Sberbank Narned Net Profit of RUB45.1 bn in June
Net interest income came at RUB542.9 bn, up by 62.6% compared to 6M 2015: Interest income increased by 7.6%, mostly driven by the increase in volumes of working assets; Interest expenses came down by 22.2% due to the decrease in market rates and the substitution of state funding with clients` funds.
Fee and commission income was up by 25.9% to RUB147.5 bn, driven by transactional business with bank cards and acquiring, cash settlements as well as bank insurance.
Net income from FX revaluation and trading operations on capital markets amounted to -RUB33.8 bn, in June coming at -RUB9.5 bn due to the fx revaluation of the Balance sheet items as a result of ruble appreciation.
Operating expenses increased by 12.9%, which was significantly slower than pre-provision operating income growth of 42.5%. The increase in operating expenses was driven by indexation of wages and amortization, as well as timing differences in accounting in 2015 and 2016. Cost-to-Income ratio decreased from 42.3% for 6M 2015 to 33.5% for 6M 2016.
Total provision charges amounted to RUB146.2 bn vs. RUB175.9 bn a year ago. The Bank continues to form loan-loss provisions in-line with the requirements of the Central Bank of Russia. Loan-loss provisions remained 2.1 times the overdue loans.
Net profit before income tax came at RUB300.0 bn vs. RUB96.0 bn for 6M 2015. Net profit totaled RUB229.4 bn, which was 2.8 times higher than the result for 6M 2015.
Total comprehensive income which includes the income from revaluation of financial assets available-for-sale and held-to-maturity, amounted to RUB295.1 bn.
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