Sber in the first half of the year 24.

I think that many of those who give out comments about the success of Sber are looking only in one direction, which is actually not one.

Other remarkable successes accompany the growth of loans issued and profits received.

The adequacy of equity is reduced to the minimum value for the observed period.

Figure 1.

Liquid assets on the balance sheet have already updated their lows many times.

Figure 2.

I think it's useful to create the perception that banks don't actually make a profit at all. They carry out a revaluation of their assets, in which the profit is a very small part of this revaluation, as if they are playing with ordinary futures.

And when assets with a high rate of potential revaluation rapidly appreciate relative to the funds they hold as collateral, this creates future risks that can eat up all your profits.

So if you want to know the real side of things, you have to multiply the profits by the risks that always arise in due time.

Thus, the formulas: = Cash Flow * equity adequacy 

                  And    = Net Profit * (1 – loans issued / balance sheet)

They should always be with us.

What does it look like in numbers and graphs?

The dividends paid and cash flow * equity adequacies are shown below.

Figure 3.

Based on these charts, we can safely assume that large dividends were paid due to capital adequacy.

Thus, the chances of receiving large dividends in the future are falling along with a decrease in capital adequacy.

The same can be said by looking at the data and the graph of Net Profit * (1 - Loans Issued / Balance Sheet)

Figure 4.

Large dividends were paid at the expense of liquid assets on the balance sheet.

So, one day the fairy tale story may end.

Now let's move on to stock valuation.

Let's make an assessment based on the maximum data.

These are dividends.

Traditionally, I value companies by dividends, calculating future dividends over 7 years, which I approximate using a linear trend, and summing up the dividends over last 7 years, which I double to receive them in the future.

And so, all of this is presented below along with the stock price.

Figure 5.