Sber continues to master large budget expenditures, which have led to an abundant influx of customer money.

But some problems are already visible on the horizon.

Picture 1.

Capital adequacy is on the verge of compliance with the dividend policy.

And the liquidity reserve is minimal for many years.

Picture 2.

The dividends paid are out of its balanced value, and their further growth looks doubtful.

Picture 3 and 4.

Traditionally, the price on the stock exchange outstrips the valuation based on dividends.

Figure 5.