Sberbank's net assets. Analysis of liabilities and equity of the group under ifrs. Capital adequacy of the Group
Sberbank's net profit under IFRS amounted to 541.9 billion rubles in 2016, better than forecasted at 517 billion. This corresponds to earnings of RUB 25 per common share, an increase of 141.3% year-on-year.
Key financial performance Sberbank Group for 2016:
- Return on equity reached 20.8%, compared with 10.2% a year ago;
- The size own funds increased during the year and the capital adequacy ratio rose by 340 basis points to 12.3%, while the total capital adequacy ratio reached 15.7%, an increase of 310 basis points;
- Cost of risk for 2016 amounted to 177 basis points (hereinafter - "bp"), which is 77 bp below the level of a year ago. The cost of risk of the retail loan portfolio amounted to 130 basis points, which is by 85 basis points. below the level of 2015, while the cost of risk of corporate loans decreased by 74 bps to 194 basis points compared to 2015;
- The ratio of operating expenses to operating income improved to 39.7% in 2016 compared to 43.7% a year ago;
- Net income from insurance and pension fund activities increased by 63.0% in 2016.
Key performance indicators of the group for the 4th quarter:
- Net profit amounted to 141.8 billion rubles, or 6.54 rubles. on common share in the 4th quarter of 2016, with an increase of 95.3% compared to the 4th quarter of 2015;
- Return on equity in the 4th quarter of 2016 amounted to 20.4%, having increased by 780 bp. compared to Q4 2015;
- Customer funds grew by 0.4% in the 4th quarter of 2016 compared to the previous quarter and amounted to 18.7 trillion. rub. Retail deposits increased by 3.0%, and funds raised from corporate clients, decreased by 4.4% in the 4th quarter of 2016;
- Net interest income for the 4th quarter of 2016 amounted to 355.2 billion rubles, having added 19.5% compared to the same period last year. The growth of the indicator was due to a decrease in interest expenses by 20.4%, due to a decrease in the cost of deposits, amid softening interest rates in economics. Interest income fell 0.6%.
- Net interest incomefor the 4th quarter of 2016 amounted to 355.2 billion rubles, having added 19.5% compared to the same period last year.
- Operating expenses Groups in the 4th quarter of 2016 increased by 5.4% compared to the same period last year to 202,0 RUB bln The revaluation of the group's real estate in the amount of RUB 25 billion had a negative effect on operating expenses.
- Loan portfolio less reserves for impairment decreased by 2.4% to 17,361.3 billion rubles. in the 4th quarter of 2016 relative to the 3rd quarter of 2016
- Volume of non-performing loans decreased by 10.7% to 828.4 billion rubles. in the 4th quarter.
- Share restructured loans accounted for 6.5% of the total portfolio in Q4 2016 compared to 6.2% in Q3 2016. The provision for impairment of the loan portfolio to the aggregate of non-performing and restructured performing loans increased to 75% in Q4 compared to 73% in Q3 2016.
- Total capital The group grew by 1.5% in the 4th quarter of 2016 compared to the previous quarter due to retained earnings of the 4th quarter and amounted to 3.5 trillion. rub.
- - Assets of the Group, weighted by risk, decreased by 3.9% in the 4th quarter of 2016 compared to the previous quarter and amounted to 22.3 trillion. rub. mainly due to changes in exchange rates.
BCS Express
The structure of the Group's liabilities is dominated by funds from private and corporate clients, the total amount of which at the end of 2016 amounted to 18.7 trillion rubles, or 82.9% of liabilities. In 2016, borrowings decreased by 46.3% banking organizations... The main factor behind this decline is the decline in funding from the Bank of Russia. In general, the Group's liabilities decreased in 2016 by 9.7% - to 22.5 trillion rubles. The decrease in funding in 2016 was mainly due to the decrease in interest rates and the strengthening of the ruble.
