Most securities of Russian financial sector trade at significant discount to highs of 2021


With economic activity recovering, and with last year's provisions built up, the financial sector performed strongly in early 2023. We are raising our 2023 earnings guidance for the sector by 12-60% and assigning 'Buy' ratings to Sberbank, TCS Group, Bank Saint Petersburg and Moscow Exchange.

In 1Q23, banks posted a very...