... however, the impact of last year's high base and a slowdown in business activity in the second quarter limited total fee growth. Overall, the robust growth of interest income combined with stable fee income confirms the resilience of Sber's diversified business model. Operating Expenses Under Control Sber's management continues to keep expense growth in check, maintaining a high level of operational efficiency. For the first six months of 2025, operating expenses amounted to approximately 555 billion rubles, representing a 14-15% year-on-year increase. This ...

... improve internal business processes, as well as bring financial reporting into line with international standards. This not only prepares the company for a public offering, but also strengthens investor confidence at the pre-IPO stage, since a transparent management structure and reliable financial indicators indicate the stability of the business. Formation of a community of loyal investors. Participation in a pre-IPO gives investors the opportunity to purchase company shares at a price lower than that set at the IPO stage. This creates incentives for long-term investment and forms a ...

... with more stable legislation that protects business rights. Maintaining access to international markets: Redomiciliation helps businesses preserve or expand access to key partners, clients, and suppliers amid sanctions or changes in the geopolitical landscape.... ... of redomiciliation involves several stages that may vary depending on the old and new jurisdictions: Decision-making: Company management conducts an analysis of risks, benefits, and costs associated with redomiciliation and makes a decision accordingly....

... will become more qualified. So, you have to invest in developing people, and that’s what I do. What helps you live? What helps me live is belief in myself, in the fact that I can do anything. In any field, I can achieve results. In addition to managing the fuel company, Sergey’s development focus includes investments, trading, and other passive income methods. He shares his investment experience, opinions on global business and investment events on his website sergeytereshkin.ru. Translated using ChatGPT

... maintain a stable level of inflation and simultaneously stimulate economic growth. Personal view on the role of the key rate As the founder of Open Oil Market, I understand that fluctuations in the key rate can significantly affect economic stability and business development. For example, when the rate increases, financing costs increase, which can reduce the volume of purchases and investment in expansion. For companies like ours, maintaining a reasonable level of inflation through competent management of the Central Bank's key rate plays a key role in creating stable conditions for growth and financial planning. The Central Bank's key rate is the main tool for managing inflation. Raising the rate "cools" the economy and reduces ...