15 Jan 2014 06:41
Sberbank / Miscellaneous 15.01.2014 07:41 Dissemination of a Regulatory Announcement, transmitted byEquityStory.RS, LLC - a company of EQS Group AG.The issuer is solely responsible for the content of this announcement.--------------------------------------------------------------------------- Please note that the numbers are calculated in accordance with Sberbank'sinternal methodology. Also note that the effect of subsequent events isincluded in the numbers as of January 1, 2013 but excluded from the numbersas of January 1, 2014.January 15, 2014 Income Statement Highlights for 2013 (as compared to 2012): - Net interest income grew by 17.1% y-o-y - Net fee and commission income grew by 16.7% y-o-y - Commission income related to other than lending grew by 20.4% - Operating income before total provisions increased by 17.0% y-o-y - Total provision charge was RUB97.3 bn vs. RUB29.9 bn charge for 2012 - Operating expenses were up by 9.7% y-o-y - C/I ratio declined from 44.5% to 41.7% - Profit before tax amounted to RUB480.5 bn vs. RUB440.5 bn for 2012 - Net profit totaled RUB392.6 bn (excluding the effect of subsequent events) vs. RUB346.2 bn for 2012 (including subsequent events) Net interest income came at RUB721.0 bn for 2013, up by 17.1% compared to2012: - Interest income increased by RUB236.1 bn driven by loan portfolio growth (both retail and corporate). Share of interest income from retail loans in total interest income keeps growing steadily - for 2013 this share increased up to 35%, what reflects the growth of retail loans share in the Bank loan portfolio. - Interest expenses grew by RUB130.6 bn, of which RUB80.9 bn were attributed to retail deposit expenses. Net fee and commission income amounted to RUB227.5 bn or 23% of totaloperating income. Net fees and commissions growth accelerated by 16.7% for2013 vs. 12.7% for 2012. Commission income related other than lending wasthe main driver. It generated RUB210.2 bn, where plastic cards andacquiring services generated RUB94.3 bn. The volume of commission incomerelated other than lending increased by 20.4% for 2013, considerablyoutpaced net interest income growth (+17.1%). Net income from trading operations on financial markets fell in December byRUB0.9 bn down to RUB22.0 bn. This negative result in December associatedwith a currency revaluation of investments in subsidiary banks. Generally, operating income before provisions increased by 17.0% andamounted to RUB991.4 bn. Operating expenses were up by 9.7% in 2013. The pace of growth slowed byhalf compared to 2012 due to the Bank's cost optimization program. C/Iratio declined from 44.5% to 41.7%. Further cost increases are expectedfrom posting subsequent events, however it won't have significant impact onthe existing trend of C/I ratio improvement. Total provision charges amounted to RUB97.3 bn vs. RUB29.9 bn charge a yearearlier. Due to current macroeconomic conditions with a high degree ofuncertainty the Bank sticks to conservative approaches for loan-lossprovisioning based on international standards and requirements of theCentral Bank of Russia. Coverage ratio remained strong: loan-lossprovisions are 2.2 times the overdue loans. Provision write-backs mostlyrelate to past due loan situations which have been resolved. Profit before tax totaled RUB480.5 bn and net profit amounted to RUB392.6bn. Assets grew by 19.9% for the year and exceeded RUB16.3 trn. Assets growthin December was 5.3%. The main driver for growth in assets is still theloan portfolio, which totaled almost RUB12 trn. The Bank lent about RUB1.4 trn (a record ammount) to corporate clients inDecember. In total about RUB7.3 trn were lent to corporate clients for theyear, which exceeded the total amount for the previous year (RUB5.9 trn).Corporate loan portfolio increased in December by 4.0% up to RUB8.6 trn.The portfolio growth for the year was 15.1%. About RUB190 bn were lent to retail clients in December. As a result retailloan portfolio grew in December by 3.1% up to RUB3.3 trn. The portfoliogrowth for 2013 amounted to +31.8%, with mortgage loans outpacing thegrowth of the total retail portfiolio. Mortgage portfolio increased by37.4%, up to RUB1.4 trn and its share in retail loans grew to 42.0%. TheBank lent about RUB650 bn of mortgages for the year. Loan growth was accompanied by an improvement in its quality: the share ofoverdue loans in the portfolio decreased in December by 0.26pp to 2.24%. Asa result, overdue loans decreased for the year by 0.45pp both due tocorporate (-0.55pp) and retail (-0.11pp). Securities portfolio increased by RUB88 bn or 4.7% in December, mainly dueto investment in OFZ federal and corporate bonds. Amount of Cash on the balance sheet increased in December up to RUB685 bn,due to seasonal need to ensure an adequate supply of cash, incl. ATMs,during New Year holidays. The clients' funds remain the core source of funding the Bank's operations: - Retail deposits and accounts increased in December by RUB644 bn and exceeded RUB8 trn. The growth for the year amounted +20.6%, which exceeded the increase for the previous year (+17.4%). - Corporate deposits and accounts increased in December by RUB87 bn and amounted about RUB3.2 trn. The growth for the year was 13.7%. Regulatory capital (under CBR regulation No. 215-P) came to RUB2,003 bn asof January 1, 2014, as per preliminary calculations. Capital increased inDecember by RUB39 bn mainly due to net profit. Capital adequacy ratio of the Bank (under RAS) amounted to 12.7% as ofJanuary 1, 2014. Sberbank Financial Highlights for 2013 (under RAS, non-consolidated) The results in this press release are not the final outcome of Sberbank ofRussia for 2013, as it does not take into account subsequent events.Results 2013 will be updated in the following disclosures. 15.01.2014 EquityStory.RS, LLC's Distribution Services include RegulatoryAnnouncements, Financial/Corporate News and Press Releases.Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: EnglishCompany: Sberbank 19 Vavilova St. 117997 Moscow RussiaPhone: +7-495-957-57-21Fax: E-mail: media@sberbank.ruInternet: www.sberbank.ruISIN: US80585Y3080, RU0009029540, RU0009029557Listed: Frankfurt in Open Market (Entry Standard) ; MICEX, RTSCategory Code: MSCTIDM: SBERSequence Number: 1843Time of Receipt: Jan 15, 2014 07:41:34 End of Announcement EquityStory.RS, LLC News-Service ---------------------------------------------------------------------------UK-Regulatory-announcement transmitted by DGAP - a company of EQS Group AG.The issuer is solely responsible for the content of this announcement.