Sberbank ups Q1 IFRS net profits 6% to 92.2 bln rubles
MOSCOW. May 30 (Interfax) - Sberbank of Russia made 92.2 billion rubles in net profits in the first quarter of this year, a 6% year-on-year increase from 86.8 billion rubles in the first three months of last year, a statement issued by the bank says.
Analysts surveyed by Interfax had projected that Sberbank would have made 84.8 billion rubles in net profits for the quarter, a 2.3% decrease.
Net interest revenue climbed 24.9% to 156.3 billion rubles in the first quarter of 2012 and net commission revenue rose 22.9% to 39.2 billion rubles.
The net interest margin was 6%, which corresponds with the margin in the first quarter of 2011. The net interest margin reached 6.7% in the fourth quarter of 2011.
The bank increased operating revenue, prior to deduction of provisions, 25.9% to 207.7 billion rubles. Operating expenses climbed 34.6% to 96.1 billion rubles. Spending on personnel jumped 20.6% to 57.3 billion rubles.
The cost income ration reached 46.3%, compared to 43.3% in the first quarter of 2011.
Interest revenue grew 26.2% to 249.7 billion rubles and interest spending rose 29.3% to 93.4 billion.
Net revenue from restoration of provisions was 3.2 billion rubles, compared to 14.2 billion in the first quarter of 2011.
Other operating revenue, including net revenue from transactions with securities, foreign currency, derivatives and precious metals, surged 52.9% to 15.6 billion rubles.
The bank said spending on operations and revaluation of foreign currency of 3.6 billion rubles include revenue from operations with foreign currency of 600 million rubles and losses from foreign currency revaluation of 7 billion rubles as well as revenue from transactions with foreign currency derivatives of 2.8 billion rubles.
Assets reached 11.64 trillion rubles, up 7.4%.
The bank expanded its loan portfolio, prior to deduction of provisions, 6.1% to 8.9 trillion rubles. The loan portfolio, after deduction of provisions, climbed 6.8% to 8.38 trillion rubles.
Retail loans, prior to deduction of provisions, climbed 14% to 2.06 billion on March 31 2012 and corporate loans rose 4% to 6.84 trillion rubles. The bank noted that the main source of loan portfolio expansion was a significant increase in demand for retail loans.
The share of non-performing loans (NPL) fell to 4.8% on March 31 2012, compared to 4.9% at the start of the year.
Loan portfolio provisions fell 1.4% to 652.9 billion rubles. The share of provisions in the loan portfolio was 7.3% at the end of the quarter and 7.9% at the beginning.
Restructured loans, prior to deduction of provisions, stood at 1.23 trillion rubles, or 13.8% of the consolidated loan portfolio, on March 31 2012 (1.03 trillion on December 31 2011 or 12.3% of the portfolio).
The bank reduced its securities portfolio 1.7% in the first quarter to 1.6 trillion rubles. OFZ accounted for 42.3% of the portfolio on march 21 2012. Corporate bonds went up from a 31.7% share at the start of 2012 to 33.9% on March 31 2012.
Liabilities increased 7.3% to 10.26 trillion rubles. Retail deposits made up 57.1% of bank liabilities. Retail deposits climbed 2.4% to 5.86 trillion rubles and corporate deposits rose 8.4% to 2.39 trillion rubles.
The bank said the cost of loans grew in the first quarter largely due to a rise in the cost of corporate client funds to 3.9% from 3.5% in the third and fourth quarter of 2011.
Equity reached 1.37 trillion rubles on March 31 2012, up 8.6% in the first quarter. The capital adequacy ratio was at 11.8% on March 31 2012 compared to 11.6% at the start of the year. The first-tier capital adequacy ratio grew to 15.4% from 15.2%.
Return on equity was 27.9% in January-March 2012, compared to 33.6% in the same period of 2011 and return on assets fell to 3.3% from 4%.
