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Sberbank: Sberbank releases Financial Highlights for 1M 2013 (under RAS; non-consolidated)

Sberbank  / Key word(s): Miscellaneous/Miscellaneous

07.02.2013 07:52

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Sberbank releases Financial Highlights for 1M 2013 (under RAS;
non-consolidated)

Please note that the numbers are calculated in accordance with Sberbank´s
internal methodology.       Also note that the effect of subsequent events
post January 1, 2013 is excluded from the numbers as of January 1, 2013.

February 7, 2013

Income Statement Highlights for 1M 2013 (as compared to 1M 2012):

  - Net interest income grew by 19.1% y-o-y

  - Net fee and commission income grew by 12.5% y-o-y

  - Operating income before total provisions increased by 30.6% y-o-y

  - Total provision charge was RUB11.5 bn vs. a RUB5.5 bn charge in January
    2012

  - Operating expenses were up by 29.5% y-o-y

  - C/I ratio declined from 29.6% to 29.4%

  - Profit before tax amounted to RUB39.2 bn vs. RUB33.3 bn for 1M 2012

  - Net profit totaled RUB31.8 bn vs. RUB29.2 bn for 1M 2012

Net interest income came at RUB57.8 bn, up by 19.1% for January 2012:

  - Interest income increased by RUB24.5 bn;

  - Interest expenses grew by RUB15.3 bn;

  - Both Interest income and Interest expenses increase was driven by
    transactions volume growth and higher interest rates compared to those
    in January 2012.

Net fee and commission income grew by 12.5% to RUB13.3 bn for 1M 2013.
Growth in commission income was stimulated by operations with credit cards,
cash&settlement transactions, and bank guarantees.

Total provision charges amounted to RUB11.5 bn for January 2013 vs. RUB5.5
bn charge a year earlier.

Operating income before provisions (up 30.6% y-o-y) was growing faster than
operating expenses (up 29.5% y-o-y). C/I ratio in January reached 29.4%,
which was by 0.2pp lower than in January 2012. The main driver of the
operating expenses in January was payroll expenses related to completion of
transformation of the regional banks onto the new remuneration system
during 2012: the shift was undergoing throughout 2012, consequently,
January y-o-y comparison is not representative.

Profit before tax totaled RUB39.2 bn, while net profit amounted to RUB31.8
bn for 1M 2013, increasing by 18% and 9% y-o-y respectively.

Assets shrunk by RUB300 bn in January, influenced by the following factors:
decrease in ending cash balance, including balances held at ATMs, - where
Sberbank traditionally holds sufficient funds during the winter holiday
season, - repayments of loans by large corporate clients, and sale and