07.10.2016, 18:34
Bank Earned Net Profit of RUB53.9 bn in September
OREANDA-NEWS. Sberbank releases Financial Highlights for 9M 2016 (under RAS; non-consolidated).
Net interest income came at RUB829.5 bn: Interest income increased by 5.6%, mostly driven by the increase in volume of working assets; Interest expense came down by 21.9% due to substitution of state funding with clients` funds and decrease in market rates compared to 9M 2015.
Fee and commission income was up by 21.7% to RUB227.5 bn compared 9M 2015, driven by transactional business with bank cards and acquiring, where volumes increased both due to the growing number of cards issued by the bank, and due to increased penetration of digital services. Income from bank insurance also contributed to Fee and commission income.
Operating expense increased by 13.3%, which was significantly slower than pre-provision operating income growth (32.9%). The increase in operating expenses was driven by continuing wages indexation. Cost-to-Income ratio decreased from 38.9% for 9M 2015 to 33.2% for 9M 2016.
Total provision charges amounted to RUB4.5 bn in September. Significant impact on the reserves in September was due to the strengthening of the ruble against major foreign currencies, as well as progress in resolving problem debts. Total provision charge for 9M 2016 amounted to RUB218.2 bn, or 72% of 9M 2015 figure. The Bank continues to form loan-loss provisions in-line with the requirements of the Central Bank of Russia.
Net profit before income tax came at RUB487.4 bn. Net profit totaled RUB376.7 bn.
Total comprehensive income which includes the income from revaluation of financial assets available-for-sale and held-to-maturity, amounted to RUB444.8 bn.
Net interest income came at RUB829.5 bn: Interest income increased by 5.6%, mostly driven by the increase in volume of working assets; Interest expense came down by 21.9% due to substitution of state funding with clients` funds and decrease in market rates compared to 9M 2015.
Fee and commission income was up by 21.7% to RUB227.5 bn compared 9M 2015, driven by transactional business with bank cards and acquiring, where volumes increased both due to the growing number of cards issued by the bank, and due to increased penetration of digital services. Income from bank insurance also contributed to Fee and commission income.
Operating expense increased by 13.3%, which was significantly slower than pre-provision operating income growth (32.9%). The increase in operating expenses was driven by continuing wages indexation. Cost-to-Income ratio decreased from 38.9% for 9M 2015 to 33.2% for 9M 2016.
Total provision charges amounted to RUB4.5 bn in September. Significant impact on the reserves in September was due to the strengthening of the ruble against major foreign currencies, as well as progress in resolving problem debts. Total provision charge for 9M 2016 amounted to RUB218.2 bn, or 72% of 9M 2015 figure. The Bank continues to form loan-loss provisions in-line with the requirements of the Central Bank of Russia.
Net profit before income tax came at RUB487.4 bn. Net profit totaled RUB376.7 bn.
Total comprehensive income which includes the income from revaluation of financial assets available-for-sale and held-to-maturity, amounted to RUB444.8 bn.
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