OREANDA-NEWS. March 19, 2010. Sberbank came up with consolidated IFRS financials for FY 2009. In the reporting period, the bank saw assets increase 5.5% to RUB 7.1 trillion. The loan portfolio rose 3.1% to RUB 5.4 trillion. At the end of September, 2009, the bank had an equity capital of RUB 778 billion, a 3.7% rise since the start of the year.

We estimate third-quarter financial results from Sberbank as positive. We underscore the following:
The bank has posted strong results on its core business. In the full year, operating income before provision for impairment surged 44%, net interest income advanced 33% and commission income was up 17%. The bank has reported an upturn in all of its key indicators in defiance of the crisis.
Sberbank exercised stringent controls over operating expenses throughout the year, which grew by a mere 3% in 2009. The cost/income ratio decreased from 49% in 2008 to 35% in 2009.

In the fourth quarter, the bank reported a decline in NPLs from 11.8% to 10.2% of loan portfolio under the most stringent criteria (one day +). In the meantime, NPL provisions went over 100%. The bank retains a strong capital adequacy ratio of 18.1%, which gives the bank a wide scope for growth as the economy continues to recover.