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Sberbank reports 2Q 2020 Net Profit of RUB166.7 bn under International Financial Reporting Standards (IFRS)

Sberbank (SBER) 
Sberbank reports 2Q 2020 Net Profit of RUB166.7 bn under International Financial 
Reporting Standards (IFRS) 
 
30-Jul-2020 / 10:14 MSK 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Sberbank reports 2Q 2020 Net Profit of RUB166.7 bn under International Financial 
Reporting Standards (IFRS) 
******************************************************************************** 
*************************** 
Moscow, July 30, 2020 - Sberbank (hereafter "the Group") has released its 
interim condensed IFRS financial statements [1] (hereafter "the Financial 
Statements") as at and for the 6 months ended 30 June 2020, with report on 
review by AO PricewaterhouseCoopers Audit. 
 
Alexandra Buriko, CFO, stated: 
"Solid capital and liquidity position, high penetration of digital services and 
a balanced risk-management approach enable us to properly address current 
challenges and support business and community in the period of pandemic and 
lockdown. Unprecedented volumes of restructuring and anti-crisis financing 
processed in the shortest possible timeframe along with the launch of 
cost-optimization were the main priorities for the Bank in the past quarter. 
Sberbank earned RUB166.7 bn in net profit and delivered 14.2% ROE in 2Q 2020, 
despite the drop in business activity and elevated provision charge. As the 
economy gradually restores, we become cautiously optimistic for the second half 
of 2020." 
 
*2Q 2020 Financial and Operational Highlights:* 
 
  - The Group *net profit* reached RUB166.7 bn (-33.4% y/y); 
 
  - The Group *earnings per ordinary share *(EPS) came in at RUB7.78, down by 
  27.3% y/y; 
 
  - The Group *return on equity* (ROE) reached 14.2% and the Group *return on 
  assets* (ROA) was 2.1%; 
 
  - The Group *gross loans*1 increased by 1.6% excluding the FX revaluation 
  effect to RUB22.9 trn. Retail loan portfolio was up by 0.9% to RUB8.3 trn. 
  Corporate loan portfolio expanded by 1.8% excluding the effect of FX 
  revaluation to RUB14.6 trn; 
 
  - *Active retail client base* exceeded 96.9 mln; 
 
  - Number of *monthly active users* *(MAU)* of mobile App Sberbank Online was 
  up by 2.8 mln to 60 mln, and number of *daily active users* *(DAU)* increased 
  by 2.4 to 27.2 mln; *DAU/MAU* exceeded 45%; 
 
  - *Active corporate client base* exceeded 2.6 mln, while *MAU in digital 
  channels* kept at 2.2 mln users; 
 
  - As of the end of 2Q 2020, over 11 mln clients were using *Sber ID*, a 
  unified login that provides access to more than 45 ecosystem partners, while 
  *'Sbasibo' bonuses* can be used to pay for services of 8 ecosystem companies. 
 
