Sberbank's net assets. Analysis of liabilities and equity of the group under ifrs. Capital adequacy of the Group

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, of accounts receivable from 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. Undestributed profits 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 operations 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

Quarterly dynamics, RUB bln

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 individuals in 2016 increased by 405.9 billion rubles, funds corporate clients decreased by 1,519.4 billion rubles.

The capital adequacy of the 1st order as of the reporting date was 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 yield on assets and the value of liabilities amounted to 1.5%, an increase of 0.4 pp. The net interest margin was 1.53%.

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 takes into account events after 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 the decline interest rates on attracted funds of clients and growth of 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 says. 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 growth factors are loans to private clients and banks, portfolio valuable papers, as well as creating 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 ", - stated in the message.

Per last year Sberbank issued a total of RUB 13.5 trillion 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 issuances 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 currency 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 “updates the record for the volume of loans issued every month 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 the 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 growth of the portfolio in 2017 amounted to 22.5% and was almost entirely secured by government securities and bonds of corporate issuers.

December volume funds of corporate clients increased by 0.5% to 5.64 trillion rubles, funds of 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 the lack of sources of additional capital and, according to operational data as of January 1, 2018, 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 branches, offering a full range of investment banking services. The founder and main shareholder of Sberbank is central bank RF, which owns 50% of the authorized capital plus one voting share; over 40% of the shares belong to foreign investors... Sberbank accounts for about half of the Russian private market, as well as every third corporate and retail loan in Russia.

According to Banki.ru, as of March 1, 2020, the bank's net assets - 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

Table 1

Property structure and sources of its formation

From the data presented in the first part of the table, it can be seen that as of September 30, 2017, the share of non-current assets in the assets of the organization is 1/4, and current assets, respectively, 3/4. The organization's assets increased significantly over the entire period (by 155.9%). Given the significant growth in assets, it should be noted that equity capital increased to a lesser extent - by 61.5%. Lagging increase in equity capital relative to general change assets should be viewed as a negative factor.

Fig. 6 Sberbank's asset structure as of September 30, 2017

The growth in the value of the organization's assets is mainly associated with the growth of the following asset positions balance sheet(in brackets is the share of changes in the article in the total amount of all positively changed articles):

· Cash and cash equivalents - 15 855 416 thousand rubles. (42.4%)

· Long-term financial investments - 12,825,023 thousand rubles. (34.3%)

· Short-term financial investments (excluding cash equivalents) - 8 687 442 thousand rubles. (23.2%)

At the same time, in the liabilities of the balance sheet, an increase is observed along the lines:

· accounts payable- 33 776 166 thousand rubles. (84.9%)

· Extra capital(without revaluation) - 6,000,000 thousand rubles. (15.1%)

Among the negatively changed balance sheet items, one can distinguish "accounts receivable" in assets and "retained earnings (uncovered loss)" in liabilities (-743,631 thousand rubles and -3,337,693 thousand rubles, respectively).

As of September 30, 2017, the organization's equity capital was 6,994,102.0 thousand rubles. During the analyzed period (from September 30, 2015 to September 30, 2017), there was a very strong increase in equity capital - by 2,662,307.0 thousand rubles.

table 2

Cost estimate net assets organization

The net assets of the organization as of the last day of the analyzed period are much (3.2 times) higher than the authorized capital. This positively characterizes the financial position, fully meeting the requirements of regulatory enactments to the amount of the net assets of the organization. In addition, having determined the current state of the indicator, it is necessary to note an increase in net assets by 61.5% over the period under review (from September 30, 2015 to September 30, 2017). The excess of net assets over the authorized capital and at the same time their increase over the period indicates a good financial situation organizations on this basis.

Fig. 7 Dynamics of net assets and authorized capital

Table 3

Profitability indicators of Sberbank of Russia, 2015-2017,%

The bank's return on assets as of 08/23/2017 says that the net profit received per 1 ruble spent on the formation of assets in 2017 increased by 2.0% compared to 2015.

Profitability own funds PJSC Sberbank of Russia says that in 2017, the net profit earned per 1 ruble spent on the formation of equity capital increased by 14.5% compared to 2015 and amounted to 24.8%.

