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Sberbank reports 3Q 2019 Net Profit of RUB230.8 bn under International Financial Reporting Standards (IFRS)

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Sberbank (SBER)
Sberbank reports 3Q 2019 Net Profit of RUB230.8 bn under International
Financial Reporting Standards (IFRS)

31-Oct-2019 / 08:27 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 reports 3Q 2019 financial results under International Financial
Reporting Standards (IFRS)

*Moscow, October 31, 2019* - Sberbank (hereafter "the Group") has released its
interim condensed IFRS financial statements (hereafter "the Financial
Statements") as at and for the 9 months ended 30 September 2019, with report
on review by AO PricewaterhouseCoopers Audit. All information is presented net
of Denizbank A.S. operations, unless stated otherwise.

*Alexander Morozov, Deputy Chairman of the Executive Board, CFO, commented:*
«The Bank earned RUB230 bn net profit from continuing operations in 3Q 2019.
Given the effect from the Denizbank sale the Group net profit was RUB156.1 bn.
The deal resulted in a 123 bp increase in the CET 1 capital adequacy ratio.
This quarter showed a turnaround in the corporate loan portfolio dynamics and
substantial acceleration of net fee and commission income. It's also important
to note the growth in frequency of usage of Sberbank's digital services
through mobile application, thus the engagement increased to 41.4% DAU/MAU.
The solid performance in all key strategic areas allows us to confirm our ROE
guidance at the targeted level of over 20%."

The 3Q 2019 Financial Highlights:

· The Group net profit from continuing operations was RUB230.8 bn (+6.3%
y/y) in 3Q 2019 and RUB702.8 bn in 9M 2019 (+8.0% y/y). The quarterly
results were affected by the recognition of loss from Denizbank sale in the
amount of RUB73.3 bn, mostly associated with recycling of the foreign
currency translation reserve booked in Equity through the Statement of
Profit or Loss, as well as the income tax paid under Russian accounting
standards (RAS). Thus the Group net profit including the effect from
Denizbank sale amounted to RUB156.1 bn (-31.6% y/y) in 3Q and RUB 633.0 in
9M 2019 (-3.4% y/y).

· The Group earnings per ordinary share (EPS) based on profit from
continuing operations came at RUB10.72 per share, up by 6.2% compared to 3Q
2018, while the earnings per ordinary share (EPS) including the effect from
Denizbank sale were RUB7.25, down by 31.6% y/y.

· The Group annualized return on equity (ROE) based on profit from
continuing operations was 22.4%, while annualized return on equity (ROE)
including the effect from Denizbank sale came at 15.2%. The Group annualized
return on assets (ROA) based on profit from continuing operations was 3.1%
and annualized return on assets (ROA) including the effect from Denizbank
sale totaled 2.0%;

· The Group gross loans (including loans at amortized cost and at fair
value) increased by 2.8% to RUB21.2 trn in 3Q 2019.

Sberbank pays special attention to the growth of client engagement and quality
of client experience. As a result, the number of active clients has increased
significantly since the beginning of the year:

· The number of active retail clients was up by 2.3 mln and exceeded 95 mln
clients

· The number of monthly active users (MAU) of mobile app Sberbank Online
increased by 9 mln to 51.4 mlniii while the number of daily active users
(DAU) exceeded 21 mlniii, DAU/MAU improved by 2.3 pp to 41.4% in 3Q 2019.

· The number of Sberbank active corporate clients approached 2.5 mln with
around 50% share of sales in digital channels. MAU in digital channels
showed a quarterly growth of 18% to 2.1 mln users.

· As of the end of 3Q 2019 more than 4 mln clients use Sberbank ID, a
unified user account that provides access to more than 40 partners' websites
though Sberbank Online credentials.