*Statement of Profit or Loss Results Highlights* 
 
RUB bn, unless *2Q*    *2Q*    *1Q*    2Q       2Q      *6M*    *6M*    6M 
stated 
otherwise 
               *2020*  *2019*  *2020*  2020/    2020/   *2020*  *2019*  2020/ 
                                       2Q       1Q                      6M 
                                       2019,    2020,                   2019, 
                                       % change %                       % change 
                                                change 
Net interest   398.5   353.1   371.9   12.9%    7.2%    770.4   690.6   11.6% 
income 
Net fee and    120.0   116.7   126.4   2.8%     -5.1%   246.4   219.6   12.2% 
commission 
income 
Other          -3.6    17.0    10.3    -121.2%  -135.0% 6.7     52.5    -87.2% 
non-interest 
income / 
(expense) 3 
*Operating     *514.9* *486.8* *508.6* *5.8%*   *1.2%*  *1      *962.7* *6.3%* 
income before                                           023.5* 
provisions *2 
Net charge     -132.9  -8.8    -167.1  1410.2%  -20.5%  -300.0  -54.3   452.5% 
related to 
change in 
asset quality: 
Net credit     -126.5  -9.2    -138.0  1275.0%  -8.3%   -264.5  -26.5   898.1% 
loss allowance 
charge for 
debt financial 
assets 
Negative       -6.4    0.4     -29.1   -1700.0% -78.0%  -35.5   -27.8   27.7% 
revaluation of 
loans at fair 
value due to 
change in 
credit quality 
Net loss       -0.7    -2.4    -14.6   -70.8%   -95.2%  -15.3   1.9     -905.3% 
allowance / 
provision for 
credit related 
commitments 
Staff and      -172.4  -168.5  -169.2  2.3%     1.9%    -341.6  -319.2  7.0% 
administrative 
expenses 
*Net profit    *166.7* *245.9* *120.5* *-32.2%* *38.3%* *287.2* *472.0* *-39.2%* 
from 
continuing 
operations* 
Profit /       0.0     4.4     0.0     -100.0%  NA      0.0     4.9     -100.0% 
(Loss) from 
discontinued 
operations 
*Net profit*   *166.7* *250.3* *120.5* *-33.4%* *38.3%* *287.2* *476.9* *-39.8%* 
Earnings per   7.78    10.70   5.60    -27.3%   38.9%   13.38   21.23   -37.0% 
ordinary share 
from 
continuing 
operations. 
RUB 
Total          229.5   281.1   121.1   -18.4%   89.5%   350.6   502.3   -30.2% 
comprehensive 
income from 
continuing 
operations 
attributable 
to the 
shareholders 
of the Bank 
*Ratios based on continuing operations* 
Return on      14.2%   24.9%   10.6%   -------- ------- 12.4%   23.7%   -------- 
equitybased on 
profit from 
continuing 
operations 
Return on      2.1%    3.4%    1.5%    -------- ------- 1.8%    3.3%    -------- 
assets based 
on profit from 
continuing 
operations 
Net interest   5.61%   5.41%   5.49%   -------- ------- 5.56%   5.34%   -------- 
margin 
Cost of risk   224 bp  15 bp   251 bp  -------- ------- 238 bp  30 bp   -------- 
(amortized 
cost loans) 
Cost of risk   225 bp  14 bp   292 bp  -------- ------- 258 bp  55 bp   -------- 
(amortized 
cost and FV 
loans) 
Cost-to-income 33.5%   34.6%   33.3%   -------- ------- 33.4%   33.2%   -------- 
ratio 2 
 
*Balance Sheet Highlights* 
 
RUB bn.    *30.06.2020* *31.03.2020* *31.12.2019* 30.06.2020/ 30.06.2020/ 
unless 
stated 
otherwise 
                                                  31.03.2020. 31.12.2019. 
                                                  % change    % change 
Gross      22 852.1     23 166.0     21 749.4     -1.4%       5.1% 
total 
loans1: 
Corporate  14 582.1     14 972.0     13 865.4     -2.6%       5.2% 
loans 1 
Retail     8 270.0      8 194.0      7 884.0      0.9%        4.9% 
loans 1 
Securities 4 845.0      4 671.2      4 369.7      3.7%        10.9% 
portfolio 
Assets 3   32 383.4     32 068.9     29 958.9     1.0%        8.1% 
Total      23 312.4     23 061.8     21 574.4     1.1%        8.1% 
deposits: 
Retail     15 108.2     14 669.9     14 209.6     3.0%        6.3% 
deposits 
Corporate  8 204.2      8 391.9      7 364.8      -2.2%       11.4% 
deposits 
Book value 213.4        203.2        198.3        5.0%        7.6% 
per 
share6. 
RUB 
*Ratios* 
Net Loans  90.9%        93.5%        94.4%        ----------- ----------- 
/ Deposits 
ratio 
(LDR) 
Stage 3 +  7.5%         7.4%         7.5%         ----------- ----------- 
POCI loans 
/ total 
gross 
loans at 
amortized 
cost 
Provision  102.0%       98.2%        89.3%        ----------- ----------- 
coverage 
of Stage 3 
+ POCI 
loans 
*Net interest income **increased by 12.9% y/y in 2Q 2020 to*RUB398.5 bn. 
*Interest income* was down by 1.8% y/y in 2Q 2020 to RUB594.8 bn on the back of 
a gradual decline in yields following the market rates. 
 
? Growth in *retail loan portfolio* decelerated to 0.9% in 2Q 2020 and the 
balance came in at RUB8.3 trn due to the slowdown within the pandemic-related 
restrictions. The share of retail lending in the total loan portfolio was up 
by 0.9 pp to 36.2%. The yield on retail loans declined by 20 bp to 11.9%. 
 
? Mortgage portfolio grew by 1.9% in 2Q 2020, benefiting from robust demand 
for both state and bank's own subsidized mortgage programs. The share of 
subsidized lending accounted for about 30% of mortgage origination by the 
end of the quarter. 
 
