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Sberbank releases Financial Highlights for 11M 2012 (under RAS; non-consolidated)

December 10, 2012
Income Statement Highlights for 11M 2012 (as compared to 11M 2011):

Net interest income grew 24.1% y-o-y
Net fee and commission income grew 14.6% y-o-y
Operating income before total provisions increased by 21.9% y-o-y
Total provision charge was RUB42 bn vs. a RUB7 bn charge for 11M 2011
Operating expenses were up by 19.1% y-o-y
Profit before tax amounted to RUB418 bn vs. RUB364 bn for 11M 2011
Net profit totaled RUB332 bn vs. RUB298 bn for 11M 2011

Net interest income grew 24.1% y-o-y for 11M 2012:

Interest income increased by RUB234 bn driven by corporate and retail lending;
Interest expenses were up by RUB122 bn as the Bank raised more funds and market interest rates increased notably in the corporate and interbank segments as compared to the same period a year ago.

Net fee and commission income grew by over RUB22 bn due to the expansion of fee-generating banking services with plastic cards and acquiring services being the largest contributors and adding almost RUB20 bn in fees for 11M 2012.

Net gains from operations on financial markets exceeded RUB22 bn for 11M 2012, out of which RUB15 bn was earned on conversion operations.

Total provision charges amounted to RUB42 bn for 11M 2012, with November seeing virtually no change.

Operating expenses increased by 19.1% y-o-y for 11M 2012. The main drivers of the increase were planned expenses related to investments, and spending, associated with the realization of the Bank’s Strategic Transformation Plan. Operating income before provisions outpaced growth in operating expenses (21.9% vs. 19.1%, respectively). Cost-to-income ratio stood at 41.7%, down 1 p.p. y-o-y.

Profit before tax totaled RUB418 bn and net profit amounted to RUB332 bn for 11M 2012. Both figures exceeded those for the same period a year ago by 15% and 12%, respectively.

The Bank’s assets added 25.7% YTD to exceed RUB13 trln in November. Assets increased by 2.3% m-o-m; a fractional negative impact on assets growth was caused by ruble strengthening against major currencies. Growth was supported primarily by expanding loan portfolio to clients and other banks.

The Bank lent about RUB430 bn to corporate clients for the month and over RUB5 trln YTD, which was 1.1 times that for 11M 2011. Corporate loan portfolio increased by 0.3% in November to over RUB7.3 trln.

Retail customers were granted about RUB140 bn in November, and about RUB1.7 trln YTD, which was 1.6 times greater than for 11M 2011. Retail loan portfolio grew 1.3% in November to about RUB2.5 trln.

Lending to banks increased by 1.1 times in November to RUB0.5 trln as the Bank used excess liquidity for short-term interbank operations, primarily in foreign currency. The outstanding balance of nostro-accounts increased 1.9-time as a result of short-term liquidity management.

Quality of the loan portfolio remained unchanged in October: overdue loans accounted for 3.0% of the total loan portfolio. Coverage ratio remained strong, with loan-loss provisions at RUB628 bn, or 2.2 times the overdue loans as of December 1, 2012.

Retail deposits increased by 1.9% m-o-m in November or by RUB117 bn, due to inflows to deposits (+RUB91 bn) and saving certificates (+RUB26 bn). Retail deposits and accounts remained the key source of funding for the Bank and grew 10.3% or RUB0.6 trln YTD to RUB6.3 trln.

Corporate deposits and accounts decreased by 3.3% in November or RUB97 bn. However, the balance of corporate deposits and accounts increased by RUB0.7 trln YTD to exceed RUB2.8 trln as of December 1, 2012
The Bank tapped international short-term capital markets via European Commercial Paper (ECP), thus seeking a diversification of its funding base. In November, ECP borrowing amounted to USD200 mn.

Regulatory capital (under CBR regulation No. 215-P) increased by RUB104 bn in November to RUB1,677 bn. Net profit along with subordinated bonds issued in October and accounted for in November were the main sources of capital. Capital adequacy ratio was at 12.8% as of December 1, 2012.
Company — Sberbank
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    Sberbank of Russia PSC
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