Sberbank Releases Financial Highlights for 7M
Net interest income came at RUB640.4 bn, up by 57.3% compared to 7M 2015: Interest income increased by 7.4%, mostly driven by the increase in volumes of working assets; Interest expenses came down by 21.5% due to the substitution of state funding with clients` funds and the decrease in market rates compared to 7M 2015.
Fee and commission income was up by 23.5% to RUB171.4 bn, driven by transactional business with bank cards and acquiring, cash settlements as well as bank insurance.
Net income from FX revaluation and trading operations on capital markets amounted RUB11.3 bn in July due to the fx revaluation of the balance sheet items as a result of ruble devaluation.
Operating expenses increased by 10.1%, which was significantly slower than pre-provision operating income growth (37.3%). The increase in operating expenses was driven by continuing indexation of wages and amortization. Cost-to-Income ratio decreased from 40.7% for 7M 2015 to 32.7% for 7M 2016.
Total provision charges amounted to RUB193.9 bn vs. RUB220.7 bn a year ago. The Bank continues to form loan-loss provisions in-line with the requirements of the Central Bank of Russia. Loan-loss provisions remained 2.1 times the overdue loans.
Net profit before income tax came at RUB349.7 bn vs. RUB127.8 bn for 7M 2015. Net profit totaled RUB275.0 bn, which was 3 times higher than the result for 7M 2015.
Total comprehensive income which includes the income from revaluation of financial assets available-for-sale and held-to-maturity, amounted to RUB329.3 bn.
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