? Consumer loan portfolio remained virtually unchanged for the quarter 
(-0.2%). 
 
? 
 
? *Corporate loan portfolio*1 grew by 1.8% adjusted for the impact of FX 
revaluation in 2Q 2020 to RUB14.6 trn, and was down by 2.6% in nominal terms 
due to stronger ruble. The yield on corporate loans was down by 10 bp for 
the quarter to 7.1%. 
 
? The bank has been actively participating in the state support programs for 
business and signed loan agreements for the amount of over RUB330 bn up until 
now. 
 
*Interest expense,* including deposit insurance expenses, decreased by 22.2% y/y 
in 2Q 2020 to RUB196.3 bn on the back of monetary easing as well as the deposit 
insurance rate reduction. Allocations for deposit insurance were down by 62% y/y 
to RUB8.2 bn in 2Q 2020, given that the reduced rate on deposit insurance is 
applicable retrospectively since the beginning of the year. 
 
? *Retail funding *increased by 3% in 2Q 2020 to RUB15.1 trn, supported among 
other factors by direct state payments, including support programs for 
families with kids. The average cost of retail funding decreased by 60 bp to 
4.1%. 
 
? *Corporate funding* was down by 2.2% in 2Q 2020 to RUB8.2 trn, and grew by 
2.0% adjusted for FX revaluation. The average cost of corporate funding was 
down by 40 bp to 3.1%. 
 
? In 2Q 2020, Sberbank issued RUB20 bn of four-year *exchange-traded bonds*, 
and thus the outstanding balance of exchange-traded bonds totaled RUB465.5 bn. 
 
*Net LDR ratio* equaled to 90.9% in 2Q 2020, down by 2.6 pp as compared to 1Q 
2020. 
Growth in the Group *net fee and commission income* slowed in 2Q 2020 to 2.8% 
y/y due to the lockdown constrains to RUB120.0 bn. 
 
? Net income from bank cards was down by 6% y/y, as activity started to 
restore only in the final month of the quarter. In the meantime, the lockdown 
was a natural trigger for cashless penetration in client habits: almost 40% of 
Sberbank clients opted for purely cashless transactions in 2Q 2020. 
 
? Transport acquiring became available in 116 Russian cities. 
 
? Monthly audience of DomClick digital platform increased almost 1.5-times for 
the quarter to 7.5 mln users. A remarkable growth in demand for non-financial 
services stemmed both from mortgage and non-mortgage clients: usage of online 
property title registration by clients without a mortgages showed a 5-fold 
increase on the primary market and grew 8 times on the secondary. 
 
? A gradual release of lockdown constraints encouraged transactional activity 
at the end of the quarter and supported growth in fees from cash and 
settlement transactions (+8.6% y/y). 
 
