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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