Sberbank — Earnings Release 2013

Nov 8, 2013

Sberbank / Miscellaneous

08.11.2013 07:17

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Sberbank releases Financial Highlights for 10M 2013 (under RAS; non-consolidated)

Please note that the numbers are calculated in accordance with Sberbank's internal methodology.

November 8, 2013

Income Statement Highlights for 10M 2013 (as compared to 10M 2012):

• Net interest income increased by 15.5% y-o-y
• Net fees & commissions income increased by 13.6% y-o-y
• Operating income before provisions increased by 14.6% y-o-y
• Total provision charge reached RUB99.5 bn vs. a RUB41.9 bn charge for 10M 2012
• Operating expenses were up by 9.7% y-o-y
• C/I ratio declined from 40.3% to 38.6%
• Profit before tax amounted to RUB391.4 bn vs. RUB374.6 bn for 10M 2012
• Net profit totaled RUB318.8 bn vs. RUB296.6 bn for 10M 2012

Net interest income came at RUB585.2 bn, up by 15.5% y-o-y compared to 10M 2012:

• Interest income increased by RUB195.3 bn, primarily driven by interest income from retail loans, which increased by RUB101.7 bn y-o-y;
• Interest expenses grew by RUB116.8 bn, of which RUB68.8 bn were attributed to retail deposit expenses.

Net fees & commissions income increased by 13.6% y-o-y to RUB179.4 bn. Noncredit commissions income growth outpaced the growth rate of net interest income for the most part of 2013, increasing 19.4% vs. 15.5% respectively. Noncredit commissions reached RUB167.2 bn, of which RUB75.5 bn were contributed by transactions with bank cards and acquiring.

Operating income before provisions increased by 14.6% y-o-y to about RUB800 bn.

Operating expenses increased by 9.7% y-o-y: the slowdown in opex growth was related to initiation of cost optimization program as well as to timing differences of accounting for the quarterly bonuses in 2012 and 2013. C/I ratio improved from 40.3% to 38.6%.

Total provision charges amounted to RUB99.5 bn for 10M 2013 vs. RUB41.9 bn charge a year earlier. Provision charges in October reached RUB16.0 bn.

Net profit before taxes was RUB391.4 bn vs. RUB374.6 bn a year earlier. Net profit reached RUB318.8 bn for 10M 2013, up 7.5% y-o-y.

Assets increased by RUB240 bn in October, or 1.6%, primarily due to increasing volumes of lending.

The Bank lent over RUB710 bn to corporate clients in October 2013, which was substantially (+40%) higher than the monthly averages for 2013. Overall the Bank lent about RUB5.3 trln in 10M 2013. Corporate loan portfolio increased by RUB157 bn, or 2.0%, in October, which would have been higher if not for dollar depreciation, which had a negative effect on reevaluation of FX loans. Total loan portfolio increased 7.2% for 10M 2013.

Retail customers received about RUB180 bn in loans in October. Retail loan portfolio grew by RUB97.5bn, or 3.2%, in October, which was the highest monthly increase since January 2012. Retail loan portfolio increase for 10M 2013 was 24.7%.

The quality of the loan portfolio was stable: the share of overdue loans in October merely changed, was at 2.49% of loan portfolio. Coverage remained sufficient, with loan-loss provisions at RUB622 bn, or 2.24 times the

overdue loans as of November 1, 2013.

Investment portfolio increased by RUB22 bn, or 1.2%, mainly from buying OFZ and corporate bonds.

sufficient, with loan-loss provisions at RUB622 bn, or 2.24 times the

The clients' funds remain the main source of funding.

Retail deposits and accounts ending balance on November 1 was RUB7,254 bn, increasing by 0.7% in October. Retail deposits growth for 10M 2013 (up 8.8%, or RUB588 bn) was greater than the increase for the same period last year.

Corporate deposits and accounts ending balance on November 1 was RUB2,965 bn. The decline by 1.6% in October was caused by term deposits, whereas current accounts increased by 2.6%.

Regulatory capital (under CBR regulation No. 215-P) came to RUB1,936 bn as of November 1, 2013 as per preliminary calculations, up RUB30 bn in October attributed to net profit. Capital increase was capped by reevaluation of investments in subsidiaries.

Capital adequacy ratio of the Bank (under RAS) as per preliminary calculations came at 13.3% as of November 1, 2013.

Sberbank's Financial Highlights for 10M 2013 (under RAS; non-consolidated)

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Language: Company:	English Sberbank 19 Vavilova St. 117997 Moscow
	Russia
Phone:	+7-495-957-57-21
Fax:
E-mail:	media@sberbank.ru
Internet:	www.sberbank.ru
ISIN:	US80585Y3080, RU0009029540, RU0009029557
Listed:	Frankfurt in Open Market (Entry Standard) ; MICEX, RTS
Category Code:	MSC
LSE Ticker:	SBER
Sequence Number:	1748
Time of Receipt:	Nov 08, 2013 07:17:33
End of Announcement	EquityStory.RS, LLC News-Service

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