Sberbank (SBER) – Record Profits in the Shadow of Graham’s Law and +93.7%

For the third consecutive year, Sberbank has set new records: net profit for the first half of 2026 exceeded 1 trillion rubles, and dividends for 2025 were the largest in the bank’s history. However, on September 19, the United States signed the Graham Act, which imposes sanctions against the bank and its foreign partners, and the share of non-performing loans is rising. Our trade has yielded a 93.7% return since the first report. We’ll examine what lies behind these records and how sanctions, taxes, and loan quality are affecting the picture.