18.03.2016, 00:34
Sberbank Releases Financial Highlights for 2M 2016
OREANDA-NEWS. Sberbank Releases Financial Highlights for 2M 2016
Fee and commission income was up by 35.9% to RUB40.8 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 last year).
Net income from FX revaluation and trading operations on capital markets amounted to -RUB5.1 bn compared to RUB17.7 bn for 2M 2015 due to the following factors:
* specifics in accounting for on-balance and off-balance sides of the SWAP transactions under RAS,
* specifics in accounting for the transaction of the transfer of Ukrainian borrowers` loans into Ukrainian Eurobonds; overall effect of this transaction on the Bank`s financial results was immaterial.
Operating expenses growth came at +0.5%, that was significantly slower than pre-provision operating income growth (+38.7%). The Bank continues to strictly control its operating expenses.
Total provision charges amounted to RUB85.3 bn vs. RUB70.1 bn for 2M 2015. The Bank continues to form loan-loss provisions in-line with the requirements of the Central Bank of Russia. Loan-loss provisions are 1.7 times the overdue loans.
Net profit before income tax came at RUB67.0 bn vs. RUB24.5 bn for 2M 2015. Net profit totaled RUB59.8 bn vs. RUB11.3 bn.
Total comprehensive income amounted to RUB78.7 bn. In addition to the Net profit, this item includes the net income from revaluation of financial assets available-for-sale and held-to-maturity.
Fee and commission income was up by 35.9% to RUB40.8 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 last year).
Net income from FX revaluation and trading operations on capital markets amounted to -RUB5.1 bn compared to RUB17.7 bn for 2M 2015 due to the following factors:
* specifics in accounting for on-balance and off-balance sides of the SWAP transactions under RAS,
* specifics in accounting for the transaction of the transfer of Ukrainian borrowers` loans into Ukrainian Eurobonds; overall effect of this transaction on the Bank`s financial results was immaterial.
Operating expenses growth came at +0.5%, that was significantly slower than pre-provision operating income growth (+38.7%). The Bank continues to strictly control its operating expenses.
Total provision charges amounted to RUB85.3 bn vs. RUB70.1 bn for 2M 2015. The Bank continues to form loan-loss provisions in-line with the requirements of the Central Bank of Russia. Loan-loss provisions are 1.7 times the overdue loans.
Net profit before income tax came at RUB67.0 bn vs. RUB24.5 bn for 2M 2015. Net profit totaled RUB59.8 bn vs. RUB11.3 bn.
Total comprehensive income amounted to RUB78.7 bn. In addition to the Net profit, this item includes the net income from revaluation of financial assets available-for-sale and held-to-maturity.
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