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ER - SberBank selected RAS highlights for 12M 2022

Company: Sberbank Date: 2023-01-17 Language: English Register to download
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Sberbank (SBER)  

SberBank selected RAS highlights for 12M 2022  

  

17-Jan-2023 / 11:15 MSK  

Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.  

The issuer is solely responsible for the content of this announcement.  

  

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SberBank selected RAS highlights for 12M 2022  

The results in this press release are calculated in accordance with SberBank\`s internal methodology.  

  

The 2022 results do not include subsequent events post the results date. For comparison purposes, results for 2021 also exclude subsequent events.  

 

January 17, Moscow  

  

Herman Gref, Chairman of the Executive Board, CEO, stated:  

  

“The 2022 year tested our endurance and strength to withstand external shocks, ability to quickly reshape our business and adapt technologies. The maturity of our platform and professionalism of our team ensured stability of the business and decent financial results. Our priority to provide excellent service to our clients, - the number of which increased by nearly 3 mn, - remained intact. We issued over RUB15 trn corporate and RUB4.8 trn retail loans, and improved our loan portfolio quality. Starting from the second half of the year we were able to return to the positive trajectory in earnings, increased our capital and capital adequacy, and delivered over RUB300 bn 1 net profit.”

Client activity metrics2

|     |     |     |
| --- | --- | --- |
| 106.7 mn | 5.7 mn | 3.0 mn |
| \+ 2.9 mn in 12M2022 | \+ 1.5 mn in 12M2022 | \+ 0.1 mn in 12M2022 |
| Active retail clients | SberPrime subscribers | Active corporate clients |

Number of retail clients reached 106.7 mn people, while the number of corporate clients exceeded 3 mn companies.

Client activity and engagement in digital channels remained high: DAU/MAU of SberBank Online was over 50%.

Number of SberPrime subscribers increased by 0.3 mn in December and by 1.5 mn in 2022 to exceed 5.7 mn.

Number of SberSpasibo loyalty program clients increased by 0.8 mn in December, or by 9.7 mn in 12M2022 to 66.2 mn users.

|     |     |     |     |
| --- | --- | --- | --- |
| RUB bn, unless stated otherwise | December 2022<br><br>(excl. subsequent events) | Dec/ Nov 2022 change, %3 | Dec 22 / Dec 21 change, %3 |
| Loans before provisions to corporate clients | 18 763 | 0.5% | 12.4% |
| Loans before provisions to retail clients | 12 039 | 1.7% | 12.9% |
| Corporate deposits | 8 733 | 0.8% | \-0.7% |
| Retail deposits | 18 336 | 8.2% | 8.2% |

  

Retail loan portfolio rose by 1.7% in December, or 12.9% in 12M2022, to RUB12.0 trn. In December the Bank reported record retail loan origination volume of RUB625 bn.

-   The main driver of growth were mortgages, the originations of which accelerated on the back of anticipated change in the terms of the state subsidy program. The origination volume in December was a historic high at RUB382 bn. Mortgage portfolio reached RUB7.7 trn5 at the end of 2022, up by more than 20%5 for the year.
-   The Bank also reported a record volume of consumer unsecured loan originations for the year of RUB243 bn. Seasonal promos remained popular among clients, such as a consumer unsecured loan at an annual rate of 4.5% in the first month of a loan, or a loan for SberPrime+ subscribers with a 1.5% cashback of the loan rate in SberSpasibo loyalty program bonuses.

Total corporate loan portfolio increased by 0.5%3 in December, and by 12.4%3 in 12M2022 to RUB18.8 trn.

-   Share of foreign currency denominated loans in the structure of the corporate loan portfolio came down by 10pp during 2022.

Loan portfolio asset quality remained stable. The share of overdue loans in total loan portfolio in December came down to 2.2%, which was lower than the level of the end of 2021.

Retail client funding exceeded RUB18.3 trn, up by 8.2%3 both in December and for 12M2022, to a large extent thanks to interesting seasonal promos for SberPrime+ suscribers and payroll clients.

-   Share of foreign currency denominated deposits was almost halved during 2022.

Corporate client funding increased by 0.8%3 in December to RUB8.7 trn (-0.7%3 for 12M2022).

-   Share of foreign currency denominated deposits in the corporate deposits structure was down by 18pp during 2022.