Selected Financial Results

RUB bn, unless 3Q 3Q 2Q 3Q 3Q 9 9 9
stated months months months
otherwise
2019 2018 2019 2019/ 2019/ 2019 2018 2019/
3Q 3Q 9
months
2018, 2019, 2018,
% % %
change change change
Net interest 353.9 359.3 353.1 (1.5%) 0.2% 1 044.5 1 041.8 0.3%
income
Net fee and 130.0 112.9 116.7 15.1% 11.4% 349.6 318.1 9.9%
commission
income
Other 23.2 17.2 14.6 34.9% 58.9% 77.6 24.2 220.7%
non-interest
income /
(expense)ii
Operating 507.1 489.4 484.4 3.6% 4.7% 1 471.7 1 384.1 6.3%
income before
provisions***
Net charge (54.0) (60.9) (8.8) (11.3%) 513.6% (108.3) (117.9) (8.1%)
related to
change in
asset quality:
Net credit (30.6) (43.7) (9.2) (30.0%) 232.6% (57.1) (75.8) (24.7%)
loss allowance
charge for
debt financial
assets
Negative (23.4) (17.2) 0.4 36.0% (51.2) (42.1) 21.6%
revaluation of
loans at fair
value due to
change in
credit quality
Staff and (167.4) (155.1) (168.5) 7.9% (0.7%) (486.6) (451.6) 7.8%
administrative
expenses
Net profit 230.8 217.1 245.9 6.3% (6.1%) 702.8 650.5 8.0%
from
continuing
operations
Profit / (74.7) 11.0 4.4 (69.8) 5.0
(Loss) from
discontinued
operations
Net profit 156.1 228.1 250.3 (31.6%) (37.6%) 633.0 655.5 (3.4%)
Earnings per 10.72 10.09 10.70 6.2% 0.2% 31.94 29.68 7.6%
ordinary share
from
continuing
operations,
RUB
Total 252.7 191.7 281.1 31.8% (10.1%) 755.0 609.2 23.9%
comprehensive
income from
continuing
operations
attributable
to the
shareholders
of the Bank
Book value per 188.3 161.9 176.3 16.3% 6.8% 188.3 161.9 16.3%
share *, RUB
Ratios based on continuing operations
Return on 22.4% 24.3% 24.5% 23.2% 24.5%
equity based
on profit from
continuing
operations
Return on 3.1% 3.3% 3.4% 3.2% 3.4%
assets based
on profit from
continuing
operations
Net interest 5.13% 5.75% 5.18% 5.10% 5.75%
margin
Net interest 5.30% 5.96% 5.41% 5.33% 6.03%
margin**
Cost of risk 63 ?? 90 ?? 15 ?? 41 ?? 55 ??
(amortized
cost loans)
Cost of risk 106 ?? 122 ?? 14 ?? 72 ?? 83 ??
(amortized
cost and FV
loans)
Cost-to-income 32.8% 30.4% 34.6% 33.0% 31.2%
ratio***

* Total equity attributable to shareholders of the Bank / Total numbers of
shares outstanding (ordinary + preferred)

** Net interest margin was recalculated as working assets adjusted for the
amount of provisions, created against Stage 3 loans

*** Operating income before provisions for debt financial assets, credit
related commitments and revaluation of loans at fair value due to change in
credit quality

Selected Balance Sheet Results

RUB bn, 30.09.2019 30.06.2019 31.12.2018 30.09.2019/ 30.09.2019/
unless 30.06.2019, 31.12.2018,
stated
otherwise

% change % change
Gross 21 200.4 20 617.6 21 082.3 2.8% 0.6%
total
loans*:
Corporate 13 562.2 13 341.0 14 331.1 1.7% (5.4%)
loans*
Retail 7 638.2 7 276.6 6 751.2 5.0% 13.1%
loans*
Securities 4 181.8 4 343.1 3 749.5 (3.7%) 11.5%
portfolio
Assetsi 30 254.2 31 561.9 31 197.5 (4.1%) (3.0%)
Total 22 318.1 21 808.0 20 897.3 2.3% 6.8%
deposits:
Retail 13 717.5 13 672.5 13 495.1 0.3% 1.6%
deposits
Corporate 8 600.6 8 135.5 7 402.2 5.7% 16.2%
deposits
Ratios
Net Loans 88.7% 88.1% 93.7%
/ Deposits
ratio
(LDR)
Stage 3 + 7.9% 7.8% 8.1%
POCI loans
/ total
gross
loans at
amortized
cost
Provision 88.0% 90.7% 90.4%
coverage
of Stage 3
+ POCI
loans

* Before loan loss allowance and including loans at amortized cost and at fair
value

Net interest income came at RUB353.9 bn in 3Q 2019, down by 1.5% y/y mainly
due to an accelerated growth of interest expenses.

Interest income increased by 8.1% y/y to RUB602.6 bn in 3Q 2019 on the back of
the gross loan portfolio (including loans at amortized cost and at fair value)
expansion by 5.2% to RUB21.2 trn.

· Retail loan portfolio increased by 5% to RUB7.6 trn for the quarter.
Decreasing rates had a noticeable impact on the growth of client demand for
mortgages. Retail loan yield was 12.1%, down by 10 bp.

· Corporate loan portfolio (including loans at amortized cost and at fair
value) showed a positive dynamics in all currencies and increased by 1.7% to
RUB13.6 bn amid accelerated growth in lending to SMEs (more than 6% for the
quarter).

Interest expense, including deposit insurance expenses, was up by 25.4% y/y in
3Q 2019 to RUB248.7 bln.

· Retail deposits grew by 0.3% compared to the previous quarter to RUB13.7
trn. The average cost of retail term deposits decreased by 10 bp for the
quarter.

· Corporate deposits were up by 5.7% to RUB8.6 trn. The average cost of term
deposits increased by 10 bp in 3Q 2019 to 4.5% that is 80 bp lower that the

(MORE TO FOLLOW) Dow Jones Newswires

October 31, 2019 03:27 ET ( 07:27 GMT)
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