Client funds
The volume of funds of private and corporate clients in 2016 decreased by 5.6% - to 18.7 trillion rubles. At the same time, funds from private clients increased by 3.4% - up to 12.4 trillion rubles. In 2016 in general structure liabilities of the Group, the share of funds from private clients increased compared to 2015 and amounted to 55.2% (in 2015 - 48.3%). Thus, funds from private clients continue to be the main source of financing for the Group. The volume of corporate clients' funds decreased by 19.6% - to 6.2 trillion rubles. The decrease in corporate clients' funds was mainly influenced by the downward trend in market interest rates on time deposits.
Structure of customer funds of the Group
2015 | 2016 | |||
---|---|---|---|---|
billion rubles | % | billion rubles | % | |
Private client funds | ||||
Current / demand accounts | 2 415,4 | 12,2 | 2 478,9 | 13,3 |
Time deposits | 9 628,3 | 48,6 | 9 970,7 | 53,3 |
Total funds of private clients | 12 043,7 | 60,8 | 12 449,6 | 66,6 |
Funds of corporate clients | ||||
Current / settlement accounts | 2 361,2 | 11,9 | 1 982,3 | 10,6 |
Time deposits | 5 393,4 | 27,3 | 4 252,9 | 22,8 |
Total funds of corporate clients | 7 754,6 | 39,2 | 6 235,2 | 33,4 |
Total | 19 798,3 | 100,0 | 18 684,8 | 100,0 |
Debt securities issued by the Group
billion rubles | 2015 | 2016 | The change | |
---|---|---|---|---|
billion rubles | % | |||
Savings Certificates | 577,7 | 482,6 | (95,1) | –16,5 |
Loan participation notes issued as part of Sberbank's MTN program | 607,0 | 473,9 | (133,1) | –21,9 |
Bonds issued: | ||||
- in the domestic market | 70,1 | 84,3 | 14,2 | 20,3 |
- on international markets capital | 34,5 | 21,1 | (13,4) | –38,8 |
Promissory notes | 80,7 | 92,4 | 11,7 | 14,5 |
Bonds issued under the Securitization Program mortgage loans Sberbank Bonds issued under the Sberbank Mortgage Securitization Program | 7,2 | 5,5 | (1,7) | –23,6 |
Certificates of Deposit | 1,3 | 1,2 | (0,1) | –7,7 |
Total debt securities issued | 1 378,5 | 1 161,0 | (217,5) | –15,8 |
The volume of debt securities issued in 2016 decreased by 15.8%. To the greatest extent, this decline was caused by the strengthening of the ruble and the redemption of a number of debt securities. Loan participation notes issued under Sberbank's MTN program decreased by 21.9% as a number of issues were redeemed. Savings certificates fell 16.5%. At the same time, the growth was demonstrated by bonds issued in the domestic market (by 20.3%), due to the attraction by Sberbank in 2016 of financing in the Russian market under the Program of exchange-traded bonds denominated in rubles. Also, the growth was shown by promissory notes, which increased in 2016 by 14.5%.
Own funds of the Group
billion rubles | 2015 | 2016 | The change | |
---|---|---|---|---|
billion rubles | % | |||
Authorized capital | 87,7 | 87,7 | – | 0,0 |
(6,7) | (7,9) | (1,2) | –17,9 | |
Share premium | 232,6 | 232,6 | – | 0,0 |
Office real estate revaluation fund | 69,3 | 66,9 | (2,4) | –3,5 |
Revaluation reserve for investment securities available for sale | (45,7) | 24,0 | 69,7 | 152,5 |
101,1 | (19,8) | (120,9) | –119,6 | |
Changes in accounting for defined benefit obligations | (0,7) | (1,1) | (0,4) | –57,1 |
Undestributed profits | 1 935,2 | 2 435,7 | 500,5 | 25,9 |
Total equity owned by Sberbank shareholders Total equity owned by Sberbank shareholders | 2 372,8 | 2 818,1 | 445,3 | 18,8 |
Non-controlling interest | 2,2 | 3,5 | 1,3 | 59,1 |
Total equity | 2 375,0 | 2 821,6 | 446,6 | 18,8 |
The Group's equity capital increased in 2016 by 18.8% to RUB 2.8 trillion. The increase was mainly due to the Group's record profit based on operating results.
