Russia's Sberbank posts 31% net profit drop in January-November

By bne IntelliNews December 8, 2015

Net profit of Russia's largest lender Sberbank fell by 31.4% y/y to RUB202.4bn ($2.9bn) in January-November, according to the bank's financial report under Russian accounting standards published on December 7.

Sberbank's assets increased by 0.9% to RUB21.8 trillion over the period. The amount of funds on individuals' accounts grew by 16.9% to RUB10 trillion, and by 24.1% to RUB6.3 trillion on the accounts of legal entities.

In January-November 2015, Sberbank provided corporate clients with loans totalling RUB5.5 trillion, while loans to private clients reached RUB1.07 trillion. The share of housing loans in the portfolio to individuals continued to grow and reached 53% by December 1, while the share of overdue loans increased 0.1% to reach 3.4%.

"We continue to see loan quality and provisioning as the key risk for the bank, particularly given considerable capital adequacy constraints that may be limiting management's flexibility," VTB Capital analysts said in a note.

Sberbank 3Q15E income statement, IFRS, RUB mln
  3Q14 9M14 2Q15 3Q15E QoQ, % 9M15E YoY,
Net interest income 255,200 745,100 227,100 264,000 16 691,400 -7
Net F&C income 69,600 192,300 77,300 83,500 8 230,300 20
Trading income/(loss) 600 3,200 6,500 2,400 -63 14,500 353
FX gain/(loss) 9,100 17,600 17,400 9,500 -45 54,000 207
Other income -1,700 2,400 10,500 2,000 -81 14,900 521
Total operating income 332,800 960,600 338,800 361,400 7 1,005,100 5
Operating expenses -137,500 -399,000 -146,600 -148,200 1 -434,500 9
Operating profit before provision 195,300 561,600 192,200 213,200 11 570,600 2
Provision charge -104,500 -255,400 -117,100 -146,000 25 -378,400 48
Profit before taxes 90,800 306,200 75,100 67,200 -11 192,200 -37
Taxes -19,900.00 -64,900 -20,500 -13,400 -35 -53,200 -18
Net profit 70,900 241,300 54,600 53,800 -1 139,000 -42
Source: Company data, URALSIB estimates        
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