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DGAP-News: Sberbank: Sberbank publishes Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS) for the 2011 year
ID: 607500
(firmenpresse) - EquityStory.RS, LLC-News: Sberbank / Key word(s): Miscellaneous
Sberbank: Sberbank publishes Consolidated Financial Statements in
accordance with International Financial Reporting Standards (IFRS) for
the 2011 year
30.03.2012 / 09:48
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Sberbank publishes Consolidated Financial Statements in accordance with
International Financial Reporting Standards (IFRS) for the 2011 year
28 March 2012
Sberbank Group (hereafter 'the Group') has released its consolidated IFRS
financial statements (hereafter 'the Financial Statements') as at 31
December 2011 and for the year ended 31 December 2011, with an independent
audit report by Ernst&Young Vneshaudit (Download the Presentation).
Statement of financial position highlights:
- The Group continues to enjoy solid loan growth with gross loan
portfolio up 35.4% in 2011. This growth was reasonably balanced between
corporate loans increasing 35% and retail loans expanding by 36.8% in
2011.
- Customer deposits increased by 19.3% in 2011, similarly well balanced
between retail deposits growing at 18.4% and corporate at 21.4%.
- The Group's Equity increased in 2011 by 28.4% to RUB 1,268.0, with
profit for the year being the major driver of the increase.
Income Statement highlights:
- Net profit for 2011 reached RUB 315.9 bn (or RUB 14.61 per ordinary
share), showing a 74% increase on RUB 181.6 bn (or RUB 8.42 per
ordinary share) for 2010.
- In 2011, the Group's revenues continued to come mostly from core
banking operations, with net interest income and net fee and commission
income accounting for 94.5% of total operating income before provision
for loan impairment.
- The Group's net interest margin for 2011 was close to the level of 2010
around 6.4%.
- Despite higher operating expenses in 2011, the Cost to Income ratio
stays at an adequate level of 46.9% versus 40.9% in 2010.
- The improving Russian economy and ongoing implementation of new risk
management and recovery procedures have had a positive impact on the
Group's loan quality, resulting in net recovery of provisions in 2011
of RUB 1.2 bn. The non-performing loan ratio declined from 7.3% as of
31 December 2010 to 4.9%, while the non-performing loan coverage ratio
remained strong at 1.6x as of 31 December 2011.
- Return on equity improved and reached 28.0% in 2011 versus 20.6% in
2010.
Financial and Operating Review:
Interest income increased in 2011 by 6.9% year-on-year to RUB 850.6 bn. The
increase was driven by the expansion of interest earning assets and the
growing proportion in them of assets with higher yields, primarily loans.
Interest expenses decreased in 2011 by 8.5% year-on-year to RUB 289,6 bn.
The largest component of interest expenses was interest on retail deposits
which are a core source of funds for the Group. The cost of retail deposits
continued to decrease during 2011 year as deposits with high interest rates
taken in 2008-2009 retired, leading to a lower overall cost of funds for
Sberbank.
Net interest income for 2011 totalled RUB 561.0 bn, a 17.1% increase
year-on-year. This increase reflects growth and change in the structure of
interest earning assets and improved pricing on deposits. Net interest
income remains the main component of the Group's operating income,
accounting for 75.5% of total operating income before provision charges for
loan impairment.
The Group's net fee and commission income totalled RUB 140.6 bn in 2011, a
13.8% increase year-on-year. This growth was supported by a variety of
fee-generating operations, but particularly by the expansion of operations
with bank cards.
Other operating income, which includes amongst others net gains from
operations with securities, foreign exchange, derivatives and precious
metals as well as losses from revaluation of premises and other items,
comprised 5.5% of Operating income before provisions. These items in
aggregate declined by 13% from RUB 47.2 bn in 2010 to RUB 41.2 bn in 2011.
Total operating income before provision for loan impairment for 2011
reached RUB 742.8 bn, compared with RUB 649.8 bn for 2010, a 14.3% increase
year-on-year. The growth of operating income was primarily driven by the
strong increase of net interest income, well supported by net fee
commission income and other operating income.
Net recovery of previously recorded provision for loan impairment for 2011
totalled RUB 1.2 bn, compared with net charges of RUB 153.8 bn in 2010.
This reflects better quality of the overall loan book as the Russian
economy has improved. Additionally, the Group benefitted from its focus in
2011 on recovering impaired and non-performing loans.