Capital adequacy of the Group
Indicator, RUB bln | 2015 | 2016 |
---|---|---|
Tier 1 capital | ||
Authorized capital | 87,7 | 87,7 |
Share premium | 232,6 | 232,6 |
Undestributed profits | 1 935,2 | 2 435,7 |
Own shares purchased from shareholders | (6,7) | (7,9) |
Less business reputation | (22,1) | (18,9) |
Total capital of the first tier (fixed capital) | 2 226,70 | 2 729,2 |
Tier two capital | ||
Building revaluation fund | 69,3 | 66,9 |
Revaluation reserve for investment securities available for sale Revaluation reserve for investment securities available for sale | (20,6) | 10,8 |
Accumulated exchange rate differences fund | 101,1 | (19,8) |
Applicable subordinated debt | 781,2 | 717,7 |
Less investments in associates | (6,5) | (7,5) |
Total second tier capital | 924,5 | 768,1 |
Total capital | 3 151,2 | 3 497,3 |
Risk-weighted assets | ||
Credit risk | 24 225,7 | 21 493,6 |
Market risk | 769,8 | 774,6 |
Total risk-weighted assets | 24 995,5 | 22 268,2 |
Capital adequacy ratio (Tier 1 capital to risk-weighted assets),% | 8,9 | 12,3 |
Total capital adequacy ratio (total capital to risk-weighted assets),% | 12,6 | 15,7 |
At the end of 2016, the capital adequacy ratio was 12.3%. The total capital adequacy ratio at the end of 2016 was 15.7%, which is significantly higher than the minimum level set by the Basel Committee (8%). At the same time, in 2016, capital adequacy ratios showed significant growth compared to 2015, which is explained by the growth of the Group's own funds, as well as a decrease in risk-weighted assets, mainly due to the strengthening of the ruble and a decrease in the Group's loan portfolio.
It amounted to 674 billion rubles, including profit in December - 49.9 billion. Such financial statements under RAS (unconsolidated) are given in the message credit institution... The bank clarifies that the indicators are calculated according to its internal methodology. Data as of January 1, 2017 take into account events after the reporting date, data as of January 1, 2018 are given without taking into account the SPOD.
At the end of 2017 net interest income the bank increased by 7.7% against the previous year and exceeded 1.2 trillion rubles. The main growth drivers were a decrease in interest rates on attracted customer funds and an increase in the retail loan portfolio. Net fee and commission income increased by 12.5% to 355 billion rubles. The main growth drivers were operations with (plus 25.4%) and bank insurance(plus 22.7%).
Operating income to reserves increased by 19.4%, which is 17.2 percentage points higher than the growth rate of operating expenses. “Throughout 2017, the bank leveled the accrual of operating expenses towards more even accounting by months. For this reason, the expenses in December 2017 turned out to be lower than the expenses in December 2016. In general, at the end of the year, the growth rate of operating expenses amounted to 2.2%, which is lower than the annual inflation rate (2.5%), ”the release notes. Excluding labor costs operating expenses for the year decreased by 4.1%, or 9.7 billion rubles, thanks to the implementation of the cost optimization program. The cost-to-income ratio was 32.1%: as Sberbank emphasizes, this is the lowest value of this indicator under RAS for all years.
Expenditure on aggregate reserves in December amounted to 6.9 billion rubles, at the end of the year - 287 billion (plus 13.3% to last year). The reserves created as of January 1, 2018 exceed the overdue debt by 2.6 times.
“Profit before income tax for 2017 amounted to 848 billion rubles, net profit excluding events after the reporting date amounted to 674 billion rubles. Sberbank currently reflects events after the reporting date in its accounting systems. The cumulative impact of these events is expected to be at the level of 2016, ”the release notes. According to the reporting data, the growth of the annual net profit in relation to the indicator of 2016, taking into account SPOD, was 35.3%.
Assets banks in December increased by 2.6%. “The main factors of growth are loans to private clients and banks, a portfolio of securities, as well as the creation of a comfortable stock of cash Money for a period of new year holidays... The volume of assets as of January 1, 2018 amounted to 23.3 trillion rubles, ”the message says.
