12 May 2014 08:19
Sberbank / Miscellaneous 12.05.2014 08:19 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. May 12, 2014 Income Statement Highlights for January-April 2014 (as compared toJanuary-April 2013): - Net interest income increased by 25.5% y-o-y - Net fee and commission income grew by 26.2% y-o-y - Noncredit commission income grew by 27.6% y-o-y - Operating income before total provisions increased by 23.7% y-o-y - Total provision charge was RUB106.0 bn vs. RUB37.4 bn charge in January-April 2013 - Operating expenses were up by 9.2% y-o-y - Net profit amounted to RUB129.8 bn vs. RUB128.9 bn for 4M 2013 Net interest income came at RUB275.7 bn, up by 25.5% compared toJanuary-April 2013: - Interest income increased by RUB93.3 bn driven by both corporate and retail loan portfolio growth. - Interest expenses grew by RUB37.3 bn, mostly due to customer deposits growth. Net fee and commission income amounted to RUB82.7 bn; up by 26.2% y-o-ycompared to January-April 2013, contributed primarily by noncreditcommission income that was up by 27.6%, mostly driven by bank cards andacquiring. Cash settlements also contribute significantly. Net income from trading operations amounted to RUB8.4 bn vs. RUB14.1 bn forJanuary-April 2013. The dynamics is mostly associated with a reduction ofincome on the securities market due to the general market situation. Netincome on conversion operations increased 1.4 times, amounted to RUB16.3bn. Operating income before provisions that comes from core operations of theBank, increased by 23.7%, amounted to RUB377 bn. Operating expenses increased by 9.2%. C/I ratio for January-April 2014 was32.2% vs. 36.4% a year earlier. The improvement in C/I ratio is maintainedby the Bank's cost optimization program. The slowdown in staff costs growthwas related to timing differences in accounting for the quarterly bonusesin 2013 and 2014. Total provision charges amounted to RUB106.0 bn vs. RUB37.4 bn charge ayear earlier. The Bank continues to practice a conservative approach inloan-loss provisioning based on requirements of the Central Bank of Russia.Coverage ratio remained strong: loan-loss provisions are 2.1 times theoverdue loans. The growth in provision charges can be explained also by thegrowth of the total loan portfolio. Profit before tax for January-April 2014 totaled to RUB149.9 bn; RUB28.4 bnin April. The difference between the amount of down payments for income tax(calculated on the 3Q 2013 tax base) and the actual amount of tax payments(calculated on the 1Q2014 tax base) was accounted as income in April. Afterthat the net profit in April amounted to RUB30.5 bn. Net profit forJanuary-April came at RUB129.8 bn. Assets increased by RUB246 bn in April, or 1.4%, to reach nearly RUB17.4trn. The main growth driver was lending. The assets growth YTD reached 6.2%; the positive reevaluation due to Rubledevaluation against prime foreign currencies supported growth of balancesheet items with FX component. The Bank lent over RUB680 bn to corporate clients in April, exceeding theaverage monthly lending volumes in 2013. Corporate loan portfolio increasedby 1.9% to RUB9.4 trn. About RUB180 bn were lent to retail clients in April. Retail loan portfolioincreased by RUB90.1 bn, or 2.6% in April, to reach RUB3.54 trn as of May1, 2014, mostly driven by mortgages. The Bank retains quality of its loan portfolio at a good level: overdueloans remained 2.4% as of May 1, 2014. Securities portfolio decreased by RUB80 bn, or 4.2%, in April. Nearly halfof the decrease was caused by the specific accounting reporting of REPOtransactions. Also the portfolio decreased due to decline in market valuesof securities. The clients' funds remain the core source of funding for the Bank'soperations: the deposits and accounts increased by RUB634 bn, or 5.7% YTD,the portfolio came at RUB11.8 trn as of May 1, 2014. The growth was drivenby retail accounts, that increased by RUB176 bn, or 2.3% in April. Core Tier 1 and Tier 1 capital (equal since Sberbank does not haveinstruments of additional capital) reached RUB1,560 bn as of May 1, 2014under preliminary calculations. Total capital amounted to RUB2,197 bn onthe same date. Total capital increased in April as a result of net profitcontribution. Capital adequacy ratios under preliminary calculations as of May 1, 2014were: - N1.1 - 9.2% (minimum adequacy level, required by the Central Bank of Russia at 5.0%) - N1.2 - 9.2% (minimum required level at 5.5%) - N1.0 - 12.8% (minimum adequacy level, required by the Central Bank of Russia at 10.0%, considering Deposit Insurance Regulation). Sberbank 4M 2014 Financial Highlights (under RAS, unconsolidated) 12.05.2014 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: 2040Time of Receipt: May 12, 2014 08:19:12 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.