According to management accounts, *operating income of insurance, pension and 
asset management businesses* increased by 2% y/y to RUB29 bn in 2Q2020. Total 
assets under management increased by 6% in 2Q 2020 to RUB1.59 trn. 
*The Group operating expenses* (staff and administrative) were up by 2.3% y/y to 
RUB172.4 bn in 2Q 2020. The pandemic-related efficiency enhancement program 
facilitated the slowdown of the cost growth. Meanwhile the increase in staff 
expenses (+6.7% y/y) was related to payroll indexation in July last year as well 
as the ongoing IT transformation. 
The Group *Cost-to-Income ratio*2 came in at 33.5% in 1Q 2020, down by 1.1 pp 
y/y. 
*Net credit loss allowance charge* for loans at amortized costs amounted to RUB 
123.1 bn in 2Q 2020. The Cost of Risk for loans at amortized cost was 224 bp. 
According to IFRS 9 part of the loan portfolio is accounted at fair value 
through profit or loss. Negative revaluation of these loans due to change in 
credit quality amounted to RUB6.4 bn in 2Q. The combined provision charge was 
RUB129.5 bn, while the combined Cost of Risk including negative revaluation of 
loans at fair value decreased by 67 bp to 225 bp in 2Q 2020. 
In 2Q 2020, credit quality of the loan portfolio expectedly worsened, which was 
evidenced by the increase in Stage 2 loans mainly driven by corporate borrowers 
affected by COVID-19 related constraints. At the same time, the share of 
impaired loans, including the POCI loans, in total gross loan portfolio at 
amortized cost increased for the quarter by 0.1 pp to 7.5%. 
By the end of 2Q 2020, total *corporate exposure that had restructurings* under 
state programs, Bank's own program's and individual decisions, exceeded RUB2 
trn. *Restructurings approved to retail clients* amounted over RUB160 bn. The 
loss recognized on loan modification, according to the IFRS 9, amounted to 
RUB27.6 bn. 
Total provision coverage of Stage 3 and POCI loans was up by 3.8 pp compared to 
the previous quarter to 102.0% due to conservative risk-management approach in 
crisis environment. 
*Selected Capital Adequacy Results4* 
The data in the table is in accordance with standardized and IRB approaches 
applied to the corresponding assets groups. 
Risk-weighted assets under IRB approach were assessed as of 30.06.2020 according 
to Basel 3.5 and those for the previous periods were assessed according to Basel 
III. 
*Under Basel  *30.06.2020* *31.03.2020* *31.12.2019* 30.06.2020 30.06.2020 
III*                                                 /          / 
RUB bn,                                              31.03.2020 31.12.2019 
unless stated                                        , % change , % change 
otherwise 
Total Tier 1  4 721.2      4 489.1      4 375.4      5.2%       7.9% 
capital 
Total capital 4 863.2      4 648.5      4 433.5      4.6%       9.7% 
Risk-weighted 31 936.4     33 719.4     32 634.1     -5.3%      -2.1% 
assets 
Credit risk   27 538.6     29 308.4     28 062.7     -6.0%      -1.9% 
Operational   3 486.8      3 486.8      3 486.8      0.0%       0.0% 
risk 
Market risk   911.0        924.2        1 084.6      -1.4%      -16.0% 
*Ratios* 
Common equity 14.78%       13.31%       13.41%       ---------- ---------- 
Tier 1 
capital 
adequacy 
ratio 
Total capital 15.23%       13.79%       13.59%       ---------- ---------- 
adequacy 
ratio 
Leverage      13.7%        13.1%        13.7%        ---------- ---------- 
ratio 
The Group's *total capital* reached RUB4,863.2 bn as of 30.06.2020, up by 4.6% 
as compared to the previous quarter, due to the retained earnings and a positive 
effect from the revaluation of securities portfolio. 
*The Group's risk-weighted assets* contracted by 5.3% to RUB3,936.4 bn in 2Q 
2020 due to a 6%-decrease in the credit risk component of the risk-weighted 
assets on the back of transition to Basel 3.5, cancellation of the macro add-on 
for mortgages issued before 01.04.2020 as well as negative FX revaluation of the 
loan portfolio. Risk-weighted assets density decreased from 98.7% to 92.9%. 
The Group's *leverage ratio* came in at 13.7% in 2Q 2020. 
*Common equity Tier 1 capital adequacy ratio *increased by 147 bp to 14.78%, 
while *total capital adequacy ratio* improved by 144 bp to 15.23%. 
 
1 Before loan loss allowance and including loans at amortized cost and at fair 
value 
2 Operating income before provisions for debt financial assets, credit related 
commitments and revaluation of loans at fair value due to change in credit 
quality 
3 Other non-interest income / (expense) includes: Net losses from non-derivative 
financial instruments at fair value through profit or loss (excluding 
revaluation of loans at fair value due to change in credit quality); Net gains 
from financial instruments at fair value through other comprehensive income; Net 
gains from derivatives, trading in foreign currencies, foreign exchange and 
precious metals accounts translation; Net losses arising on initial recognition 
of financial instruments and loan modification; Impairment of non-financial 
assets; Net (charge for) / recovery of other provisions and allowances 
(excluding Net loss allowance / provisions for credit related commitments); 
Revenue of non-core business activities; Cost of sales and other expenses of 
non-core business activities; Net premiums from insurance and pension fund 
operations; Net claims, benefits, change in contract liabilities and acquisition 
costs on insurance and pension fund operations; Income from operating lease of 
equipment; Expenses related to equipment leased out; Other net operating 
(expense) / income 
4 Total equity attributable to shareholders of the Bank / Total numbers of 
shares outstanding (ordinary + preferred) 
 