Key efficiency results for 2022 (excluding subsequent events)

|     |     |     |
| --- | --- | --- |
| RUB300 bn | 3.7% | 32.6% |
| Net profit,  <br><br>RAS | Cost of Risk4 | Cost-to-Income Ratio |
|     |     |     |

|     |     |     |     |     |
| --- | --- | --- | --- | --- |
| RUB bn, unless stated otherwise | December 2022<br><br>(excl. subsequent events) | 12М 2022<br><br>(excl. subsequent events) | Dec 2022/ Dec 2021 change, % | 12М22/ 12М21 change, % |
| Net interest income | 176.5 | 1 700.8 | 19.5% | 5.2% |
| Net fee and commission income | 67.5 | 614.8 | 16.7% | 6.2% |
| Operating expenses | \-80.6 | \-670.4 | \-12.0% | \-5.0% |
| Net profit before income tax expense | 155.1 | 370.8 | 40.5% | \-75.7% |
| Net profit | 125.5 | 300.2 | 40.1% | \-75.7% |

  

Net interest income growth accelerated to 19.5% y-o-y in December 2022 to RUB176.5 bn, or by 5.2% y-o-y for 12M2022 on the back of working assets increase and normalization in funding rates.

Net fee and commission income increased by 16.7% y-o-y in December 2022 to RUB67.5 bn, or by 6.2% y-o-y for 12M2022 to RUB614.8 bn.

Cost of Risk in December came at 0.2%4, to a large extent thanks to a positive effect from bad loan recoveries. In the first half of the year, the Bank booked sizable provisions against the materialized risks. In the second half of the year the provisioning levels normalized. Overall, Cost of Risk for the year was 3.7%4.

Operating expenses in December 2022 declined by 12% y-o-y to RUB80.6 bn. The cost optimization program lowered expenses by 5% y-o-y for the year. The Bank expects immaterial impact from subsequent events on the overall operating expenses results.

In December the Bank earned RUB125.5 bn (+40.1% y-o-y) net profit, while the result for the year exceeded RUB300 bn.

Sberbank PJSC exceeds all management buffers to capital adequacy ratios that were set by the Supervisory Board in December 2021.

Such results were achieved without applying the Central Bank’s forbearance measures that were available to Russian financial institutions, including predetermined foreign exchange rate and revaluation price of securities, lower provisioning against certain companies and other.

1 excluding subsequent events post the results date

2 management accounts

3 excluding the effect from FX revaluation  

4 Cost of Risk excludes the effect from FX revaluation

5 including the securitization portfolio

\# # #

Disclaimer

This document has been prepared by Sberbank of Russia (the “Bank”) and has not been independently verified. This press release does not constitute or form part or all of, and should not be construed as, any offer of, or any invitation to sell or issue, or any solicitation of any offer to purchase, subscribe for, underwrite or otherwise acquire, or a recommendation regarding, any shares or other securities representing shares in, or any other securities of the Bank, or any member of the Bank’s group, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or any commitment whatsoever or any investment decision. The information in this press release is confidential and is being provided to you solely for your information and may not be reproduced, retransmitted or further distributed to any other person or published, in whole or in part, for any purpose.

The information in this press release or in oral statements of the management of the Bank may include forward-looking statements. Forward-looking statements include all matters that are not historical facts, statements regarding the Bank’s intentions, beliefs or current expectations concerning, among other things, the Bank’s results of operations, financial condition, liquidity, prospects, growth, targets, strategies, and the industry in which the Bank operates. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. The Bank cautions you that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which the Bank operates may differ materially from those made in or suggested by the forward looking statements contained in this press release or in oral statements of the management of the Bank. In addition, even if the Bank’s results of operations, financial condition and liquidity and the development of the industry in which the Bank operates are consistent with forward-looking statements contained in this press release or made in oral statements, those results or developments may not be indicative of results or developments in future periods.

Sberbank assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

The information and opinions contained in this press release or in oral statements of the management of the Bank are provided as at the date of this press release or as at the other date if indicated and are subject to change without notice.

No reliance may be placed for any purpose whatsoever on the information contained in this press release or oral statements of the management of the Bank or on assumptions made as to its completeness.

No representation or warranty, express or implied, is given by the Bank, its subsidiaries or any of their respective advisers, officers, employees or agents, as to the accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this press release or its contents.

This press release is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

By attending or reviewing this press release, you acknowledge and agree to be bound by the foregoing.

  

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|     |     |
| --- | --- |
|     |     |
| ISIN: | US80585Y3080, RU0009029540, RU0009029557, US80585Y4070 |
| Category Code: | MSCH |
| TIDM: | SBER |
| LEI Code: | 549300WE6TAF5EEWQS81 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 216121 |
| EQS News ID: | 1536441 |

  

|     |     |
| --- | --- |
|     |     |
| End of Announcement | EQS News Service |

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