Sberbank net profit plunges to 17.1 bln rubles
MOSCOW. Nov 24 (Interfax) - Sberbank Russia posted a net profit of 17.1 billion rubles in January-October 2009 under Russian accounting standards compared with a profit of 113 billion rubles in the same period last year, Russia's biggest bank said in a statement.
It was reported earlier that the net profit in the first nine months of the year was 9.1 billion rubles, indicating that the profit in October was 8 billion rubles.
Overdue loans (excluding cessions) totaled 4.0% of the loan portfolio as of November 1, up from 3.7% as of October 1.
Sberbank increased reserves 8.1% to 305.04 billion rubles as of November 1, up from 282 billion rubles a month earlier.
Sberbank's assets in the nine months went practically unchanged and came to 6.727 trillion rubles on November 1.
The bank's loan portfolio for companies and organizations increased by 9.2% in January-October to 4.346 trillion rubles. In the ten months, the bank provided 3.3 trillion rubles in loans, 340 billion rubles of which were in October. The press release said that Sberbank had shown substantial growth in its loan portfolio for corporate clients in comparison with the rest of the banking sector. This allowed the bank to increase its market share from 30.5% to 32.3%. In addition, Sberbank said that the main factor defining the possibility of increasing its loan portfolio remains low demand for loans on the part of Russian companies because of decreased business activity in the country.
The share of restructured loans in Sberbank's portfolio came to 12.4% as of November 1, up from 11.6% at the start of October.
The portfolio for corporate clients at Sberbank continued to increase. In January-October, it went down by 7% to 1.17 trillion rubles. However, in the second half of the year, the bank's retail loan portfolio has been stabilizing. At the end of October, this indicator had increased in some areas. Overall, Sberbank's retail loan portfolio had reached by just 0.05% in October, or 500 million rubles.
Leftover funds in enterprise accounts over the ten months decreased by 8% (down 6.7%in the nine months) to 1.656 trillion rubles against 1.8 trillion rubles at the start of 2009.
Total individual accounts continued to increase, going by 10.7% to 3.459 trillion rubles in the nine months. In October, the bank boosted the rate of deposit growth, which brought its share on the Russian market back to 51.9% as at the start of the year. It was earlier reported that at the end of September, Sberbank's stake came to 50%.
Sberbank's equity (tabulated at the Central Bank of Russia as N215-P) increased by 15.9% to 1.34 trillion rubles in January-October. In October, capital increased by 0.4%, which allowed the bank to maintain capital sufficiency at 23%.
Sberbank's securities portfolio in January-October increased by 60%, which was possible thanks to acquisition of Russian issues. That banks' total investment in corporate securities soared by 220% to 369 billion rubles. Active acquisition of corporate bonds changed the structure of the bank's securities portfolio: the share of corporate bonds increased from 17% to 35% since year's start while the share of stat securities and sub-federal bonds shrank from 61% to 80%.