Sberbank: Sberbank publishes Condensed Interim Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS) for 3 months ended 31 March 2012
EquityStory.RS, LLC-News: Sberbank / Key word(s): Statement
Sberbank: Sberbank publishes Condensed Interim Consolidated Financial
Statements in accordance with International Financial Reporting
Standards (IFRS) for 3 months ended 31 March 2012
30.05.2012 / 08:52
---------------------------------------------------------------------
^
°
Sberbank publishes Condensed Interim Consolidated Financial Statements in
accordance with International Financial Reporting Standards (IFRS) for 3
months ended 31 March 2012
Sberbank Group (hereafter 'the Group') has released its condensed interim
consolidated IFRS financial statements (hereafter 'the Financial
Statements')
(http://sberbank.ru/common/img/uploaded/files/info/ifrs2011/Word_eng_28.03
_11.25.pdf) as at 31 March 2012 and for 3 months ended 31 March 2012, with
an independent rewiew report by Ernst & Young Vneshaudit (Download the
Presentation
http://sberbank.ru/common/img/uploaded/files/info/ifrs2011/Presentation_En
glish_YE11_FINAL_2.pdf).
Income Statement highlights:
- Net profit for 3 months ended 31 March 2012 reached RUB 92.2 bn (or RUB
4.28 per ordinary share), showing a 6% increase on RUB 86.8 bn (or RUB
4.02 per ordinary share) for the same period of 2011.
- In 2012, the Group's revenues continued to come mostly from core
banking operations, with net interest income and net fee and commission
income accounting for 92.5% of total operating income before provision
for loan impairment for 1Q 2012.
- The Group's net interest margin in 1Q 2012 was 6.0%, the same level as
in 1Q 2011.
- Despite higher operating expenses in 1Q 2012, the Cost to Income ratio
stays at an adequate level of 46.3% versus 43.3% in 1Q 2011.
- The Group's loan portfolio quality remains stable. For 1Q 2012 the
Group showed a net recovery of provisions of RUB 3.2 bn. The
non-performing loan ratio improved slightly from 4.9% as of 31 December
2011 to 4.8%, while the non-performing loan coverage ratio remained
strong at 1.5 times as of 31 March 2012.
- Return on equity remained high at 27.9% in 1Q 2012 versus 33.6% in 1Q
2011.
Statement of financial position highlights:
- The Group continues to enjoy solid retail loan growth with retail gross
loan portfolio up 14.0% for 3 months 2012.
- Customer deposits increased by 4.1% in 1Q 2012, with corporate deposits
being the main driver for increase showing an 8.4% growth
- The Group's Equity increased in 1Q 2012 by 8.6% to RUB 1,377.3, with
profit for the period being the major driver for the increase.
Financial and Operating Review:
Interest income increased in 1Q 2012 by 26.2% year-on-year to RUB 249.7 bn.
The increase was driven by the expansion of interest earning assets and
higher proportion in them of assets with higher yields, primarily loans.
Interest expenses increased in 1Q 2012 by 29.3% year-on-year to RUB 93.4
bn. 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
and corporate deposits increased in 1Q 2012 as a result of rising interest
rates in the market.
Net interest income for 1Q 2012 totalled RUB 156.3 bn, a 24.9% increase
year-on-year. This increase reflects growth of interest earning assets and
change in their structure despite rising costs of funding. Net interest
income remains the main component of the Group's operating income
accounting for 75.3% of total operating income before provision charges for
loan impairment.
The Group's net fee and commission income totalled RUB 35.8 bn in 1Q 2012,
a 20.5% 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 and other items, comprised 7.5% of Operating income before
provisions. These items in aggregate increased by 52.9% from RUB 10.2 bn in
1Q 2011 to RUB 15.6 bn in 1Q 2012.
Total operating income before provision for loan impairment for 1Q 2012
reached RUB 207.7 bn compared with RUB 165.0 bn for 1Q 2011, a 25.9%
increase year-on-year. The growth of operating income was primarily driven
by 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 1Q
2012 totalled RUB 3.2 bn compared with the recovery of RUB 14.2 bn in 1Q
2011 which was ensured by stable quality of the loan book.
The Group's operating expenses increased in 1Q 2012 by 34.6% year-on-year,
with employee compensation growing slower than non-staff costs. The main
drivers of cost growth in 1Q 2012 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 46.3% in 1Q 2012 versus 43.3% in 1Q 2011.
The Group's net profit in 1Q 2012 totalled RUB 92.2 bn versus RUB 86.8 bn
in 1Q 2011, a 6.2% increase generated mostly as a result of higher
operating income.
As of 31 March 2012, the Group's total assets reached RUB 11,641.9 bn, a
7.4% increase since 31 December 2011.
The customers loan portfolio after provisioning for loan impairment
increased by 6.8% in 1Q 2012. Loans to individuals before provisions for
loan impairment grew by 14.0% to RUB 2,058.1 bn as of 31 March 2012, while
loans to legal entities before provisions as of the same date increased by
4.0% to RUB 6,838.5 bn. This increase in lending came as a result of
stronger demand for retail loans in 1Q 2012 and the Group's continued focus
on sales and marketing.
