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Sberbank releases Financial Highlights for 10 months of 2020 (under RAS; non-consolidated)

·5-min read

Sberbank (SBER)
09-Nov-2020 / 10:57 MSK
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

Sberbank releases Financial Highlights for 10 months of 2020 (under RAS; non-consolidated)

The numbers are calculated in accordance with Sberbank's internal methodology.

Please note that some minor changes became effective in Sberbank's internal methodology starting from January 1, 2020. Therefore, the numbers for 2019 have been recalculated to make them comparable.

  November 9, 2020

Key highlights for October 2020:

 

Alexandra Buriko, CFO, stated:

"In October, loan portfolio growth continued across all segments, and mortgage production hit a new record of over RUB280 bn or almost 20% of all issuances year to date. Positive dynamic of consumer activity along with modest cost inflation and resilient quality of the loan portfolio led ROE to above 20% for the month and 16% from the beginning of the year."

 

Comments for 10M 2020:

 

Net interest income increased by 14.2% as compared to 10M 2019 and amounted to RUB1,187 bn. Interest income has gathered momentum from the beginning of summer on the back of loan expansion. It was also supported by lower cost of funding and reduced allocations for deposit insurance.

 

Net fee and commission income was up by 9.1% to RUB411.4 bn, due to increased income from settlement transactions and recovery in bank cards turnover. Faster growth rates were noticed in income from client operations on financial markets, bank guaranties and trade financing.

 

Operating expenses amounted to RUB495.6 bn for 10M 2020, up by 4.0% yoy. Cost inflation was restrained by the pandemic-related efficiency enhancement program and the levelling of the comparable base after the payroll indexation that took place in July 2019. Cost-to-income ratio improved for 10M 2020 to 27.3% vs 31.9% a year ago.

 

Total credit risk charge including fair-value revaluation amounted to RUB27.8 bn in October. For 10M 2020, the credit risk charge totaled RUB527.8 bn vs RUB99.5 bn a year ago, which owed to the COVID-19 related global distress. Loan coverage ratio remained intact at 2.2 times overdue loans.

Net profit before income tax for 10M 2020 came in at RUB792.4 bn, while net profit amounted to RUB641.1 bn.

Total assets increased by 0.8% to RUB32.5 trn, driven by loan portfolio expansion and increased balance of securities portfolio.

The Bank issued RUB1.1 trn to corporate clients in October and RUB10.6 trn for 10M 2020, which was 15% more than a year ago. Corporate loan portfolio amounted to RUB15.5 trn, up by 1.1% for the month, excluding the effect of FX revaluation.  

Retail loan portfolio grew by RUB194 bn or 2.4% for the month and exceeded RUB8.2 trn as of the 1st of November. Growth mainly owed to mortgages, which were up by 3.5% for the month.

The share of overdues in the total loan portfolio changed marginally from 3.25% to 3.24%.

Securities portfolio increased in October by 12.6% or by RUB0.5 trn, due to purchases of OFZs. At the same time, there was an expiration of the Bank of Russia's bonds. As of the 1st of November, the outstanding balance of securities portfolio stood at RUB4.9 trn.

Client funding remained at RUB22.8 trn: retail funding contracted by 0.5%, while corporate funding increased by 0.4%.

In October, the Bank issued RUB40 bn of exchange-traded bonds with a tenor of 3 years and 1 month and a 5.7% coupon rate. The outstanding balance of exchange-traded bonds exceeded RUB500 bn.

Core Tier 1, Tier 1 and total capital were down by RUB423 bn on the back of dividend payment for 2019. This reduced respective capital adequacy ratios by 130 bp. This year's earnings are not included in calculation of the Core Tier 1 and Tier 1 capital, which will be done upon annual audit. Risk-weighted assets decreased in October by 0.7% or RUB0.2 trn.

 

* preliminary calculations

 

Sberbank Financial Highlights for 10M 2020 (under RAS, non-consolidated) 

 


Capital, RUB bn

 

1 Nov'20*

1 Oct'20

1 Nov'20*/

 1 Oct'20

 

 

1 Jan'20  

1 Nov'20*/

 1 Jan'20

Core Tier 1 capital N1.1

 

3,586

4,009

-10.5%

 

3,300

8.7%

Tier 1 capital N1.2

 

3,736

4,159

-10.2%

 

3,300

13.2%

Total capital N1.0

 

4,537

4,873

-6.9%

 

4,568

-0.7%

Capital adequacy ratios, %

 

 

 

 

 

 

 

Core Tier 1 capital N1.1, min 4.5%

 

11.44%

12.70%

-1.3 pp

 

10.51%

0.93 pp

Tier 1 capital N1.2, min 6.0%

 

11.92%

13.18%

-1.3 pp

 

10.51%

1.41 pp

Total capital N1.0, min 8.0%

 

14.45%

15.42%

-1.0 pp

 

14.52%

-0.06 pp

Risk-weighted assets, RUB bn

 

31,392

31,599

-0.7%

 

31,470

-0.2%

Capital, RUB bn

 

1 Nov'20*

1 Oct'20

1 Nov'20*/

 1 Oct'20

 

 

1 Jan'20  

1 Nov'20*/

 1 Jan'20

Core Tier 1 capital N1.1

 

3,586

4,009

-10.5%

 

3,300

8.7%

Tier 1 capital N1.2

 

3,736

4,159

-10.2%

 

3,300

13.2%

Total capital N1.0

 

4,537

4,873

-6.9%

 

4,568

-0.7%

Capital adequacy ratios, %

 

 

 

 

 

 

 

Core Tier 1 capital N1.1, min 4.5%

 

11.44%

12.70%

-1.3 pp

 

10.51%

0.93 pp

Tier 1 capital N1.2, min 6.0%

 

11.92%

13.18%

-1.3 pp

 

10.51%

1.41 pp

Total capital N1.0, min 8.0%

 

14.45%

15.42%

-1.0 pp

 

14.52%

-0.06 pp

Risk-weighted assets, RUB bn

 

31,392

31,599

-0.7%

 

31,470

-0.2%

ISIN:

US80585Y3080, RU0009029540, RU0009029557, US80585Y4070

Category Code:

MSCH

TIDM:

SBER

LEI Code:

549300WE6TAF5EEWQS81

Sequence No.:

87434

EQS News ID:

1146409


 

End of Announcement

EQS News Service

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