Image source: Sberbank; edited by Author
The earnings season has started off expectedly badly for Sberbank (SBRCY). The bank prudently increased reserves, which led to a substantial decline in net income. The government finally offered something that can be called a financial aid for the population, though it's still very far from enough to put the economic growth back on track. Sberbank is going to face a painful adaptation to a new reality. Investors, in turn, will have to adapt to lower margins, lower dividends, and barely visible operational growth at least for the next