DJ Sberbank releases Financial Highlights for 11 months of 2020 (under RAS; non-consolidated)
Sberbank (SBER)
Sberbank releases Financial Highlights for 11 months of 2020 (under RAS;
non-consolidated)
07-Dec-2020 / 10:00 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 releases Financial Highlights for 11 months of 2020 (under RAS;
non-consolidated)
The numbers are calculated in accordance with Sberbank's internal
methodology.
Please note that some minor changes became effective in Sberbank's internal
methodology starting from January 1, 2020. Therefore, the numbers for 2019
have been recalculated to make them comparable.
December 7, 2020
Key highlights for November 2020:
- The Bank earned RUB78.0 bn in net profit, ROE came in at 20.2% and ROA -
at 2.9% annualized for the month.
- Retail loan portfolio grew by 2.1%. Retail loan issuance amounted to
more than RUB468 bn with over a half of that due to mortgages.
- Corporate loan portfolio increased by 0.8%, excluding the effect of FX
revaluation. This positive dynamic has been on track since the mid-year.
- Client funding increased by 1.0%, excluding the effect of FX
revaluation.
Alexandra Buriko, CFO, stated:
"In November, Sber once again delivered a high return on equity at 20.2%,
despite an overall slowdown in consumption. Sber's annual "Green day"
campaign this time engaged more than 7 mn clients and supported positive
trends in lending and fee income formation. In the meantime, cost inflation
remained as low as 3% yoy. The prime event of November was the presentation
of Sber's Strategy 2023, where we set out ambitious targets for building an
integrated ecosystem of financial and non-financial products and services."
Comments for 11M 2020:
Net interest income increased by 14.3% as compared to 11M 2019 and amounted
to RUB1,311 bn. Interest income growth in November exceeded 15% yoy due to
loan expansion and reduced allocations for deposit insurance. In the
meantime, positive impact from lower cost of funding becomes less feasible
on the back of ongoing repricing of the loan portfolio.
Net fee and commission income was up by 8.4% to RUB454.0 bn, due to
increased income from settlement transactions and acquiring as well as
income from client operations on financial markets. In November, fees income
growth decelerated as consumption slowed down by and large due to the
pandemic.
Operating expenses amounted to RUB550.9 bn for 11M 2020, up by 3.9% yoy.
Cost growth slowed below inflation as a result of the pandemic-related
efficiency enhancement program and the levelling of the comparable base
after the payroll indexation that took place in July 2019. Cost-to-income
ratio improved for 11M 2020 to 28.1% vs 32.0% a year ago.
Total gain from provision release and fair-value revaluation of loans
amounted to RUB10.1 bn in November, as ruble strengthened against major
currencies. For 11M 2020, the credit risk charge totaled RUB517.7 bn vs
RUB113.7 bn a year ago, which owed to the COVID-19 related global distress.
Loan coverage ratio remained intact at 2.2 times overdue loans.
Net profit before income tax for 11M 2020 came in at RUB889.2 bn, while net
profit amounted to RUB719.1 bn.
Total assets increased to RUB33.4 trn, driven by loan portfolio expansion
and increased balance of securities portfolio. Excluding the effect of FX
revaluation, assets grew by 3.9% for the month.
The Bank issued RUB1.2 trn to corporate clients in November and RUB11.8 trn
for 11M 2020. Corporate loan portfolio kept growing in November - up by 0.8%
excluding the effect of FX revaluation to RUB15.4 trn.
Retail loan production kept high for a third month in a row and totaled
RUB468 bn in November. The Bank issued over RUB3.8 trn in retail loans year
to date, which exceeds the amount of last year by a quarter. Retail loan
portfolio grew by 2.1% for the month and exceeded RUB8.4 trn. Growth mainly
owed to mortgages, which were up by 2.7% for the month.
The share of overdues in the total loan portfolio remained stable: 3.24% as
of the 1st of November and 3.23% as of the 1st of December.
Securities portfolio increased in November by 4.2% or by RUB0.2 trn, due to
purchases of OFZs. As of the 1st of December, the outstanding balance of
securities portfolio stood at RUB5.1 trn.
Client funding excluding the effect of FX revaluation grew by 1.0%: retail
funding was up by 1.1% and corporate funding increased by 0.8%.
In November, the Bank issued RUB18 bn of exchange-traded bonds with a tenor
of 3 years and a 5.55% coupon rate. The outstanding balance of
exchange-traded bonds exceeded RUB523.5 bn.
Core Tier 1 and Tier 1 were barely changed in November and stood at RUB3,586
bn and RUB3,736 bn respectively. This year's earnings are not included in
calculation of the Core Tier 1 and Tier 1 capital, which will be done upon
annual audit.
Total capital grew by 3.2% for the month to RUB4,683 bn mainly due to the
earnings for the period.
Risk-weighted assets remained virtually unchanged in November and amounted
to RUB31.5 trn as of the 1st of December, 2020.
Capital, RUB 1 Dec'20* 1 Nov'20 1 Dec'20*/ 1
bn Dec'20*
/
1 Nov'20 1 Jan'20
1
Jan'20
Core Tier 1 3,586 3,587 -0.01% 3,300 8.68%
capital N1.1
Tier 1 capital 3,736 3,737 -0.01% 3,300 13.22%
N1.2
Total capital 4,683 4,537 3.22% 4,568 2.53%
N1.0
Capital
adequacy
ratios, %
Core Tier 1 11.40% 11.40% 0.00 pp 10.51% 0.89 pp
capital N1.1,
min 4.5%
Tier 1 capital 11.88% 11.88% 0.00 pp 10.51% 1.37 pp
N1.2, min 6.0%
Total capital 14.87% 14.40% 0.46 pp 14.52% 0.35 pp
N1.0, min 8.0%
Risk-weighted 31,500 31,497 0.01% 31,470 0.10%
assets, RUB bn
* preliminary calculations
Sberbank Financial Highlights for 11M 2020 (under RAS, non-consolidated)
ISIN: US80585Y3080, RU0009029540, RU0009029557, US80585Y4070
Category Code: MSCM
TIDM: SBER
LEI Code: 549300WE6TAF5EEWQS81
Sequence No.: 89104
EQS News ID: 1153092
End of Announcement EQS News Service
(END) Dow Jones Newswires
December 07, 2020 02:00 ET (07:00 GMT)
