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Sberbank: Sberbank reports third-quarter 2015 IFRS results

Sberbank / Key word(s): Statement/Miscellaneous

25.11.2015 08:56

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Sberbank reports third-quarter 2015 Net Profit of RUB65.1 bn, or RUB3.04
per ordinary share, under International Financial Reporting Standards
(IFRS)

November 25, 2015

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Moscow, November 25, 2015 - Sberbank (hereafter "the Group") has released
its interim condensed consolidated IFRS financial statements (hereafter
"the Financial Statements") as at and for the 9 months ended 30 September
2015, with review report by Ernst & Young Vneshaudit.

"Continued recovery in the net interest income, higher mortgage
originations and strong focus on operating efficiency contributed to our
strongest quarterly earnings this year," said Alexander Morozov, Deputy
Chairman of the Executive Board and Chief Financial Officer.

The Q3 2015 Business Highlights:

* Sberbank's net profit reached RUB65.1 bn, or RUB3.04 per ordinary share,
for the quarter

* Mortgages portfolio continued to grow to RUB2.5 trn, up by 4.4% in Q3
2015 compared to Q2 2015. Sberbank's domestic market share reached 55.1%

* Client deposits growth up 15.4% to RUB18.3 trn in Q3 2015 compared to Q2
2015

* Net loan-to-deposit ratio came at 95.3% on the back of the improving
funding base

* The quarterly net fee and commission income came at RUB81.9 bn, a strong
28.0% growth from the year-ago period

* Cost-to-income ratio down to 39.6%, supported by disciplined cost control
and improving revenue growth

Net interest income was RUB263.4 bn in Q3 2015, up by 3.2% from the
year-ago period:

* Interest income (up 25.0% to RUB574.2 bn compared to Q3 2014) was driven
by a moderate pick up in corporate lending and mortgages. Yield on total
loans increased by 40 basis points to 11.4% in Q3 2015.

* Interest expenses including deposit insurance expenses increased by 52.2%
from Q3 2014 to RUB310.8 bn. It was driven by the both higher volumes and
costs of client deposits. However, the cost of client deposits decreased by
10 basis points to 5.4% in Q3 2015 relative to Q2 2015. The amount of funds
borrowed from the Central Bank of Russia was reduced by 51.0% in Q3 2015 to
RUB1.0 trn. Improved access to liquidity allows Sberbank to be more