7 Apr 2016 09:35
Sberbank / Miscellaneous - Medium PrioritySberbank: Sberbank releases Financial Highlights for 3M 2016 (under RAS;non-consolidated) 07-Apr-2016 / 09:35 CET/CESTDissemination of a Regulatory Announcement, transmitted by EquityStory.RS,LLC - a company of EQS Group AG.The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Sberbank releases Financial Highlights for 3M 2016 (under RAS;non-consolidated)Please note that the numbers are calculated in accordance with Sberbank'sinternal methodology.April 7, 2016Key highlights for March, 2016:* Net profit came at RUB40.7 bn for March* Net interest income increased by 1.8 times, compared to the same monthlast year* Corporate overdue loan portfolio decreased by RUB3.7 bn YTDDeputy Chairman of Sberbank Alexander Morozov stated: We continue to see recovery in both net interest income and net profit,resulting in an increase of the total capital adequacy ratio by 0.4 pp. inMarch to 11.6%, whereas the core Tier 1 capital adequacy ratio increased to8% after the audit of the Bank financial statements for 2015Comments for Q1, 2016:Net interest income came at RUB269.8 bn, +74.6% compared to Q1, 2015:Interest income increased by 8.1%, mostly driven by the increase in volumesof working assets; Interest expenses decreased by 23.4% due to the decreasein market rates and the substitution of state funding with clients' funds.Fee and commission income was up by 27.1% to RUB67.5 bn, mainly driven bytransactional business with bank cards and acquiring, cash settlements aswell as bank insurance (commissions from which were weak a year ago, giventhe reduced demand for lending).Net income from FX revaluation and trading operations on capital marketsamounted to -RUB22.1 bn compared to RUB2.8 bn for Q1, 2015 mostly due tothe fx revaluation of the Balance sheet items as a result of rubleappreciation.Operating expenses growth came at +8.0%, that was significantly slower thanpre-provision operating income growth (+48.6%). The Bank continues tostrictly control its operating expenses.Total provision charges amounted to RUB110.6 bn vs. RUB78.6 bn a year ago.The Bank continues to form loan-loss provisions in-line with therequirements of the Central Bank of Russia. Loan-loss provisions are 2times the overdue loans.Net profit before income tax came at RUB112.0 bn vs. RUB46.6 bn for Q1,2015. Net profit totaled RUB100.4 bn, that is almost 4 times more than theresult for Q1, 2015 (RUB26.3 bn).Total comprehensive income amounted to RUB141.0 bn. In addition to the Netprofit, this item includes the net income from revaluation of financialassets available-for-sale and held-to-maturity.Assets in March 2016 decreased by 2.2%. The negative revaluation of the FXcomponent due to ruble strengthening had the main impact on the BalanceSheet items.The Bank lent about RUB900 bn to corporate clients in March. Corporateloan issues from the beginning of the year reached about RUB2.2 trln. Theloan portfolio ending balance decreased by RUB517 bn, or by 4.1% in March,due to the revaluation of the FX loans. Total corporate loan portfoliostood at RUB12.1 trln as of April 1, 2016.The Bank lent about RUB130 bn to retail clients in March. Retail loanissues from the beginning of the year reached about RUB330 bn. Total retailloan portfolio increased by RUB17 bn, or 0.4%, in March to reach RUB4.16trln as of April 1, 2016. The share of mortgages in the retail portfoliocontinues to increase reaching 54.8% as of April 1, 2016 (was 53.8% as ofJanuary 1, 2016).Overdue loans of total loans decreased by 0.4p.p. to 3.3% in March mainlydue to corporate clients. Corporate overdue loans decreased by RUB 3.7 bnsince the beginning of the year. The level of overdue loans at Sberbankremains substantially lower than the level of the banking sector's average(6.8% as of March 1, 2016).Securities portfolio was up by RUB11 bn in March, or by 0.5% due topurchases of the OFZ and corporate bonds. The portfolio ending balance wasRUB2.36 trln as of April 1, 2016.Retail deposits and accounts decreased by RUB182 bn in nominal terms inMarch, or by 1.7% to RUB10.5 trln. Corporate deposits and accountsdecreased by RUB264 bn or by 3.8% for the same period and stood at RUB6.7trln. The dynamic was caused by the negative revaluation of the FXdeposits. Excluding the revaluation effect, corporate and retail depositsincreased by almost RUB190 bn due to the inflow of ruble accounts.Core Tier 1 and Tier 1 capital (equal since Sberbank does not haveinstruments of additional capital) reached RUB1,889 bn as of April 1, 2016under preliminary calculations. Total capital amounted to RUB2,758 bn onthe same date, up by RUB33 bn in March primarily due to net profit earned.Risk-weighted assets decreased by RUB589 bn due to the decrease in thecorporate loan portfolio.Capital adequacy ratios under preliminary calculations as of April 1, 2016were:* N1.1 - 8.0% (minimum adequacy level, required by the Central Bank ofRussia at 4.5%)* N1.2 - 8.0% (minimum adequacy level, required by the Central Bank ofRussia at 6.0%)* N1.0 - 11.6% (minimum adequacy level, required by the Central Bank ofRussia at 8.0%, considering Deposit Insurance Regulation). Sberbank Q1, 2016 Financial Highlights (under RAS, non-consolidated) --------------------------------------------------------------------------- 07-Apr-2016 The EquityStory.RS, LLC Distribution Services include RegulatoryAnnouncements, Financial/Corporate News and Press Releases.Media archive at www.dgap.de/ukreg --------------------------------------------------------------------------- Language: English Company: Sberbank 19 Vavilova St. 117997 Moscow Russia Phone: +7-495-957-57-21 E-mail: media@sberbank.ru Internet: www.sberbank.ru ISIN: US80585Y3080, RU0009029540, RU0009029557, US80585Y4070 Listed: Open Market (Entry Standard) in Frankfurt ; London, MICEX, RTS Category Code: MSCM TIDM: SBER Sequence Number: 3085 Time of Receipt: 07-Apr-2016 / 09:03 CET/CEST End of Announcement EquityStory.RS, LLC News Service --------------------------------------------------------------------------- 451993 07-Apr-2016UK-Regulatory-announcement transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.