Sber won 488 billion rubles for 5M 2021 (RAS)

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Sberbank (SBER)
07-Jun-2021 / 10:00 MSK
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Sberbank publishes financial highlights for the 5 months of 2021 (under RAS, unbound)

The figures are calculated in accordance with Sberbank’s internal methodology.

Please note that some minor changes entered into effect in Sberbank’s internal methodology from January 1, 2021. Therefore, the figures for 2020 have been recalculated to make them comparable.

June 7, 2021

Highlights for the month of May:

Alexandra Buriko, Chief Financial Officer, said:

“Our financial performance in May was stable despite a somewhat slowdown in business activity at the start of the month due to the May holidays and additional bank holidays. 9% since the start of the year. As a result, we achieved a net profit of 488 billion rubles for the first five months, and the ROE stood at 24.2%.

Comments for 5m 2021:

Net interest income increased 11.4% year-on-year to 636.3 billion rubles, driven by growth in loans and the securities portfolio. Slower sequential growth compared to 4m2021 is due to retrospective accounting in May 2020 for a positive impact of the decrease in deposit insurance allocations from early 2020.

Net fee and commission income totaled 222.4 billion rubles, up 20.3% from the same period last year. This growth for the second consecutive month is mainly due to the weak base effect of the respective period in 2020 due to containment constraints (net commissions increased 38.3% year-on-year in May 2021). The main growth drivers were bank card transactions and acquisition, as well as revenue from customer settlement transactions.

Operating Expenses grew 9.5% year-on-year and amounted to 254.7 billion rubles. The momentum is due to the low level of operating expenses in spring 2020 due to sluggish activity in the middle of non-working days as well as a more fluid calendarization of OpEx in 2021. Cost / income ratio arrived at 27.4%.

Total allocation to provisions including revaluation totaled 72.3 billion rubles for 5 million 2021, which was 4 times less than the charge a year ago when the Bank had made large provisions due to the worsening macroeconomic environment and related constraints to the pandemic. In May, the provision charge amounted to 4.6 billion rubles. LProvisions for loan losses remained stable at 2.2 times those for overdue loans.

Net profit before income tax for 5 months 2021 increased 1.8 times year on year and stood at 602.8 billion rubles. Report profit was also 1.8 times higher year on year and amounted to 488.0 billion rubles.

Total assets in May changed insignificantly, and were RUB35 trn.

The Bank issued 856 billion rubles in loans to customer base in May. The business loan portfolio grew 0.5%, adjusted for currency revaluation, mainly ruble loans, to exceed 15.6 billion rubles as of June 1, 2021.

Production loan to retail customers amounted to 471 billion rubles in May. The total retail portfolio exceeded 9.2 billion rubles as of June 1, 2021, thanks to mortgages and unsecured consumer loans.

the share of overdue loans the total loan portfolio fell by 0.04 pp to 3.12% in May, driven by loans to individuals and businesses.

the securities portfolio rose 0.2% to 5.2 billion rubles in May thanks to purchases of OFZ and Eurobonds from the Russian Federation.

Financing of individual customers declined 1.4% in May, corrected for currency revaluation, funds in ruble accounts after a record 4.4% growth in April, while funds in dollar accounts increased by 0, 8%. This dynamic is explained by the postponement of the payroll and the distribution of pensions from the beginning of May to the end of April, taking into account the additional days off between the May holidays. The closing balances of escrow accounts exceeded 1 trn rubles, supported by high volumes of mortgages.

Financing of client companies in May fell 0.3%, adjusted for currency revaluation, to 7.5 billion rubles as of June 1, 2021.

the total customer financing was down 1.1% for the month, adjusted for currency revaluation, to 23.4 billion rubles.

Basic level 1 and Tier 1 capital decreased in May by 428 billion rubles, or 10%, compared to the dividend distribution for 2020.

Total capital in May fell by 345 billion rubles, or 6.9%. The results for the month of May partially offset the decrease in capital linked to the distribution of dividends.

the CET1 and T1 capital ratios were 11.94% and 12.41% respectively. The calculation of the ratios does not include the net profit realized during the period between January and May 2021 inclusive, until it is audited, in accordance with CBR Regulation No. 646-P “On the methodology of determination equity (capital) of institutional loans (Basel III).

Risk-weighted assets * in May increased by 0.9%, or 274 billion rubles, mainly due to the growth of the loan portfolio.

Capital, billion RUB

June 1, 21 *

1 May21

June 1, 21 * /

1 May21

1 Jan21

June 1, 21 * /

1 Jan21

Tier 1 base capital N1.1

3,860

4 288

-10.0%

3,581

7.8%

Tier 1 capital N1.2

4,010

4,438

-9.7%

3,731

7.5%

Total capital N1.0

4,625

4 970

-6.9%

4,661

-0.8%

Equity ratios,%

Tier 1 capital base N1.1, min 4.5%

11.94%

13.38%

-1.4%

11.19%

0.8%

Tier 1 capital N1.2, min 6.0%

12.41%

13.85%

-1.4%

11.66%

0.8%

Total capital N1.0, min 8.0%

14.29%

15.49%

-1.2%

14.54%

-0.3%

Risk-weighted assets, billion RUB

32 361

32 087

0.9%

32,042

1.0%

* preliminary calculations

Sberbank financial highlights for 5 months 2021 (under RAS, unbound)



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