*DISCLAIMER* 
This document has been prepared by Sberbank of Russia (the "Bank") and has not 
been independently verified. This press release does not constitute or form part 
or all of, and should not be construed as, any offer of, or any invitation to 
sell or issue, or any solicitation of any offer to purchase, subscribe for, 
underwrite or otherwise acquire, or a recommendation regarding, any shares or 
other securities representing shares in, or any other securities of the Bank, or 
any member of the Bank's group, nor shall it or any part of it nor the fact of 
its presentation or distribution form the basis of, or be relied on in 
connection with, any contract or any commitment whatsoever or any investment 
decision. The information in this press release is confidential and is being 
provided to you solely for your information and may not be reproduced, 
retransmitted or further distributed to any other person or published, in whole 
or in part, for any purpose. 
This press release doesn't constitute an offer of securities of the Bank for 
sale in the United States. The Securities may not be offered or sold within the 
United States, except pursuant to an exemption from, or in a transaction not 
subject to, the registration requirements of the U.S. Securities Act of 1993 as 
amended. 
This press release is only being distributed to and is only directed at (A) 
persons in member states of the European Economic Area (other than the United 
Kingdom) who are "qualified investors" within the meaning of Article 2(1)(e) of 
Directive 2003/71/EC (as amended and together with any applicable implementing 
measures in that member state, the "Prospectus Directive") ("Qualified 
Investors"); (B) in the United Kingdom, Qualified Investors who are investment 
professionals falling within Article 19(5) of the Financial Services and Markets 
Act 2000 (Financial Promotion) Order 2005 (the "Order") and/or high net worth 
companies, and other persons to whom it may lawfully be communicated, falling 
within Article 49(2)(a) to (d) of the Order; and (C) such other persons as to 
whom this press release may be lawfully distributed and directed under 
applicable laws (all such persons in (A) to (C) above together being referred to 
as "relevant persons"). The shares, or other securities representing shares, or 
any other securities of the Bank are only available to, and any invitation, 
offer or agreement to subscribe, purchase or otherwise acquire such securities 
will be engaged in only with, relevant persons. Any person who is not a relevant 
person should not act or rely on this press release or any of its contents. 
This press release does not constitute any offer of, or any invitation to sell 
or issue, or any solicitation of any offer to purchase, subscribe for, 
underwrite or otherwise acquire any securities of the Bank within the Russian 
Federation or in favor of the Russian entities or persons. Any foreign 
securities representing shares of the Bank may not be offered or sold within the 
Russian Federation, except as provided by the relevant Russian legislation. 
The information in this press release or in oral statements of the management of 
the Bank may include forward-looking statements. Forward-looking statements 
include all matters that are not historical facts, statements regarding the 
Bank's intentions, beliefs or current expectations concerning, among other 
things, the Bank's results of operations, financial condition, liquidity, 
prospects, growth, targets, strategies, and the industry in which the Bank 
operates. By their nature, forward-looking statements involve risks and 
uncertainties, because they relate to events and depend on circumstances that 
may or may not occur in the future. The Bank cautions you that forward-looking 
statements are not guarantees of future performance and that its actual results 
of operations, financial condition and liquidity and the development of the 
industry in which the Bank operates may differ materially from those made in or 
suggested by the forward looking statements contained in this press release or 
in oral statements of the management of the Bank. In addition, even if the 
Bank's results of operations, financial condition and liquidity and the 
development of the industry in which the Bank operates are consistent with 
forward-looking statements contained in this press release or made in oral 
statements, those results or developments may not be indicative of results or 
developments in future periods. 
Sberbank assumes no obligation to publicly update or revise any forward-looking 
statements, whether as a result of new information or for any other reason. 
The information and opinions contained in this press release or in oral 
statements of the management of the Bank are provided as at the date of this 
press release or as at the other date if indicated and are subject to change 
without notice. 
No reliance may be placed for any purpose whatsoever on the information 
contained in this press release or oral statements of the management of the Bank 
or on assumptions made as to its completeness. 
No representation or warranty, express or implied, is given by the Bank, its 
subsidiaries or any of their respective advisers, officers, employees or agents, 
as to the accuracy of the information or opinions or for any loss howsoever 
arising, directly or indirectly, from any use of this press release or its 
contents. 
This press release is not directed to, or intended for distribution to or use 
by, any person or entity that is a citizen or resident or located in any 
locality, state, country or other jurisdiction where such distribution, 
publication, availability or use would be contrary to law or regulation or which 
would require any registration or licensing within such jurisdiction. 
By attending or reviewing this press release, you acknowledge and agree to be 
bound by the foregoing. 
 
ISIN:          US80585Y3080, RU0009029540, RU0009029557, US80585Y4070 
Category Code: MSCM 
TIDM:          SBER 
LEI Code:      549300WE6TAF5EEWQS81 
Sequence No.:  78859 
EQS News ID:   1105827 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=3765bfadf38247beea8b683477d47654&application_id=1105827&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

July 30, 2020 03:14 ET (07:14 GMT)

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