The Group's loan quality remained stable, with portion of non-performing
loans (NPL), defined as loans for which payment of principal and/or
interest is overdue by more than 90 days, in the total loan portfolio (the
NPL ratio) further decreased to 4.8% as at 31 March 2012 compared with 4.9%
at the beginning of the year. As at 31 March 2012, the NPL coverage ratio
(total provisions for loan impairment to non-performing loans) was 1.5
times. Provisions for loan impairment decreased by 1.4% reaching RUB 652.9
bn as at 31 March 2012. The ratio of provisions for loan impairment to
total gross loans reached 7.3% compared with 7.9% at the beginning of the
year.
The Group's securities portfolio declined in 1Q 2012 by 1.7% to RUB 1,598.1
bn as at 31 March 2012. As at 31 March 2012, federal government bonds
accounted for the largest part of the Group's securities portfolio with a
42.3% share. The proportion of corporate bonds in the total securities
portfolio further increased from 31.7% at the beginning of the year to
33.9% at 31 March 2012.
As at 31 March 2012, the Group's total liabilities amounted to RUB 10,264.6
bn, a 7.3% increase since 31 December 2011. The Group's liabilities
structure remained largely stable throughout 1Q 2012. Retail deposits,
totalling RUB 5,864.0 bn as at 31 March 2012, have remained the core source
of the Group's funding, accounting for 57.1% of the Group's total
liabilities, and increased by 2.4% compared with year-end 2011. Corporate
deposits rose 8.4% to RUB 2,391.9 bn as at 31 March 2012 compared with
year-end 2011, and accounted for 23.3% of total liabilities.
The Group's equity attributable to the Bank's shareholders amounted to RUB
1,373.8 bn as at 31 March 2012, an 8.6% increase for 1Q 2012. As at 31
March 2012, the Group's total capital adequacy ratio (Tier 1 and Tier 2)
calculated as per Basel 1 was 15.4%, well above the 8% minimum requirement,
and the Tier 1 ratio was 11.8%.
Sberbank Group's Financial Highlights for 2011
End of Corporate News
---------------------------------------------------------------------
30.05.2012 Dissemination of a Corporate News, transmitted by
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The issuer is solely responsible for the content of this announcement.
EquityStory.RS, LLC's Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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
Listed: Foreign Exchange(s) MICEX, RTS
End of News EquityStory.RS, LLC News-Service
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171982 30.05.2012
EquityStory.RS, LLC-News: Sberbank / Key word(s): Statement
Sberbank: Sberbank publishes Condensed Interim Consolidated Financial
Statements in accordance with International Financial Reporting
Standards (IFRS) for 3 months ended 31 March 2012
30.05.2012 / 08:52
---------------------------------------------------------------------
^
°
Sberbank publishes Condensed Interim Consolidated Financial Statements in
accordance with International Financial Reporting Standards (IFRS) for 3
months ended 31 March 2012
Sberbank Group (hereafter 'the Group') has released its condensed interim
consolidated IFRS financial statements (hereafter 'the Financial
Statements')
(http://sberbank.ru/common/img/uploaded/files/info/ifrs2011/Word_eng_28.03
_11.25.pdf) as at 31 March 2012 and for 3 months ended 31 March 2012, with
an independent rewiew report by Ernst & Young Vneshaudit (Download the
Presentation
http://sberbank.ru/common/img/uploaded/files/info/ifrs2011/Presentation_En
glish_YE11_FINAL_2.pdf).
Income Statement highlights:
- Net profit for 3 months ended 31 March 2012 reached RUB 92.2 bn (or RUB
4.28 per ordinary share), showing a 6% increase on RUB 86.8 bn (or RUB
4.02 per ordinary share) for the same period of 2011.
- In 2012, the Group's revenues continued to come mostly from core
banking operations, with net interest income and net fee and commission
income accounting for 92.5% of total operating income before provision
for loan impairment for 1Q 2012.
- The Group's net interest margin in 1Q 2012 was 6.0%, the same level as
in 1Q 2011.
- Despite higher operating expenses in 1Q 2012, the Cost to Income ratio
stays at an adequate level of 46.3% versus 43.3% in 1Q 2011.
- The Group's loan portfolio quality remains stable. For 1Q 2012 the
Group showed a net recovery of provisions of RUB 3.2 bn. The
non-performing loan ratio improved slightly from 4.9% as of 31 December
2011 to 4.8%, while the non-performing loan coverage ratio remained
strong at 1.5 times as of 31 March 2012.
- Return on equity remained high at 27.9% in 1Q 2012 versus 33.6% in 1Q
2011.
Statement of financial position highlights:
- The Group continues to enjoy solid retail loan growth with retail gross
loan portfolio up 14.0% for 3 months 2012.
