Russia’s largest state-owned banks are reporting a deterioration in the quality of their loan portfolios, a rise in non-performing debt, and are being forced to increase provisions. This indicates an intensification of the credit crisis amid high interest rates, sanctions, and weak economic growth. The Foreign Intelligence Service reports this, UNN writes.
Russia’s largest bank — "Sber" — reported a rapid deterioration in the quality of its loan portfolio in its financial statements for the first half of 2026. The share of stage-three problem loans increased during the quarter from 4.8% to 5.5%. With a loan portfolio of $658.7 billion, this corresponds to approximately $36.3 billion in problem loans. Provisions for possible losses increased by 8.6%, defaulted loans in project finance rose by 27.9%, and in the corporate segment by 22.6%. Overdue debt increased by 23.7%, and in the mortgage portfolio — by nearly 50%
German Gref, Chairman of the Management Board of "Sber," acknowledged that the bank’s credit committee is now more engaged in debt restructuring than in issuing new loans. At the same time, Taras Skvortsov, Deputy Chairman of the Management Board, lowered his forecast for Russia’s GDP growth in 2026 to 0–0.5% and warned of a possible tax increase in 2027. The bank also reports growing risks among e-commerce companies, primarily surrounding the "Wildberries" marketplace, whose clients are turning to debt restructuring en masse.
"VTB" is facing similar problems. Russia’s second-largest state-owned bank, which holds about 8 trillion rubles in household deposits, announced a 10% reduction in head-office staff. Its profit for the first half of the year fell by 20%, and by 34% in the second quarter. During the quarter, the bank increased provisions for problem loans by nearly one-third, to 66.5 billion rubles. Return on equity fell from 20.5% to 13%, while the capital adequacy ratio declined to 10.7%, against the Central Bank’s minimum requirement of 10%.
The problems at "VTB" had already been accumulating last year. At the end of 2025, the share of problem loans in its portfolio had risen nearly one and a half times, to 14.2%, approximately one-third above the average level across Russia’s banking system. At the same time, the actual scale of the losses may be greater, since a significant portion of the loans was issued to enterprises linked to military production. "VTB" shares have already fallen to historic lows on the Moscow Exchange, partly because of investor panic over risks associated with the bank’s strategic partnership with "Wildberries"
The FISU noted that the reporting of the two largest state-owned banks of the Russian Federation indicates a common trend: expensive loans, weak economic growth, and sanctions are worsening the quality of banking assets. Banks are being forced to increase provisions, restructure debts, and cut costs, creating the risk of new defaults and further layoffs in the financial sector.