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Sberbank RAS 10M 2019: the Bank earned RUB74.1 bn in October

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Sberbank (SBER)
Sberbank RAS 10M 2019: the Bank earned RUB74.1 bn in October

08-Nov-2019 / 08:44 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

Sberbank releases Financial Highlights for 10M 2019 (under RAS;
non-consolidated)

Please note that the numbers are calculated in accordance with Sberbank's
internal methodology.

Also note that some changes became effective in the Russian accounting
standards in 2019 as part of convergence with IFRS, including transition to
IFRS 9.

November 08, 2019

Key highlights for October 2019:

? In October the Bank earned RUB74.1 bn.

? The Bank issued RUB290 bn loans to retail clients in October and retail
loan portfolio exceeded RUB7 trn.

? In the corporate segment the Bank issued RUB1.4 trn in October, which
was the largest amount since early 2018, and RUB9.2 trn year to date.

? Retail loans grew by 1.5%, while corporate loan portfolio growth
adjusted for FX revaluation was 1.1%.

Deputy Chairman of Sberbank Alexander Morozov stated:

"Positive momentum in net interest income in October resulted from
optimization of cost of funding and expansion of loan portfolio mainly in
mortgages and corporate lending. The bottom line dynamics was also supported
by acceleration of net fee income, driven primarily by initiatives in
transactional business of corporate clients. All these factors assure our
ROE above 20%."

Comments for 10M 2019 :

Net interest income exceeded RUB1.0 trn. As compared to 10M 2018, the
dynamics was affected by increased cost of client funding at the end of 2018
and early 2019. Growth in volume of mid-term funding and its gradual cost
reduction benefit net interest income performance at present and going
forward, which is in line with our expectations.

Fee and commission income growth accelerated to 14.5% led by transactional
business. Net fee and commission income for 10M 2019 was up by 8.9% to
RUB377.0 bn. The dynamics is affected by specifics of accounting for the
loyalty program costs given that the Bank started accruing these expenses
evenly from the beginning of the year as part of RAS convergence with IFRS.
The impact will largely be absorbed by the year end. Similar changes were
implemented in recognition of fees to payment systems and their impact will
be over in autumn 2020.

Operating expenses increased by 8.8%. As compared to 10M 2018, OpEx dynamics
was affected by annual wage increase in July as well as VAT rate increase
from January 1, 2019 and transfer of employees from Sberbank Technologies
JSC to Sberbank PJSC over the second half of 2018. Cost-to-income ratio for
10M 2019 came at 31.8%.

Total provision charge including the fair value revaluation amounted to
RUB14.5 bn in October and RUB103.4 bn year to date, which is half the amount
booked for 10M 2018. This decrease was due to the opposite directions of FX
rate dynamics for comparable periods as well as restructuring of the Agrokor
debt completed in June 2019. As of November 1, loan-loss provisions were 2.9
times that of the overdue loans.

Net profit before tax grew by 8.6% to RUB919.7 bn as compared to 10M 2018.
Net profit increased by 7.9% to RUB739.4 bn.

Total assets were down by 0.7% in October mainly due to the interbank
transactions related to a temporal inflow to corporate accounts in
September.

The Bank continued lending expansion in October, issuing RUB1.4 trn loans to
corporate clients, which was the largest monthly issuance since the
beginning of 2018. Year to date, the Bank lent RUB9.2 trn to corporate
clients. Corporate loan portfolio up by 1.1% in real terms or RUB136 bn in
October.

Loan issuances to retail clients totaled RUB290 bn in October and RUB2.7 trn
year to date. Retail loan portfolio expanded by 1.5% in October to RUB7.1
trn.

The share of overdue loans remained virtually unchanged in October at 2.2%.

Securities portfolio increased by 0.3% in October on purchases of CBR bonds
along with sovereign Eurobonds and stood at RUB3.23 trn as of November 1.

Deposits and accounts of corporate clients decreased in October by 1.8%.
Retail deposits were down by 0.6% as a result of optimization of cost of
client funding in all currencies on the back of falling market rates,
inflation slowdown and easing policy by the Bank of Russia.

Combined client deposits and accounts increased by 2.3% excluding the impact
of FX revaluation for 10M 19.

Core Tier 1 and Tier 1 capital remained unchanged in October. Earnings for
the period of April-October 2019 will be accounted for in capital
calculation as soon as annual audit is completed.

Total capital was barely changed in October (+0.1%), due to the influence of
diverse factors. Recognition of earnings and revaluation of securities due
to the key rate decrease by the Bank of Russia were positive. In the
meantime, negative impact came from reduced amount of CBR subordinate debt
recognized in capital as a new edition of CBR Regulations No646-P became
effective.

Risk-weighted assets increased in October by RUB321 bn, due to the loan
portfolio expansion.

1 Oct'19 1 Nov'19*/ 1 Jan'19 1 Nov'19*/
1 Nov'19*

Capital, RUB 1 Oct'19 1 Jan'19
bn
Core Tier 1 3,344 3,344 - 3,178 5.2%
capital N1.1
Tier 1 capital 3,344 3,344 - 3,178 5.2%
N1.2
Total capital 4,444 4,440 0.1% 4,244 4.7%
N1.0
Capital
adequacy
ratios, %
Core Tier 1 11.17% 11.29% -0.12 pp 11.11% 0.06 pp
capital N1.1,
min. 4,5%
Tier 1 capital 11.17% 11.29% -0.12 pp 11.11% 0.06 pp
N1.2, min.
6,0%
Total capital 14.81% 14.96% -0.15 pp 14.84% -0.03 pp
N1.0, min.
8,0%
Risk-weighted 30,006 29,235 1.1% 28,596 4.9%
assets, RUB bn

* preliminary calculations

Sberbank Financial Highlights for 10M 2019 (under RAS, non-consolidated)

Attachment

Document title: EN_Table_Sberbank Financial Highlights for 10m2019 RAS
Document: http://n.eqs.com/c/fncls.ssp?u=CFWAXMFACH [1]

ISIN: US80585Y3080, RU0009029540, RU0009029557, US80585Y4070
Category Code: MSCH
TIDM: SBER
LEI Code: 549300WE6TAF5EEWQS81
OAM Categories: 2.2. Inside information
Sequence No.: 27998
EQS News ID: 908099

End of Announcement EQS News Service


1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=48a07caa8bd29d31b33ffd49806f54bc&application_id=908099&site_id=vwd&application_name=news


(END) Dow Jones Newswires

November 08, 2019 02:44 ET ( 07:44 GMT)
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