Per last year Sberbank issued a total of 13.5 trillion rubles to customers credits- 27% more than in 2016.
December to corporative clients about 1.8 trillion rubles were issued, in total, at the end of 2017, the volume of loans amounted to 11.4 trillion (plus 25% by 2016). The loan portfolio in December decreased by 0.9% due to early repayments loans, as well as due to revaluation of the foreign exchange component of the portfolio. The volume of the portfolio as of January 1 was 12 trillion rubles.
The bank emphasizes that since the summer, it “every month updates the record for the volume of loans issued private clients". December became the most productive month: the volume of issued retail loans exceeded 270 billion rubles, the historical maximum was exceeded both in and in. Portfolio growth in December amounted to 1.8%. As of January 1, the volume reached 4.93 trillion rubles. In just a year, the bank issued over 2.1 trillion rubles to private clients, which is 38% more than in the previous year.
Overdue debt on loans decreased in December by 15.8 billion rubles, its share in loan portfolio- by 0.1 p.p., to 2.4%, while average level on banking system excluding Sberbank as of December 1 was 8.5%.
Portfolio of securities in December increased by 2.8% to 2.53 trillion rubles due to the acquisition of Russian bonds and sub-federal bonds by Sberbank. The portfolio growth in 2017 amounted to 22.5% and was almost completely provided by state securities and bonds of corporate issuers.
December volume funds of corporate clients increased by 0.5% to 5.64 trillion rubles, funds individuals - by 4.7%, or 546 billion, to 12.1 trillion (mainly due to funds on accounts bank cards). In general, over the year, the volume of attracted customer funds increased by 5.4% to 17.8 trillion rubles, they account for 89% of the bank's liabilities.
The values of the base and main capital banks coincide due to lack of sources additional capital and, according to operational data as of January 1, 2018, they amount to 2.646 trillion rubles (plus 16.6% per year). The total capital on the same date is 3.688 trillion (plus 18%). The main factor in the growth of total capital in December is the profit made. Risk-weighted assets remained virtually unchanged in December and amounted to RUB 24.8 trillion as of January 1, 2018. The value of standards Н1.1 and Н1.2 as of January 1, 2018 amounted to 10.7% (minimum values, established by the Bank Russia, - 4.5% and 6%, respectively), the value of Н1.0 is 14.9% (with a regulatory minimum of 8%).
“At the end of 2017, the bank showed record loans, which led to an increase in the portfolio above the market, as well as a significant increase in fee and commission income. In addition, the bank improved efficiency by achieving its goal of keeping operating costs under inflation. As a result, the return on assets increased to 3.1%, and the return on equity - up to 21.9%, ”says Alexander Morozov, Deputy Chairman of the Management Board of Sberbank.
Sberbank of Russia PJSC Sberbank of Russia - largest bank in Russia and the CIS with the widest network of divisions, offering a full range of investment banking services. The founder and main shareholder of Sberbank is central bank RF, owning 50% authorized capital plus one voting share; over 40% of the shares belong to foreign investors... About half Russian market private loans, as well as every third corporate and retail loan in Russia falls on Sberbank.
According to Banki.ru, as of March 1, 2020, the bank's net assets are 29,216.35 billion rubles (1st place in Russia), capital (calculated in accordance with the requirements of the Central Bank of the Russian Federation) - 4,520.56 billion, loan portfolio - 20,051.90 billion, liabilities to the population - 13,165.02 billion.
The bank's net interest income in 2016 reached 1,020.4 billion rubles. Net profit for reporting year amounted to 541.9 billion rubles.
The bank's assets at the end of the year amounted to 25,368.5 billion rubles, having decreased by 7.2%. Assets held for sale decreased noticeably (-97.3%). This was caused by the sale in May of a 96.914% stake in Krasnaya Polyana NJSC for 12.2 billion rubles. And in July, 99.5% of Sberbank Slovensko a.s. was sold, the profit from the transaction amounted to 3.0 billion rubles. Other financial assets(-52.3%). The reason was the reduction, almost by half, accounts receivable on operations of the group's clients.