- Customer deposits increased by 4.1% in 1Q 2012, with corporate deposits
being the main driver for increase showing an 8.4% growth
- The Group's Equity increased in 1Q 2012 by 8.6% to RUB 1,377.3, with
profit for the period being the major driver for the increase.
Financial and Operating Review:
Interest income increased in 1Q 2012 by 26.2% year-on-year to RUB 249.7 bn.
The increase was driven by the expansion of interest earning assets and
higher proportion in them of assets with higher yields, primarily loans.
Interest expenses increased in 1Q 2012 by 29.3% year-on-year to RUB 93.4
bn. 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
and corporate deposits increased in 1Q 2012 as a result of rising interest
rates in the market.
Net interest income for 1Q 2012 totalled RUB 156.3 bn, a 24.9% increase
year-on-year. This increase reflects growth of interest earning assets and
change in their structure despite rising costs of funding. Net interest
income remains the main component of the Group's operating income
accounting for 75.3% of total operating income before provision charges for
loan impairment.
The Group's net fee and commission income totalled RUB 35.8 bn in 1Q 2012,
a 20.5% 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 and other items, comprised 7.5% of Operating income before
provisions. These items in aggregate increased by 52.9% from RUB 10.2 bn in
1Q 2011 to RUB 15.6 bn in 1Q 2012.
Total operating income before provision for loan impairment for 1Q 2012
reached RUB 207.7 bn compared with RUB 165.0 bn for 1Q 2011, a 25.9%
increase year-on-year. The growth of operating income was primarily driven
by 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 1Q
2012 totalled RUB 3.2 bn compared with the recovery of RUB 14.2 bn in 1Q
2011 which was ensured by stable quality of the loan book.
The Group's operating expenses increased in 1Q 2012 by 34.6% year-on-year,
with employee compensation growing slower than non-staff costs. The main
drivers of cost growth in 1Q 2012 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 46.3% in 1Q 2012 versus 43.3% in 1Q 2011.
The Group's net profit in 1Q 2012 totalled RUB 92.2 bn versus RUB 86.8 bn
in 1Q 2011, a 6.2% increase generated mostly as a result of higher
operating income.
As of 31 March 2012, the Group's total assets reached RUB 11,641.9 bn, a
7.4% increase since 31 December 2011.
The customers loan portfolio after provisioning for loan impairment
increased by 6.8% in 1Q 2012. Loans to individuals before provisions for
loan impairment grew by 14.0% to RUB 2,058.1 bn as of 31 March 2012, while
loans to legal entities before provisions as of the same date increased by
4.0% to RUB 6,838.5 bn. This increase in lending came as a result of
stronger demand for retail loans in 1Q 2012 and the Group's continued focus
on sales and marketing.
The Group's loan quality remained stable, with portion of non-performing
loans (NPL), defined as loans for which payment of principal and/or
interest is overdue by more than 90 days, in the total loan portfolio (the
NPL ratio) further decreased to 4.8% as at 31 March 2012 compared with 4.9%
at the beginning of the year. As at 31 March 2012, the NPL coverage ratio
(total provisions for loan impairment to non-performing loans) was 1.5
times. Provisions for loan impairment decreased by 1.4% reaching RUB 652.9
bn as at 31 March 2012. The ratio of provisions for loan impairment to
total gross loans reached 7.3% compared with 7.9% at the beginning of the
year.
The Group's securities portfolio declined in 1Q 2012 by 1.7% to RUB 1,598.1
bn as at 31 March 2012. As at 31 March 2012, federal government bonds
accounted for the largest part of the Group's securities portfolio with a
42.3% share. The proportion of corporate bonds in the total securities
portfolio further increased from 31.7% at the beginning of the year to
33.9% at 31 March 2012.
As at 31 March 2012, the Group's total liabilities amounted to RUB 10,264.6
bn, a 7.3% increase since 31 December 2011. The Group's liabilities
structure remained largely stable throughout 1Q 2012. Retail deposits,
totalling RUB 5,864.0 bn as at 31 March 2012, have remained the core source
of the Group's funding, accounting for 57.1% of the Group's total
liabilities, and increased by 2.4% compared with year-end 2011. Corporate
deposits rose 8.4% to RUB 2,391.9 bn as at 31 March 2012 compared with
year-end 2011, and accounted for 23.3% of total liabilities.
The Group's equity attributable to the Bank's shareholders amounted to RUB
1,373.8 bn as at 31 March 2012, an 8.6% increase for 1Q 2012. As at 31
March 2012, the Group's total capital adequacy ratio (Tier 1 and Tier 2)
calculated as per Basel 1 was 15.4%, well above the 8% minimum requirement,
and the Tier 1 ratio was 11.8%.
Sberbank Group's Financial Highlights for 2011
End of Corporate News
---------------------------------------------------------------------
30.05.2012 Dissemination of a Corporate News, transmitted by
EquityStory.RS, LLC - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
EquityStory.RS, LLC's Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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
Listed: Foreign Exchange(s) MICEX, RTS
End of News EquityStory.RS, LLC News-Service
---------------------------------------------------------------------
171982 30.05.2012