The Group's operating expenses increased in 2011 by 31% year-on-year, with
employee compensation growing slower than non-staff costs at 26.4% vs 38.0%
respectively. The main drivers of cost growth in 2011 were continuing
investments in personnel quality, IT, and branch network in accordance with
the Group's transformation strategy. As a result, the Group's cost to
income ratio reached 46.9% in 2011 versus 40.9% in 2010.
The Group's net profit in 2011 totalled RUB 315.9 bn versus RUB 181.6 bn in
2010, a 74% increase generated mostly as a result of higher operating
income.
As at 31 December 2011, the Group's total assets reached RUB 10,835.1 bn, a
25.6% increase since 31 December 2010.
The loan portfolio after provisioning for loan impairment increased by
40.6% in 2011. Loans to individuals before provisions for loan impairment
grew by 36.8% to RUB 1,805.5 bn as of 31 December 2011, while loans to
legal entities before provisions at the same date increased by 35.0% to RUB
6,576.6 bn. This increase in lending came as a result of stronger demand
for loans in 2011 and the Group's continued focus on sales and marketing.
The Group's loan quality improved, with non-performing loans (NPL), defined
as loans for which payment of principal and/or interest is overdue by more
than 90 days, decreasing from RUB 452.3 bn as at 31 December 2010 to RUB
407.4 bn as at 31 December 2011. The proportion of non-performing loans in
the total loan portfolio (the NPL ratio) decreased to 4.9% as at 31
December 2011 compared with 7.3% at the beginning of the year. As at 31
December 2011, the NPL coverage ratio (total provisions for loan impairment
to non-performing loans) was 1.6x. Provisions for loan impairment decreased
by 5.7% reaching RUB 662.4 bn as at 31 December 2011. The ratio of
provisions for loan impairment to total gross loans reached 7.9% compared
with 11.3% at the beginning of the year.
The Group's securities portfolio declined in 2011 by 10.8% to RUB 1,625.8
bn as at 31 December 2011, mainly following the disposal and redemption of
Bank of Russia bonds in 1H 2011. As at 31 December 2011, federal government
bonds accounted for the largest part of the Group's securities portfolio
with a 43.8% share. The proportion of corporate bonds in the total
securities portfolio increased from 19.4% at the beginning of the year to
31.7% at 31 December 2011. In absolute terms the portfolio of corporate
bonds amounted to RUB 514.7 bn as at 31 December 2011, having grown by
45.8% from the beginning of the year, mainly through purchases of corporate
bonds issued by Russian companies.
The Group does not have investments in debt securities of European Union
countries or companies. All the Group's investments in securities issued by
foreign countries or companies comprise less than 3% of the Group's
securities portfolio and relate mostly to the jurisdictions in which the
Group operates.
In accordance with the Group's accounting policies office premises have
been revalued as at 31 December 2011 (previous revaluation was at 31
December 2009). The net gain from office premises revaluation totaled RUB
25.6 bn, of which RUB 36.9 bn is reported in the Consolidated Statement of
Comprehensive Income and is offset with RUB 11.3 bn loss shown in the
Consolidated Income Statement.
As at 31 December 2011, the Group's total liabilities amounted to RUB
9,567.1 bn, a 25.2% increase since 31 December 2010. The Group's
liabilities structure remained largely stable throughout 2011. Retail
deposits, totalling RUB 5,726.3 bn as at 31 December 2011, have remained
the core source of the Group's funding, accounting for 60% of the Group's
total liabilities, and increased by 18.4% compared with year-end 2010.
Corporate deposits rose 21.4% to RUB 2,205.8 bn as at 31 December 2011
compared with year-end 2010, and accounted for 23.1% of total liabilities.
The Group's equity attributable to the Bank's shareholders amounted to RUB
1,264.5 bn as at 31 December 2011, a 28.6% increase for 2011. As at 31
December 2011, the Group's total capital adequacy ratio (Tier 1 and Tier 2)
calculated under Basel 1 was 15.2%, well above the 8% minimum requirement,
and the Tier 1 ratio was 11.6%.
End of Corporate News
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Language: English
Company: Sberbank
19 Vavilova St.
117997 Moscow
Russia
Phone: +7-495-957-57-21
E-mail: media(at)sberbank.ru
Internet: www.sberbank.ru
ISIN: US80585Y3080, RU0009029540, RU0009029557
Listed: Foreign Exchange(s) MICEX, RTS
End of News EquityStory.RS, LLC News-Service
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Datum: 30.03.2012 - 09:48 Uhr
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News-ID 607500
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