7 Mar 2014 06:26
Sberbank / Miscellaneous 07.03.2014 07:26 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 isexcluded from the numbers as of January 1, 2014. March 7, 2014 Income Statement Highlights for January-February 2014 (as compared toJanuary-February 2013): - Net interest income grew by 26.0% y-o-y - Net fee and commission income grew by 26.8% y-o-y - Noncredit commission income grew by 28.0% y-o-y - Operating income before total provisions increased by 26.4% y-o-y - Total provision charge was RUB45.2 bn vs. RUB14.8 bn charge in January-Ferbuary 2013 - Operating expenses were up by 11.3% y-o-y - Profit before tax amounted to RUB82.7 bn vs. RUB80.8 bn for January-February 2013 - Net profit amounted to RUB68.2 bn vs. RUB65.2 bn for January-February 2013 Net interest income came at RUB138.7 bn, up by 26.0% compared toJanuary-February 2013: - Interest income increased by RUB43.9 bn driven by total loan portfolio growth. - Interest expenses grew by RUB15.2 bn, more than a half of what was attributed to retail deposit expenses. Net fee and commission income amounted to RUB35.7 bn. The growth rate ofthis item remains high: 26.8% compared to January-February 2013. The bankincreases the F&C income primarily due to noncredit commission, which washighly contributed by transactions with bank cards and acquiring. Thenoncredit commission growth rate has accelerated in 2014: the noncreditcommission income for January 2014 was 24% higher than for January 2013,for February 2014 was 28% higher than for February 2013 (for comparison:the increase in the noncredit commission income for 2013FY was 20%). Net income from trading operations amounted to RUB2.7 bn forJanuary-February 2014, which was 13.7% higher than for January-February2013. Generally Operating income before provisions, that comes from coreoperations of the Bank, increased by more than 1/4 (up by 26.4% y-o-y) andamounted to RUB180.0 bn. Operating expenses increased by 11.3%. C/I ratio for January-February 2014was 28.9% vs. 32.8% for January-February 2013. The improvement trend in C/Iratio is maintained by the Bank's cost optimization program. Total provision charges amounted to RUB45.2 bn for January-February 2014vs. RUB14.8 bn charge a year earlier. The growth in provision charges canbe explained by the growth of the total loan portfolio, as well assignificant Ruble depreciation against the major foreign currencies inJanuary and February 2014, what also caused a significant increase inprovisions for foreign currency loans. Due to current macroeconomicconditions with a high degree of uncertainty the Bank sticks toconservative approaches for loan-loss provisioning based on internationalstandards and requirements of the Central Bank of Russia. Coverage ratioremained strong: loan-loss provisions are 2.2 times the overdue loans. Profit before tax totaled to RUB82.7 bn and net profit amounted to RUB68.2bn for January-February 2014. Both figures exceeded results for the sameperiod 2013. Assets increased by RUB169 bn in February, or 1.0%, and exceeded RUB16.8trn. The main growth drivers were corporate and interbank loans. The growthof balance sheet items was also augmented by positive reevaluation of FXcomponent due to Ruble devaluation against prime foreign currencies inFebruary. The Bank lent nearly RUB400 bn to corporate clients in February. Corporateloan portfolio increased by 1.3% to exceed RUB9 trn driven by new demand aswell as positive reevaluation of FX loans issued earlier on recent rubledepreciation. More than RUB120 bn were lent to retail clients in February, primarily inmortgages and consumer loans. Retail loan portfolio grew by RUB46.6 bn, or1.4%, to reach RUB3.4 trn. With the loan portfolio growth the Bank retained its quality at a highlevel: overdue loans were 2.3% as of March 1, 2014. Securities portfolio decreased by RUB29 bn, or 1.4%, in February mainly dueto redemptions of OFZ bonds and repayments of corporate bonds. The clients' funds remain the core source of funding for the Bank'soperations: - Retail deposits and accounts repeatedly demonstrated an inflow increasing by RUB135 bn, or 1.7%, in February, amounting approximately RUB7.9 trn. - Corporate deposits and accounts increased in February as well (+RUB288 bn or +8.0%), and amounted to about RUB3.9 trn. Both current accounts and term deposits increased. The share of government funding to Sberbank on the balance sheet decreasedto 10% (the amount includes the balance of subordinated debt, provided bythe CBR in 2008, which accounted to RUB300 bn as of March 1, 2014). Since Sberbank does not have instruments of additional capital both coretier 1 and tier 1 capital as of March 1, 2014 amounted to RUB1,340 bnunder preliminary calculations. Total capital amounted to RUB2,114 bn onthe same date. Total capital increased by RUB70 bn in February as a resultof net profit contribution as well as subordinated Eurobonds of USD1 blnraised. Capital adequacy ratios under preliminary calculations and not accountingfor net profit for 2013 to be included in capital post audit were: - N1.1 - 7.9% (minimum adequacy level, required by the Central Bank of Russia at 5.0%) - N1.2 - 7.9% (minimum required level at 5.5%) - N1.0 - 12.5% (minimum required level with Deposit Insurance Regulation at 11%). Sberbank 2M 2014 Financial Highlights (under RAS, unconsolidated) 07.03.2014 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: 1935Time of Receipt: March 07, 2014 07:26:35 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.