09.12.2015, 23:50
Net Interest Income Sberbank for 11M 2015 Came at RUB676.5 bn
OREANDA-NEWS. Sberbank releases Financial Highlights for 11M 2015 (under RAS; non-consolidated).
Net interest income came at RUB676.5 bn, down by 14.7% compared to that for 11M 2014. The Bank continues to recover the volumes of net interest income: the lag in the pace of net interest income growth in 2015 relative to 2014 is contracting: 27.9% (for 3M), 14.7% (for 11M).
Interest income increased by RUB318.8 bn, or 22.3%, driven by improving yields on corporate portfolio as well as clients` and other banks` loan portfolio growth.
Interest expenses increased by RUB435.4 bn, or 68.5%, due to the increase in market interest rates and inflow of funds. Interest expenses growth continues to subside as a result of the gradual decrease in the CBR's key interest rate.
Net fee and commission income came at RUB255.7 bn, up by 6.6%. The Bank continued to demonstrate growth of net fees and commission income despite the decline in commission income from corporate lending and banking insurance. Noncredit commission income increased by 19.6%, accelerated by the end of a year and mostly driven by transactional business with bank cards.
Net income from FX revaluation and trading operations on capital markets amounted to RUB43.9 bn for 11M 2015 compared to RUB67.4 bn for 11M 2014. Ruble appreciation against EURO on November 30th led to the Bank's net profit decrease as a result of the specifics in accounting for SWAP transactions under RAS: while the Balance sheet items are reported at the official rate of the Central Bank, the off-balance sheet items are booked at the end of day market exchange rate. The negative revaluation effect is reversed the following day.
Operating expenses decreased by 1.4% y-o-y for 11M 2015 due to the Bank`s cost optimization program. Effective 2015 the Bank started to apply the accrual method in accounting for employee compensation expenses in order to smoothen the expenses distribution across the year. For comparison purposes the same accounting principle was applied to staff costs for 2014.
Total provision charges amounted to RUB370.2 bn for 11M 2015 vs. RUB377.8 bn a year earlier. In November amount of provision charge came at RUB36.6 bn. This increase vs. October was driven by ruble devaluation relative to USD that required to form additional reserves for FX loans. The Bank continues to form loan-loss provisions in-line with the requirements of the Central Bank of Russia. Loan-loss provisions are 1.8 times the overdue loans.
Net profit before income tax came at RUB239.4 bn for 11M 2015 vs. RUB382.2 bn a year earlier. Net income reached RUB202.4 bn for 11M2015 compared to 295.0 bn for 11M2014.
Net interest income came at RUB676.5 bn, down by 14.7% compared to that for 11M 2014. The Bank continues to recover the volumes of net interest income: the lag in the pace of net interest income growth in 2015 relative to 2014 is contracting: 27.9% (for 3M), 14.7% (for 11M).
Interest income increased by RUB318.8 bn, or 22.3%, driven by improving yields on corporate portfolio as well as clients` and other banks` loan portfolio growth.
Interest expenses increased by RUB435.4 bn, or 68.5%, due to the increase in market interest rates and inflow of funds. Interest expenses growth continues to subside as a result of the gradual decrease in the CBR's key interest rate.
Net fee and commission income came at RUB255.7 bn, up by 6.6%. The Bank continued to demonstrate growth of net fees and commission income despite the decline in commission income from corporate lending and banking insurance. Noncredit commission income increased by 19.6%, accelerated by the end of a year and mostly driven by transactional business with bank cards.
Net income from FX revaluation and trading operations on capital markets amounted to RUB43.9 bn for 11M 2015 compared to RUB67.4 bn for 11M 2014. Ruble appreciation against EURO on November 30th led to the Bank's net profit decrease as a result of the specifics in accounting for SWAP transactions under RAS: while the Balance sheet items are reported at the official rate of the Central Bank, the off-balance sheet items are booked at the end of day market exchange rate. The negative revaluation effect is reversed the following day.
Operating expenses decreased by 1.4% y-o-y for 11M 2015 due to the Bank`s cost optimization program. Effective 2015 the Bank started to apply the accrual method in accounting for employee compensation expenses in order to smoothen the expenses distribution across the year. For comparison purposes the same accounting principle was applied to staff costs for 2014.
Total provision charges amounted to RUB370.2 bn for 11M 2015 vs. RUB377.8 bn a year earlier. In November amount of provision charge came at RUB36.6 bn. This increase vs. October was driven by ruble devaluation relative to USD that required to form additional reserves for FX loans. The Bank continues to form loan-loss provisions in-line with the requirements of the Central Bank of Russia. Loan-loss provisions are 1.8 times the overdue loans.
Net profit before income tax came at RUB239.4 bn for 11M 2015 vs. RUB382.2 bn a year earlier. Net income reached RUB202.4 bn for 11M2015 compared to 295.0 bn for 11M2014.
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