DJ Sberbank: Sber earned RUB488 bn for 5M 2021 (RAS)
Sberbank (SBER)
Sberbank: Sber earned RUB488 bn for 5M 2021 (RAS)
07-Jun-2021 / 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.
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Sberbank releases Financial Highlights for 5 months of 2021 (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, 2021.
Therefore, the numbers for 2020 have been recalculated to make them comparable.
June 7, 2021
Key highlights for May:
- The Bank earned net profit of RUB101.9 bn.
- ROE came in at 24.7%, and ROA at 3.4%.
- Retail loan portfolio expanded by 2.1%, supported by mortgages that accounted for 59% of retail lending, along with
consumer loans;
- In May, the Bank paid dividends for 2020 in the amount of RUB422 bn.
Alexandra Buriko, CFO, stated:
"Our financial performance in May was steady despite somewhat slower business activity at the beginning of the month
due to the May holidays and supplementary non-working days. Loan portfolio expansion remained robust, as did loan
quality, mainly due to retail lending which increased by 9% year-to-date. As a result, we earned RUB488 bn in net
profit for the first five months, and ROE came in at 24.2%."
Comments for 5m 2021:
Net interest income increased by 11.4% y/y, and amounted to RUB636.3 bn, due to growth in lending and securities
portfolio. Slower sequential growth as compared to 4m2021 was due to the retrospective accounting in May 2020 for a
positive impact from the decrease in allocations to deposit insurance starting from the beginning of 2020.
Net fee and commission income totaled RUB222.4 bn, up by 20.3% as compared to the same period last year. This growth
for the second month in a row owed mainly to the low-base effect of respective period in 2020 due to the lockdown
constraints (net fee and commission income was up by 38.3% y/y in May 2021). Main growth drivers were banking cards
transactions and acquiring, as well as income from client settlement transactions.
Operating expenses were up by 9.5% y/y and amounted to RUB254.7 bn. The dynamics owed to the low level of operating
expenses in the spring of 2020 due to the subdued business activity amid the non-working days as well as smoother
calendarization for OpEx in 2021. Cost-to-income ratio came in at 27.4%.
Total provision charge including fair-value revaluation totaled RUB72.3 bn for 5m 2021, which was 4-times less than the
charge a year ago when the Bank made significant provisions on the back of worsening macro environment and the pandemic
constraints. In May, provision charge amounted to RUB4.6 bn. Loan-loss provisions stayed stable at 2.2 times that of
the overdue loans.
Net profit before income tax for 5m 2021 increased 1.8-times y/y, and came in at RUB602.8 bn. Net profit was also
1.8-times higher y/y, and amounted to RUB488.0 bn.
Total assets in May changed insignificantly, and were RUB35 trn.
The Bank issued RUB856 bn in loans to corporate clients in May. The corporate loan portfolio was up by 0.5%, adjusted
for FX revaluation, mainly from lending in Rubles, to exceed RUB15.6 trn as of June 1, 2021.
Loan production to retail clients was in the amount of RUB471 bn in May. Total retail portfolio exceeded RUB9.2 trn as
of June 1, 2021, driven by the mortgages and consumer unsecured lending.
The share of overdue loans in total loan portfolio came down by 0.04 pp to 3.12% in May, driven by retail and corporate
loans.
The securities portfolio was up by 0.2% to RUB5.2 trn in May from the purchases of the OFZ and Eurobonds of the Russian
Federation.
Retail client funding decreased by 1.4% in May, adjusted for FX revaluation, from the funds in the Ruble accounts after
a record growth of 4.4% in April, while the funds in the Dollar accounts increased by 0.8%. Such dynamics was explained
by the carryover of payroll and pension distribution from the beginning of May to the end of April in light of the
additional non-working days between the May holidays. The ending balances of the escrow accounts exceeded RUB1 trn,
supported by high volumes of mortgage lending.
Corporate client funding in May came down by 0.3%, adjusted for FX revaluation, to RUB7.5 trn as of June 1, 2021.
The total client funding was down for the month by 1.1%, adjusted for FX revaluation, to reach RUB23.4 trn.
Core Tier 1 and Tier 1 capital came down in May by RUB428 bn, or by 10%, from the dividend distribution for 2020.
Total capital in May decreased by RUB345 bn, or by 6.9%. The earnings for May partially mitigated the capital decrease
related to the dividend distribution.
The CET1 and T1 capital ratios were 11.94% and 12.41% respectively. The calculation of the ratios does not include the
net profit earned during the period between January and May 2021 inclusively, until it is audited, as per the CBR
Regulation No. 646-P "On the methodology of determining shareholder equity (capital) of lending institutions (Basel
III).
Risk-weighted assets* in May increased by 0.9%, or by RUB274 bn, mainly due to the loan portfolio growth.
1 Jun21* / 1 Jun21*/
Capital, RUB bn 1 Jun21* 1 May21 1 Jan21
1 May21 1 Jan21
Core Tier 1 capital N1.1 3 860 4 288 -10.0% 3 581 7.8%
Tier 1 capital N1.2 4 010 4 438 -9.7% 3 731 7.5%
Total capital N1.0 4 625 4 970 -6.9% 4 661 -0.8%
Capital adequacy ratios, %
Core Tier 1 capital N1.1, min 4.5% 11.94% 13.38% -1.4% 11.19% 0.8%
Tier 1 capital N1.2, min 6.0% 12.41% 13.85% -1.4% 11.66% 0.8%
Total capital N1.0, min 8.0% 14.29% 15.49% -1.2% 14.54% -0.3%
Risk-weighted assets, RUB bn 32 361 32 087 0.9% 32 042 1.0%
* preliminary calculations
Sberbank Financial Highlights for 5 months 2021 (under RAS, non-consolidated) -----------------------------------------------------------------------------------------------------------------------
ISIN: US80585Y3080, RU0009029540, RU0009029557, US80585Y4070 Category Code: MSCM TIDM: SBER LEI Code: 549300WE6TAF5EEWQS81 Sequence No.: 109505 EQS News ID: 1204711 End of Announcement EQS News Service =------------------------------------------------------------------------------------ Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1204711&application_name=news
(END) Dow Jones Newswires
June 07, 2021 03:00 ET (07:00 GMT)
