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Sberbank (SBER)
Sberbank RAS 10M 2018: The Bank earned RUB72.8 bn in net profit in October
08-Nov-2018 / 08:10 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer / publisher is solely responsible for the content of this
announcement.
Sberbank releases Financial Highlights for 10M 2018 (under RAS;
non-consolidated)
Please note that the numbers are calculated in accordance with Sberbank's
internal methodology, the numbers for 2018 and 2017 are comparable.
November 08, 2018
Key highlights for October 2018:
- The Bank earned RUB72.8 bn in net profit in October;
- The Bank issued RUB300 bn in loans to retail clients and RUB1 trln to
corporate clients in October. The amount of loans issued since the
beginning of the year exceeded the amount disbursed for the same period
last year by 29%;
- Net fee and commission income grew by 21% as compared to 10M 2017.
Deputy Chairman of Sberbank Alexander Morozov stated:
"We keep on developing in line with our plans for the year. Operating income
growth over 10% y/y is supported by lending and transactional business. Our
retail loan book expanded to RUB6 trln, adding more than RUB1 trln year to
date."
Comments for 10M 2018:
Net interest income increased by 4.6% compared to 10M 2017 and totaled
RUB1,044 bn mostly driven by increasing amount of working assets.
Net fee and commission income grew by 21.0% to RUB348 bn. The largest
contributors to fee income growth were operations with bank cards and
acquiring, settlement transactions and fees from insurance products.
Operating expenses increased by 6.1% y/y, which was slower than growth in
operating income before provisions (10.3% y/y). The transition to a more
even allocation of accrued expenses throughout the year is under way.
Furthermore, the Bank continues the internal reorganization launched in
summer to move its subsidiary Sberbank Technologies JSC to Sberbank PJSC
without causing any changes to the headcount of Sberbank Group.
Cost-to-income ratio for 10M 2018 improved to 28.9% as compared to 30.1% for
the same period a year ago.
Provision charges for 10M 2018 amounted to RUB229 bn, which was 12.3% lower
as compared to the same period a year ago. The charge in October came at
RUB10 bn. As of November 1, 2018, loan-loss provisions were 2.7 times the
overdue loans.
Net profit before income tax came at RUB847 bn for 10M 2018, while net
profit totaled RUB686 bn, including RUB72.8 bn earned in October.
Total assets increased by 1.9% in October to RUB25.9 trln, mainly due to
loan portfolio growth and funds' allocation with the Bank of Russia.
The Bank lent RUB1.0 trln to corporate clients in October, and RUB10.5 trln
year to date, which was more than the amount lent in the same period a year
ago by 23%. Corporate loan portfolio added 0.3% in October.
The Bank granted almost RUB300 bn in retail loans in October. As a result,
the amount of loans issued year to date exceeded RUB2.6 trln, which is 61%
more than the amount for 10M 2017. Retail loan portfolio expanded by 2.1% in
October and by 21.8% year to date. Sberbank market share in retail lending
increased by 0.9 pp to 41.4% in January-September.
The Bank decreased its overdue loans in total loan portfolio from 2.36% to
2.34%, which is substantially below the rest of Russian banks (8.1% as of
October 1, 2018).
Securities portfolio decreased by 2.9% due to redemption of CBR bonds along
with corporate bonds.
Client deposits and accounts increased by 0.3% in October and by 6.8% year
to date or by 3.3% in real terms. Retail deposits grew by 1.9% in October,
while corporate funding reduced by 2.5%.
Core Tier 1 and Tier 1 capital were merely unchanged in October and totaled
RUB3,189 bn under preliminary calculations. Total capital increased to
RUB4,125 bn on the back of earned net profit in October. Core Tier 1 and
Tier 1 capital adequacy ratios were slightly down as of November 1,
reflecting a technical one-off in relation to settlement with international
payment systems.
1 1 Jan'18 1 Nov'18 1 Nov'18
1 Nov'18* Oct'18 / /
1 Oct'18 1 Jan'18
Capital, RUB bn
Core Tier 1 3,189 3,187 2,638 0.1% 20.9%
capital N1.1
Tier 1 capital 3,189 3,187 2,638 0.1% 20.9%
N1.2
Total capital 4,125 4,055 3,668 1.7% 12.5%
N1.0
Capital adequacy
ratios, %
Core Tier 1 11.8% 11.9% 10.7% -0.1 pp 1.1 pp
capital N1.1,
min. 4,5%
Tier 1 capital 11.8% 11.9% 10.7% -0.1 pp 1.1 pp
N1.2, min. 6,0%
Total capital 15.2% 15.2% 14.9% - 0.3 pp
N1.0, min. 8,0%
Risk-weighted 27,122 26,728 24,689 1.5% 9.9%
assets, RUB bn
* preliminary calculations
Attachment
Document title: Table_Financial Highlights_10m 2018 RAS
Document: http://n.eqs.com/c/fncls.ssp?u=AGMGESXHFY [1]
ISIN: US80585Y3080, RU0009029540, RU0009029557, US80585Y4070
Category Code: MSCH
TIDM: SBER
LEI Code: 549300WE6TAF5EEWQS81
Sequence No.: 6464
EQS News ID: 742993
End of Announcement EQS News Service
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=ebfc2f67d01c03271e47223b711908f1&application_id=742993&site_id=vwd&application_name=news
(END) Dow Jones Newswires
November 08, 2018 02:10 ET (07:10 GMT)
