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Sberbank: Sberbank releases Financial Highlights for January-September 2014 (under RAS; non-consolidated)

Sberbank / Key word(s): Miscellaneous/Miscellaneous

07.10.2014 09:11

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Please note that the numbers are calculated in accordance with Sberbank's
internal methodology.

October 7, 2014

Income Statement Highlights for January-September 2014 (as compared to
January-September 2013):

- Net interest income increased by 22.3% y-o-y

- Net fee and commission income grew by 23.5% y-o-y

- Noncredit commission income grew by 25.0% y-o-y

- Operating income before total provisions increased by 24.8% y-o-y

- Total provision charge was RUB217.9 bn vs. RUB83.5 bn charge in
January-September 2013

- Operating expenses were up by 11.8% y-o-y

- Net profit before income tax amounted to RUB359.8 bn, up by 2.7% vs.
January-September 2013. Net profit totaled RUB286.7 bn, or up by 0.2%
vs. January-September 2013. Please note that comparison to Net profit
for the same period of 2013 is incorrect due to adjustments that
reflect new CBR regulation on deferred tax assets and liabilities that
came into force in 2014. Excluding the effect of the one-off change in
accounting, net profit would have amounted to RUB295.7 bn, up by 3.3%
vs. January-September 2013.

Net interest income came at RUB633.7 bn, up by 22.3% compared to
January-September 2013:

- Interest income increased by RUB219.2 bn driven by both corporate and
retail loan portfolio growth;

- Interest expenses grew by RUB103.9 bn, due to customer deposits growth
(both corporate and retail) and increase in CBR funding volumes and
costs.

Net fee and commission income amounted to RUB195.9 bn; up by 23.5% y-o-y
compared to January-August 2013. Noncredit commission income growth remains
strong, up by 25.0%, mostly driven by bank cards and acquiring. Commission
income from insurance, pension and investment products, bank guaranties and
documentary operations becomes more significant.

Net income from trading operations amounted to RUB32.6 bn vs. RUB17.6 bn
for January-September 2013. Revenues on conversion operations increased
significantly (RUB44.8 bn vs. RUB10.2 bn). There were also gains arising
from revaluation of foreign investments while income dynamics on the
securities market remained negative, due to the market situation.

Operating income before provisions increased by 24.8% to reach RUB884.5 bn.