10.02.2016, 23:52
Sberbank Releases Financial Highlights for 1M 2016
OREANDA-NEWS. Sberbank Releases Financial Highlights for 1M 2016.
Net interest income came at RUB84.0 bn in January, +67% compared to the last year.
Fee and commission income was up by 32.4% to RUB22.9 bn, mainly driven by transactional business with bank cards and acquiring, cash settlements as well as bank insurance (commissions from which were strong, compared to weak results a year ago given the reduced demand for lending in January 2015). Subject to the CBR Regulation N446-P from 22/12/2014, credit commissions are reflected in the Interest income line starting from January 1, 2016; the figure for 2015 is restated under the new methodology.
Net income from FX revaluation and trading operations on capital markets amounted to RUB11.5 bn compared to RUB23.1 bn for 1M 2015, where the income in January 2016 was mostly due to the fx revaluation of the Balance sheet items.
Operating expenses increased by 4.3%.
Total provision charges amounted to RUB61.6 bn vs. RUB54.9 bn for 1M 2015. In January 2016 the amount of provision charge was mostly driven by ruble devaluation that required to form additional reserves for FX loans, as well as the loan portfolio growth. 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 RUB31.5 bn vs. RUB9.9 bn for 1M 2015. Net profit totaled RUB28.3 bn vs. RUB3.7 bn.
Net interest income came at RUB84.0 bn in January, +67% compared to the last year.
Fee and commission income was up by 32.4% to RUB22.9 bn, mainly driven by transactional business with bank cards and acquiring, cash settlements as well as bank insurance (commissions from which were strong, compared to weak results a year ago given the reduced demand for lending in January 2015). Subject to the CBR Regulation N446-P from 22/12/2014, credit commissions are reflected in the Interest income line starting from January 1, 2016; the figure for 2015 is restated under the new methodology.
Net income from FX revaluation and trading operations on capital markets amounted to RUB11.5 bn compared to RUB23.1 bn for 1M 2015, where the income in January 2016 was mostly due to the fx revaluation of the Balance sheet items.
Operating expenses increased by 4.3%.
Total provision charges amounted to RUB61.6 bn vs. RUB54.9 bn for 1M 2015. In January 2016 the amount of provision charge was mostly driven by ruble devaluation that required to form additional reserves for FX loans, as well as the loan portfolio growth. 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 RUB31.5 bn vs. RUB9.9 bn for 1M 2015. Net profit totaled RUB28.3 bn vs. RUB3.7 bn.
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