The bank's liabilities decreased by 9.7%. The liabilities of disposal groups under the transactions described above decreased the most. The postponed tax liabilities, in 2016 they amounted to 55.1 billion rubles against 132 billion rubles in 2015.
The bank's own funds increased by 18.8% to 2,821.6 billion rubles. Retained earnings of the bank for reporting period increased by 25.9%.
The bank's net interest income amounted to $ 1,362.8 billion. Upon closer examination, it can be seen that the bank's interest income increased by 5.2%, while interest expenses decreased quite significantly compared to last year - by 21.2%. The costs of creating a reserve also decreased - by 27.9%.
Other operating income decreased to 334.7 billion rubles, in 2015 it amounted to 441.8 billion rubles. This is due to the receipt of a loss on transactions with foreign currency and from derivative transactions. Fee and commission expenses increased noticeably - by 33.9%.
Net profit increased to 541.9 billion rubles.
Key indicators on a cumulative basis, RUB bln
Indicator name | 31.12.2015 | 31.03.2016 | 30.06.2016 | 30.09.2016 | 31.12.2016 |
Interest income | 2279,6 | 613 | 1212,5 | 1803,6 | 2399 |
Interest expense | -1253,2 | -276,1 | -525,4 | -760,1 | -986,9 |
-38,4 | -11,4 | -22,3 | -35,9 | -49,3 | |
Net interest income | 988 | 325,5 | 664,8 | 1007,6 | 1362,8 |
-475,2 | -83,9 | -180,4 | -282,1 | -342,4 | |
512,8 | 241,6 | 484,4 | 725,5 | 1020,4 | |
Net fee and commission income | 319 | 77,2 | 163,1 | 251,7 | 349,1 |
Operating income | 954,6 | 293,7 | 640 | 973,3 | 1355,1 |
Net profit | 222,9 | 117,7 | 263,1 | 400,1 | 541,9 |
Quarterly dynamics, RUB bln
Indicator name | 31.12.2015 | 31.03.2016 | 30.06.2016 | 30.09.2016 | 31.12.2016 |
Interest income | 598,9 | 613 | 599,5 | 591,1 | 595,4 |
Interest expense | -291,2 | -276,1 | -249,3 | -234,7 | -226,8 |
Costs directly related to deposit insurance | -10,5 | -11,4 | -10,9 | -13,6 | -13,4 |
Net interest income | 297,2 | 325,5 | 339,3 | 342,8 | 355,2 |
Net expense from provision for impairment of debt financial assets | -112,7 | -83,9 | -96,5 | -101,7 | -60,3 |
Net interest income after allowance for impairment of debt financial assets | 184,5 | 241,6 | 242,8 | 241,1 | 294,9 |
Net fee and commission income | 95,6 | 77,2 | 85,9 | 88,6 | 97,4 |
Operating income | 305,9 | 293,7 | 346,3 | 333,3 | 381,8 |
Net profit | 72,6 | 117,7 | 145,4 | 137 | 141,8 |
The share of interest-bearing assets in the balance sheet amounted to about 90%, having decreased by 0.96 pp. At the same time, the share of interest-bearing liabilities increased by 1.09 pp.
Most of the loans issued by the bank were issued to corporate clients. Their share in the total loan portfolio is 73%. Over the year, loans and advances to corporate clients decreased by RUB 1,325.7 billion. Loans and advances to private clients increased by 66.1 billion rubles.
The share of non-performing loans for the year decreased by 0.5 pp, that is, 828.4 billion rubles. The share of delinquencies in the portfolio is 6.3% (-0.9 pp).
Funds of individuals in 2016 increased by 405.9 billion rubles, funds of corporate clients decreased by 1,519.4 billion rubles.
Adequacy of 1st order capital for reporting date amounted to 10.8%. The increase occurred by 2.6 percentage points due to an increase in retained earnings.
Profitability equity capital(ROE) and return on assets (ROA) of Sberbank also rose.
The net spread between the return on assets and the cost of liabilities amounted to 1.5%, an increase of 0.4 pp. The net interest margin was 1.53%.