The profitability indicators of Sberbank of Russia have been increasing from 2015 to 2017, which indicates an increase in the efficiency of the bank.

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 RUB 22.5 trillion. 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 grew by 3.4% 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 funds of corporate clients was mainly influenced by the downward trend in market interest rates on time deposits.

Structure of customer funds of the Group

Debt securities issued by the Group

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 of financing by Sberbank in 2016 for 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

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

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.

« Hello! People have different opinions about the impact of the Central Bank rate on NIM.
If we consider VTB:
1) NIM is on a downward trend
2) the Central Bank rate also has a downward trend

The question is: what will happen to the NIM of this bank and why? will it be somehow different if we consider the situation with regard to savings?

Thanks.»

Good morning, of course, there is a definite connection between the Central Bank rate cut and the NIM decline, but the change in the structure of loans has a much greater impact - from more marginal products (consumer loans) to less (mortgages). In addition, VTB has seen a more rapid growth in loans issued relative to the growth in attracted deposits, which has to be compensated for by more expensive funding (interbank lending and subordinated debt). The opposite situation is taking place in Sberbank. In general, our forecast for the NIM level of both banks is to maintain the current values.

« In the latest charter of Sberbank dated 06/08/2018, the wording about the protective clause sounds like this (page 5, clause 4.2): - The bank has placed ordinary shares and preferred shares of the same type - with the obligatory payment of a certain dividend in the amount of at least 15% of the par value of the preferred share. (punctuation retained) Is it considered that the clause about the "certainty" of payment on prefs has appeared or everything is the same as before - "not less than 15%" is not certain and that means they can pay less than usual?»

Yes, we also need a wording that the amount of the dividend paid on the preferred share cannot be less than the amount of the dividend paid on the ordinary shares.

« Hello. In the 1H 2018 results, BV per share indicated 175.8 rubles. What formula is used to calculate if equity owned by shareholders is 3485 billion rubles, and the total number of shares is about 22.6 billion. (I understand that this is a forecast, but still).»

Good afternoon. The book price at the end of 2018 of RUB 175.8 was obtained by dividing the projected equity capital at the end of 2018 in the amount of RUB 3.971 trillion by the total number of ordinary and preferred shares.

« Good day! Why has capital adequacy declined so much?»

Good afternoon. Largely due to the payment of higher dividends for 2017.

« How significant can the additional profit of banks and Sberbank in particular be as a result of the entry into force of the law on financing housing construction by developers not at the expense of equity holders, but at the expense of credit money banks?»

So far, we have not made special adjustments to the bank models associated with changes in housing finance.

« To be honest, we were very surprised by the initial premise of your question, Dmitry. Who is Sberbank and why?»

Artem, I heard this opinion from the speeches of many analysts at RBC. Of course, I don't keep track of their names, but with 100% probability I can name a couple of names: Alexander Razuvaev, Alexander Krapivko. This is discussed with the presenters of the programs as a matter of course.

« Good day!

Do you think you have paper in your portfolio since June? And in September you write that you can only apply ...?)) "

Good day, Andrey! Yes, in June we bought ordinary shares of Sberbank only in the "Arsagera - mixed investment fund" this moment we bought them in all portfolios.

« Sberbank had to sell its business in Ukraine for a penny even before the summer. Something didn’t see any more information on this. What is the price of the transaction, when and how will it be reflected in financial statements jar? She will be»

Good morning, Dmitriy! In the first quarter of 2017, the Bank signed a framework agreement for the sale of 100% of shares in PJSC SBERBANK (Ukraine). The implementation of this agreement presupposed preliminary approval by the regulatory authorities and the fulfillment of other conditions. In the third quarter of 2017 National Bank Ukraine refused to approve the deal. We have no other information at the moment. With regard to the reporting of the bank, we believe that the corresponding allowance for impairment has already been created.

« Apparently, part of the cash of about 100 billion rubles was spent on the purchase of property, plant and equipment, which can be seen in Note 14 of the IFRS statements for 2016.»

That's just the point: Sberbank plans to get rid of the excess number of its branches. He couldn't buy himself real estate again for new offices ...

« Hello Dmitry! The question is not very clear. Could you explain in more detail what is meant?»

