Sberbank issues Condensed Interim Consolidated Financial Statements in accordance with IFRS for the 3 months ended 31 March 2011
31.05.11
Sberbank publishes its Condensed Interim Consolidated Financial Statements in accordance with IFRS as of 31 March 2011 and for the 3 months ended 31 March 2011, including independent review report by Ernst & Young.
Highlights of Sberbank Group’s (hereafter “the Group”) performance as of 31 March 2011 and for Q1 2011 are presented below (download the presentation):
Net profit for Q1 2011 totaled RUB 86.8 bn (or RUB 4.02 per ordinary share) as compared to RUB 43.5 bn (or RUB 2.01 per ordinary share) for Q1 2010;
Total comprehensive income reached RUB 90.3 bn, compared to RUB 70.2 bn for the same period a year ago;
Operating income before provision charge for loan impairment amounted to RUB 169.8 bn, same as for the Q1 2010;
Annualized return on average equity was 33.6% compared to ROE 21.3% for Q1 2010;
Cost to income ratio remains strong at 44.9% versus 36.2% for Q1 2010;
Recovery of provision for loan impairment amounted to 14.2 bn for Q1 2011 against the charge of 54.3 bn for Q1 2010;
Core capital adequacy ratio under Basel 1 was 13.0%, total capital ratio was 17.8% as of 31 March 2011, well above the 8% minimum. Regulatory capital ratio (the CBR N1 ratio) was 18.4%.
Interest income for Q1 2011 declined by 4.8% year-on-year to RUB 197.8 bn. The decline resulted from falling interest rates on corporate loans in the market and strong competition for good borrowers. The Group’s average yields on retail loans increased slightly, however, from 14.8% in Q4 2010 to 15.0% in Q1 2011, driven by growth of consumer loans.
Interest expense decreased by 13.9% to RUB 67.8 bn year-on-year, as interest rates on both retail and corporate deposits followed the general decline of interest rates in the market.
Net interest income for Q1 2011 increased by 0.5% year-on-year comprising RUB 129.9 bn, a decline by 3.8% as compared to the Q4 2010. Net interest margin was 6.2% in Q1 2011 compared to 7.3% in Q1 2010, that came as a result of larger decline of return on interest earning assets compared to the cost of funding in 2010 and Q1 2011.
The Group’s fee and commission income for Q1 2011 totaled RUB 31.9 bn, a 19.0% increase year-on-year. Almost all kinds of fee-generating activities contributed to this growth, with commissions on cash and settlement operations remaining their principal components.
Net gains on operations with securities, including trading gains and gains from securities revaluation recognized in the income statement, reached RUB 2.6 bn for Q1 2011, declining by 10.3% year-on-year. In addition to this, the Group showed in other comprehensive income RUB 6.6 bn of revaluation gains on marking to market investment securities available for sale.
As a result, total operating income before provision charge for loan impairment for Q1 2011 remained stable at RUB 169.8 bn as compared to Q1 2010.
The Group’s operating expenses grew by 24.1% year-on-year. The major component of operating expenses are staff costs which increased by 22.4% year-on-year, as a result of an increase of staff remuneration in 2010. Growth of operating expenses was also due to planned implementation of infrastructure projects and general increase in prices of goods and services.
Recovery of provision for loan impairment for Q1 2011 totaled RUB 14.2 bn, compared to the charge of 54.3 bn for Q1 2010. The difference came as a result of slower growth of overdue loans against the backdrop of economic recovery in Russia and improving loan portfolio quality exemplified by recovery of some delinquent loans.
The Group’s net profit for Q1 2011 totaled RUB 86.8 bn versus RUB 43.5 bn for the same period a year before. Earnings per share for Q1 2011 amounted to RUB 4.04 versus RUB 2.01 in Q1 2010.
The Group’s total assets increased by 0.8% in Q1 2011 and reached RUB 8,696.3 bn, the increase being attributable both to the expansion of lending and larger investments in securities.
Gross loan portfolio increased by 2.4% in Q1 2011 driven by growing demand for both corporate and retail loans. In Q1 2011, gross corporate loans grew by 2.3% to RUB 4,981.7 bn, and gross loans to individuals increased by 2.8% to RUB 1,357.7 bn.
Provisions for loan impairment declined by 3.4% in Q1 2011 and reached RUB 678.3 bn as of 31 March 2011. This brought the ratio of provision for loan impairment to total gross loans to 10.7% compared to 11.3% as of 31 December 2010.
Non-performing loans comprised 7.2% of total loan portfolio, decreasing in Q1 2011 by 0.1 percentage points. The ratio of total provisions for loan impairment to non-performing loans was 1.5 as of 31 March 2011, compared to 1.6 as of 31 December 2010.
Securities portfolio declined by 0.6% during Q1 2011 and reached RUB 1,812.3 bn. The decline is mostly attributable to partial disposal of the Bank of Russia’s bonds which comprised 19.1% of total securities as of 31 March 2011. The proportion of corporate bonds in the securities portfolio increased from 19.4% as at the beginning of the year to 22.5% as of 31 March 2011, mainly through purchases of corporate bonds issued by Russian companies which the Group considers another form of corporate lending.
The Group’s total liabilities amounted to RUB 7,618.7 bn, a 0.3% decrease as compared to the beginning of the year. The Group’s liabilities’ structure remained stable throughout Q1 2011. Retail deposits amounting to RUB 4,887.6 bn as of 31 March 2011 remain the core of the Group’s funding. Retail deposit increased by 1.1% in Q1 2011. Gross loans to deposits ratio was 0.95 as of 31 March 2011 versus 0.93 as of the beginning of the year.
As of 31 March 2011, the Group’s shareholders’ equity amounted to RUB 1,077.6 bn, a 9.2% increase from the beginning of the year. The Group’s total capital adequacy ratio as per Basel 1 Accord was 17.8% as of that date, the Tier 1 ratio was 13.0%.
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