sberbank, series 001Р-SBERD3 (RU000A109X37), maturity date: November 12, 2029, outstanding issue volume: RUB 16 bln — AAA(RU).
Sberbank, series 001Р-SBERD2 (RU000A109LG9), maturity date: September 30, 2029, outstanding issue volume: RUB 12 bln — AAA(RU).
Sberbank, series 002Р-SBER44 (RU000A1069P3), maturity date: May 27, 2026, outstanding issue volume: RUB 68 bln — AAA(RU).
Sberbank, series 001Р-SBER36 (RU000A103YV4), maturity date: May 27, 2026, outstanding issue volume: RUB 12 bln — AAA(RU).
Sberbank, series 001Р-SBER29 (RU000A103G42), maturity date: July 31, 2026, outstanding issue volume: RUB 4 bln — AAA(RU).
Sberbank, series 001Р-SBER30 (RU000A103G59), maturity date: July 31, 2026, outstanding issue volume: RUB 15 bln — AAA(RU).
Sberbank, series 001Р-SBER34 (RU000A103H66), maturity date: July 31, 2026, outstanding issue volume: RUB 5 bln — AAA(RU).
Sberbank, series 001Р-SBER27 (RU000A103661), maturity date: June 15, 2026, outstanding issue volume: RUB 7 bln — AAA(RU).
Sberbank, series 001Р-SBER28 (RU000A1038U8), maturity date: June 15, 2026, outstanding issue volume: RUB 15 bln — AAA(RU).
Sberbank, series 001P-SBERD6 (RU000A10BL99), maturity date: May 23, 2030, outstanding issue volume: RUB 20 bln — AAA(RU).
Sberbank, series 001P-SBERD7 (RU000A10BZH8), maturity date: July 11, 2030, outstanding issue volume: RUB 20 bln — AAA(RU).
Sberbank, series 001P-SBERD8 (RU000A10C8S6), maturity date: August 7, 2030, outstanding issue volume: RUB 25 bln — AAA(RU).
Sberbank, series 001P-SBERD9 (RU000A10CBA2), maturity date: September 29, 2030, outstanding issue volume: RUB 12 bln — AAA(RU).
Sberbank, series 001P-SBER51 (RU000A10DS74), maturity date: June 3, 2028, outstanding issue volume: RUB 100 bln — AAA(RU).
Sberbank, series 001P-SBER52 (RU000A10EF52), maturity date: August 29, 2028, outstanding issue volume: RUB 71 bln — AAA(RU).
Sberbank, series 001P-SBER54 (RU000A10EJ90), maturity date: August 29, 2028, outstanding issue volume: RUB 9 bln — AAA(RU).
Rationale. The issues listed above represent senior unsecured debt of Sberbank. Due to the absence of either structural or contractual subordination of the issues, ACRA regards them as equal to other existing and future unsecured and unsubordinated debt obligations of the Bank in terms of priority. As per ACRA’s methodology, the simplified approach was applied to determine the credit ratings, according to which the recovery rate for the issues corresponds to category II, and therefore the credit ratings of the issues are equal to that of Sberbank — AAA(RU).
Sberbank, series 002SUB-02R (RU000A102HC1), maturity date: March 11, 2031, outstanding issue volume: RUB 56 bln — AA-(RU).
Sberbank, series 002SUB-03R (RU000A103Q24), maturity date: November 14, 2031, outstanding issue volume: RUB 7.61 bln — AA-(RU).
Rationale. The issues listed above are additional capital instruments, which imply a significant level of subordination in relation to senior unsecured creditors. As per ACRA’s methodology, the simplified approach was applied to determine the credit ratings, according to which the recovery rate for the issues corresponds to category IV, and therefore the credit rating of this issue type is set three notches below the final rating of Sberbank, which is AAA(RU).
REGULATORY DISCLOSURE
The credit ratings have been assigned to Sberbank and the issues of Sberbank based on the following methodologies: the Methodology for Assigning Credit Ratings to Banks and Bank Groups under the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of Sberbank under the national scale for the Russian Federation, Methodology for Assigning Credit Ratings to Financial Instruments under the National Scale for the Russian Federation to determine the credit ratings of the bond issues under the national scale for the Russian Federation, and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities to ensure consistent and uniform application of ACRA’s methodologies, rating scales, models, and key rating assumptions.
The credit rating of Sberbank assigned under the national scale for the Russian Federation was published by ACRA for the first time on March 20, 2017. The credit ratings of the bond issues assigned under the national scale for the Russian Federation were published by ACRA for the first time on: (ISIN RU000A102HC1) — February 16, 2021, (ISIN RU000A103661, ISIN RU000A1038U8) — June 21, 2021, (ISIN RU000A103G42, ISIN RU000A103G59, ISIN RU000A103H66) — August 6, 2021, (ISIN RU000A103Q24) — March 30, 2022, (ISIN RU000A103YV4) — May 31, 2023, (ISIN RU000A1069P3) — May 31, 2023, (ISIN RU000A109LG9) — October 8, 2024, (ISIN RU000A109X37) — November 11, 2024, (ISIN RU000A10AS85) — February 11, 2025, (ISIN RU000A10B0E4) — March 12, 2025, (ISIN RU000A10BL99) — May 23, 2025, (ISIN RU000A10BZH8) — July 11, 2025, (ISIN RU000A10C8S6) — August 7, 2025, (ISIN RU000A10CBA2) — September 29, 2025, (ISIN RU000A10DS74) — December 16, 2025, (ISIN RU000A10EF52, ISIN RU000A10EJ90) — March 13, 2026.
The credit rating of Sberbank was last published on May 22, 2025. The credit ratings of the bond issues of Sberbank were last published on: (ISIN RU000A102HC1, ISIN RU000A103661, ISIN RU000A1038U8, ISIN RU000A103G42, ISIN RU000A103G59, ISIN RU000A103H66, ISIN RU000A103Q24, ISIN RU000A103YV4, ISIN RU000A1069P3, ISIN RU000A109LG9, ISIN RU000A109X37, ISIN RU000A10AS85, ISIN RU000A10B0E4) — May 22, 2025, (ISIN RU000A10BL99) — May 23, 2025, (ISIN RU000A10BZH8) — July 11, 2025, (ISIN RU000A10C8S6) — August 7, 2025, (ISIN RU000A10CBA2) — September 29, 2025, (ISIN RU000A10DS74) — December 16, 2025, (ISIN RU000A10EF52, ISIN RU000A10EJ90) — March 13, 2026.
The credit rating and its outlook and the credit ratings of the bond issues are expected to be revised within one year.
The credit ratings were assigned based on data provided by Sberbank, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the consolidated IFRS financial statements of Sberbank as of December 31, 2025 and the financial statements of Sberbank drawn up in compliance with the requirements of the Bank of Russia.
The credit ratings are solicited and Sberbank participated in their assignment.
In assigning the credit ratings, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided the following additional services to Sberbank: assessment of the obligations of companies/regions, municipalities and countries for compliance with sustainable development principles from April 29, 2021 to February 21, 2026 and from February 22, 2026 to the present; assigning of an ESG rating to a company (sovereign/sub-sovereign) from July 2, 2024 to July 1, 2025 and from July 2, 2025 to the present; data dissemination services from April 28, 2025 to the present.
No conflicts of interest were discovered in the course of credit rating assignment.
