15 Dec 2010 15:49

Sberbank boosts RAS earnings 8.3-fold to 152.5 bln rubles in 11M

MOSCOW. Dec 15 (Interfax) - Sberbank boosted net profit to Russian Accounting Standards (RAS) 8.3-fold year-on-year in January-November 2010 to 152.491 billion rubles, the bank said in a statement.

Net profit was 126.2 billion rubles in January-October, so it must have been 26.25 billion rubles in November alone. Net profit was 18.456 billion rubles in January-November 2009.

Overall loan-loss provisions increased to 689.2 billion rubles as of December 1, from 684.6 billion rubles a year previously. Charges for loan provisions came to 112.8 billion rubles in the 11M, compared with 109.8 billion rubles in January-October 2010.

Past-due loans accounted for 5.2% of the loan book as of December 1, down from 5.7% on November 1. "This is the biggest drop since the start of the crisis," the bank's vice president, Alexander Morozov, told Interfax. "We expect the ratio to continue to improve," he said.

Sberbank said its assets grew 15.5% to 8.21 trillion rubles in the 11M and 3% or by 246 billion rubles in November.

The corporate loan portfolio grew 10% in the 11M and 2% in November to 4.672 trillion rubles. Lending in November alone came to 380 billion rubles, and lending in the 11M topped 3.7 trillion rubles.

The retail loan portfolio rose 8.9% in the 11M and 1.05% in November to 1.273 trillion rubles. Retail lending in November totaled 70 billion rubles and lending in the 11M topped 630 billion rubles.

Pasty-due loans accounted for 4.1% of the retail loan portfolio as of December 1, and Sberbank expects this to remain the case as of the end of 2010, its head of retail lending Natalya Karaseva, told reporters.

Karaseva said the retail NPL ratio had been constant for some months. It could improve "significantly" in 2011, she said, without elaborating.

The bank expects retail lending to grow 10%-12% in 2010 as a whole, and 20%-23% in 2011, Karaseva said.

Sberbank said its securities portfolio decreased by 43 billion rubles in November to 1.857 trillion rubles, with corporate securities rising to 19% and government securities falling to 69% of the portfolio.

Net interest income was level with 11M 2009 at 412.6 billion rubles. Net commission income rose 12.7% to 140 billion rubles.

Operating costs grew 16.1%.