Sberbank

  • WKN: A1JB8N
  • ISIN: US80585Y3080
  • Land: Russland

Nachricht vom 15.01.2021 | 08:04

Sber earned RUB781.6 bn for 2020FY (RAS) excluding the effect of subsequent events

Sberbank (SBER)
15-Jan-2021 / 10:04 MSK
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 releases Financial Highlights for 2020, excluding the effect of subsequent events
(under RAS, non-consolidated)
The numbers are calculated in accordance with Sberbank's internal methodology.
Please note that some minor changes became effective in Sberbank's internal methodology starting from January 1, 2020. Therefore, the numbers for 2019 have been recalculated to make them comparable.
The effect of subsequent events is included in the numbers as of January 1, 2020 but excluded from the numbers as of January 1, 2021.

January 15, 2021
Key highlights for December:
  • The Bank earned RUB62.5 bn.
  • Total loan issuance amounted to RUB2.2 trn in December and was the largest for the year, with RUB0.5 trn loans issued in the retail segment and RUB1.7 trn in the corporate segment.
  • Loan portfolio grew by 0.9%, excluding the effect of FX revaluation.
  • Retail client funding increased by RUB0.9 trn or 6.1% for the month, excluding the effect of FX revaluation, which was 1.5 times growth in December 2019.  
Key highlights for 2020:
  • The Bank earned RUB781.6 bn in net profit for the year, excluding the effect of subsequent events. ROE came in at 16.5% and ROA - at 2.6%.
  • Corporate loan portfolio grew by 16.1% or 9.1%, excluding the effect of FX revaluation. Positive dynamic has been on track since mid-2020.
  • Retail loan portfolio grew by 17.0%, with mortgage growth hitting 21.2%.
  • Client funding increased by 16.0% or 10.4%, excluding the effect of FX revaluation.

Alexandra Buriko, CFO, stated:
"In 2020, Sber was actively engaged in supporting the Russian economy. Overall, we lent RUB17.7 trn to our clients, expanding our retail portfolio by 17% and our corporate portfolio by 9% in real terms. A sizable cost optimization and decent level of technological maturity enabled us to reduce the cost to income ratio to 29.7%. Significant development of digital services allowed us to continuously deliver financial and non-financial services enabling us, notwithstanding the challenges of the year, to reach ROE at 16.5% excluding the effect of subsequent events."

   
Comments for 2020:

Net interest income increased by 14.3% as compared to 2019 and amounted to RUB1,441 bn. Interest income growth was driven by loan expansion, lower cost of funding on the back of reductions in the key rate and reduced allocations to deposit insurance fund.

Net fee and commission income was up by 8.4% to RUB509 bn. Although consumer activity was uneven amid the pandemic, fees income growth benefited through the year mainly from settlement transactions and acquiring. Furthermore, fees income from client operations on financial markets doubled on the back of solid demand for investment products. Fees income growth in December was supported by a pickup in consumer activity, and that includes a refusal from overseas travelling among causes.

Operating expenses amounted to RUB636 bn in 2020 and were up by 0.5%, without the effect of subsequent events. According to the preliminary estimates, cost growth under RAS including the effect of subsequent events will not exceed inflation. That is largely a result of the pandemic-related efficiency enhancement program, and specifically the decision to elapse annual wage indexation in 2020.  Cost-to-income ratio improved to 29.7% vs 34.8% a year ago.

Credit risk charge including fair-value revaluation of loans was RUB23.4 bn in December and amounted to RUB541 bn for the year, which was 4.4 times the amount of charge in 2019 and owed largely to the pandemic distress for the borrowers. Loan coverage ratio stood at 2.2 times overdue loans.
Excluding the effect of subsequent events, net profit before income tax came in at RUB966.7 bn in 2020, while net profit amounted to RUB781.6 bn.
Total assets increased by 19.7% or 14.7%, excluding the effect of subsequent events, and amounted to RUB33.1 trn as of January 1, 2021. In the meantime, the assets contracted in December by 0.8% as lending to banks was reduced for short-term liquidity management.
The Bank issued RUB1.7 trn to corporate clients in December, and RUB13.5 trn in 2020, which was 4% or RUB0.5 trn more than a year ago. Corporate lending has been expanding since the mid-year, with portfolio increasing in December by 1.0%, excluding the effect of FX revaluation, to RUB15.5 trn. In 2020, corporate portfolio was up by 9.1%, excluding the effect of FX revaluation.
Retail loan issuance has kept robust since summer, led both by mortgages and consumer loans. The Bank produced in retail loans RUB458 bn in December and RUB4.2 trn for 2020, which was 26% more than a year ago. Retail loan portfolio grew by 0.7% for the month to RUB8.5 trn, and was up by 17.0% for the year. Retail lending was also impacted by mortgage securitization worth RUB46 bn or 0.5% of the total portfolio. A share of mortgages in the retail portfolio increased by 2 pp to 58.2%. 
Share of overdue loans in total loan portfolio increased in 2020 from 2.17% to 3.20%, mainly led by the corporate segment. However, the share of overdues improved in December by 3 bp.
Securities portfolio increased in 2020 by 56.5% to RUB5.2 trn, which was mostly due to purchases of OFZs and corporate bonds.
Retail client funding increased in December by 6.1% or RUB901 bn excluding the effect of FX revaluation, which was 1.5 times the increase in December 2019. The growth was mainly seen in term accounts and banking card accounts across all key currencies. In 2020, retail funding was up by 15.3% or by 11.6%, excluding the effect of FX revaluation.
Corporate client funding decreased in December by 0.8% to RUB7.8 trn, factoring in FX volatility. Excluding the effect of FX revaluation, corporate funding was up by 0.3% in December. In 2020, corporate funding grew by 17.3% or by 7.9%, excluding the effect of FX revaluation.
Total client funding, excluding the effect of FX revaluation, grew in 2020 by 10.4% and exceeded RUB23.5 trn. 
Core Tier 1 and Tier 1 were barely unchanged in December and stood at RUB3,578 bn and RUB3,728 bn respectively. Net profit for 2020 will be included in calculation of the Core Tier 1 and Tier 1 capital only upon annual audit.
Total capital grew by 1.4% for the month to RUB4,758 bn mainly due to the earnings for the period.
Risk-weighted assets* increased in December to RUB31.9 trn led by the loan portfolio expansion.

 
Capital, RUB bn   1 Jan'21* 1 Dec'20 1 Jan'21*/
1 Dec'20
 
1 Jan'20  
1 Jan'21*/
1 Jan'20
Core Tier 1 capital N1.1   3,578 3,594 -0.45%   3,300 8.43%
Tier 1 capital N1.2   3,728 3,744 -0.43%   3,300 12.98%
Total capital N1.0   4,758 4,692 1.39%   4,568 4.15%
Capital adequacy ratios, %              
Core Tier 1 capital N1.1, min 4.5%   11.24% 11.32% -0.08 pp   10.51% 0.73 pp
Tier 1 capital N1.2, min 6.0%   11.71% 11.80% -0.08 pp   10.51% 1.21 pp
Total capital N1.0, min 8.0%   14.93% 14.76% 0.17 pp   14.52% 0.42 pp
Risk-weighted assets, RUB bn   31,865 31,780 0.27%   31,470 1.26%
* preliminary calculations

Sberbank Financial Highlights for 2020 (under RAS, non-consolidated, excluding the effect of subsequent events) 

 



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