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Vedomosti

Sberbank Invests $1 Billion in its Ecosystem

July 30, 2021, 16:39 (UTC+3)|
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Since the beginning of 2021, Sberbank has invested $1 billion (73 billion rubles) in non-financial business companies, which makes around 11.5%, or $8.6 billion (630 billion rubles) of the bank's net profit for the first half of the year, Vedomosti reports.

The company has invested the same amount over three years of ecosystem development (from 2017 to 2019), said the first deputy chairman of the bank's board Lev Khasis. Over the next three years, the group will spend $4.1-$4.7 billion (300-350 billion rubles) on the development of its non-financial business, the Vedomosti reports citing Reuters.

According to the results of the first six months of 2021, non-financial services of the Sberbank ecosystem brought over $1 billion (74.7 billion rubles) in revenue, which is 3 times higher than last year's result figure.

According to the financial director of the bank Alexandra Buriko, Sberbank expects to reach $2.7 billion (200 billion rubles) in revenue from the e-commerce segment (including the delivery services Sbermarket, Samokat, Sbermegamarket) in 2021.

A joint venture (45% each) between Sberbank and Mail.ru Group, O2O Holding, contributes to the unprofitableness of the ecosystem. The total loss of the company reached $2.1 billion (16.2 billion rubles) in the first half of the year and increased 1.8 times compared to last year. In the first six months of 2021, О2О revenue grew to $3.1 billion (22.9 billion rubles) against $73.8 million (5.4 billion rubles) in 2020.

As Buriko explained, all O2O's main assets (including delivery services Samokat and Delivery Club and the Citymobil taxi aggregator) are in the stage of rapid growth and therefore generate losses.

Original (in Russian)

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