OREANDA-NEWS. PAO Sberbank net fee and commission income was up by 4.4%. 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 growth in the year end came at 17.0%, driven mostly by transactional business with bank cards.

Net income from FX revaluation and trading operations on capital markets amounted to RUB68.6 bn for 2015 compared to RUB81.1 bn for 2014.

Operating expenses decreased by 1.0% y-o-y for 2015 due to the Bank`s cost optimization program. Administrative costs were reduced by 4.7% for the year.

Total provision charges amounted to RUB397.6 bn for 2015 similar to the amount in 2014. In December amount of provision charge came at RUB27.4 bn mostly driven by ruble devaluation relative to FX 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 1.9 times the overdue loans.

Net profit before income tax came at RUB283.9 bn for 2015 vs. RUB394.6 bn in 2014. Net profit totaled RUB236.3 bn (excluding the effect of subsequent events) vs. RUB311.2 bn (including subsequent events).