DGAP-News

Sberbank: Sberbank publishes Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS) for the 2011 year - Seite 2

The largest component of interest expenses was interest on retail deposits
which are a core source of funds for the Group. The cost of retail deposits
continued to decrease during 2011 year as deposits with high interest rates
taken in 2008-2009 retired, leading to a lower overall cost of funds for
Sberbank.

Net interest income for 2011 totalled RUB 561.0 bn, a 17.1% increase
year-on-year. This increase reflects growth and change in the structure of
interest earning assets and improved pricing on deposits. Net interest
income remains the main component of the Group´s operating income,
accounting for 75.5% of total operating income before provision charges for
loan impairment.

The Group´s net fee and commission income totalled RUB 140.6 bn in 2011, a
13.8% increase year-on-year. This growth was supported by a variety of
fee-generating operations, but particularly by the expansion of operations
with bank cards.

Other operating income, which includes amongst others net gains from
operations with securities, foreign exchange, derivatives and precious
metals as well as losses from revaluation of premises and other items,
comprised 5.5% of Operating income before provisions. These items in
aggregate declined by 13% from RUB 47.2 bn in 2010 to RUB 41.2 bn in 2011.

Total operating income before provision for loan impairment for 2011
reached RUB 742.8 bn, compared with RUB 649.8 bn for 2010, a 14.3% increase
year-on-year. The growth of operating income was primarily driven by the
strong increase of net interest income, well supported by net fee
commission income and other operating income.

Net recovery of previously recorded provision for loan impairment for 2011
totalled RUB 1.2 bn, compared with net charges of RUB 153.8 bn in 2010.
This reflects better quality of the overall loan book as the Russian
economy has improved. Additionally, the Group benefitted from its focus in
2011 on recovering impaired and non-performing loans.

The Group´s operating expenses increased in 2011 by 31% year-on-year, with
employee compensation growing slower than non-staff costs at 26.4% vs 38.0%
respectively. The main drivers of cost growth in 2011 were continuing
investments in personnel quality, IT, and branch network in accordance with
the Group´s transformation strategy. As a result, the Group´s cost to
income ratio reached 46.9% in 2011 versus 40.9% in 2010.

The Group´s net profit in 2011 totalled RUB 315.9 bn versus RUB 181.6 bn in
2010, a 74% increase generated mostly as a result of higher operating
income.

As at 31 December 2011, the Group´s total assets reached RUB 10,835.1 bn, a