Elena, if you take, for example, the financial results of Sberbank for 2015, then the profit is 222.9 billion rubles. In accordance with this, the return on equity was calculated at 11%, given that at the beginning of 2015 Sberbank possessed RUB 2,020 billion. The question arises: why, in this case, when calculating the profit received, the indicators of "Other comprehensive income" are not taken into account, where the income item is calculated: "Investment securities available for sale"? After all, that amount of equity capital (2,020 billion rubles) includes the cost of investment securities for sale. The logic of my reasoning is as follows: if you include the cost of investment securities for sale in the indicators of equity capital, then it is fair to estimate the return on this capital, including the item "Other comprehensive income" in the indicators of the net profit received.

« Looked at hit parades five years ago. In them, preferred shares held positions lower than ordinary shares, although in those years Arsagera still did not take into account the absence of a protective clause in the Charter of Sberbank. What is the reason for this?»

Perhaps at that time, Sberbank's preferred shares were trading above the fair discount.

« Sberbank does not use borrowed funds TSB RF. Are they profitable for Sberbank high rates in the country? On the one hand, lower rates will increase lending volumes. On the other hand, with a decrease in rates, the bank's margin will also fall, and will its advantage over other banks in the form of cheap customer money be leveled?»

Historical data show that during the period of lower interest rates, Sberbank's net interest margin was higher than the indicators that the bank is showing now.

« Hello Andrey! Rule of paragraph 2 of Article 32 Federal law dated 26.12.1995 N 208-FZ "On Joint Stock Companies" that the owners of preferred shares, for which the amount of dividend has not been determined, have the right to receive dividends on an equal basis with the owners of ordinary shares. In the case of Sberbank (unlike Transneft, for example), the amount of dividends for preferred shares is not specified in the charter, which means that clause 2 of article 32 of the law on joint-stock companies protects the owners of preferred shares, which is better than a "protective clause in the charter." So why did you still exclude Sberbank from market types? Do you think that a clause in the charter protects more reliably an article of a federal law?»

Good evening, Eugene! According to our courts, the wording that is in the charter of Sberbank (at least 15% of the nominal value) is the definition of the amount of dividends on preferred shares. As a consequence, the provision of the law indicated by you does not apply.

« Hello Andrey! I thought so. But why is VTB there then? After all, you also excluded it from the market types.»

Alexander is really ordinary VTB shares are included in the market types. Could you provide a link to where we talk about excluding them? Perhaps this term was used in a different context. For example, for similar reasons, due to the lack of a clause in the charter, we do not calculate the yield on the preferred shares of Transneft, Kuibyshevazot, Bashinformsvyaz.

« Hello! Why are there no Sberbank prefs in the "Issuer Analytics" section?»

Good afternoon, we have excluded Sberbank preferred shares from market types, since the Bank's charter does not contain a dividend protection clause. As a rule, it reads as follows "In this case, if the amount of dividends paid by the Company for each common share in a certain year exceeds the amount payable as dividends on each preferred share, the amount of the dividend paid on the latter must be increased to the amount payable on ordinary shares. "

« “Investors always appreciate the fact that management joint stock company motivated to increase value, as this is the most important component of shareholders' income. ”Abalov Artem, December 11, 2015 at 12:57 Investors, of course, can be of all kinds. I also consider myself an investor. But I do not approve of such motivation of management. It is necessary to tie the salaries of managers to growth share capital and ROE while meeting certain corporate debt and leverage ratios.»

We completely agree with you, but it is even more correct to use both indicators: the growth of share capital, and its rate, as well as the correspondence of capitalization to the indicator of intrinsic value achieved by the company. For example, in our company the management remuneration system is three-stage: 1. Availability of profit; 2. Excess ROE over the level of OFZ yield; 3. Excess of capitalization over the maximum of two: the size of the company's equity capital or the amount of profits multiplied by 7.

« Investors always appreciate the fact that the management of a joint-stock company is motivated to increase its value, since this is the most important component of shareholders' income.»

Investors, of course, are all sorts. I also consider myself an investor. But I do not approve of such motivation of management. It is necessary to tie the salaries of managers to the growth of share capital and the ROE indicator, while observing certain standards of the company's debt level and its leverage.