Sberbank has published Financial Statements in accordance with International financial reporting standards (IFRS) for 9m 2008
Sberbank has posted its interim condensed consolidated IFRS financial statements for 9 months 2008including a PriceWaterhouseCoopers review report.
The Sberbank Group’s net profit for 9 months 2008 totaled RUB90.2 bn, which is a 29.0% increase against the equivalent period last year. The main drivers of this growth were the increase of loan portfolio, rise in interest margin from operations with clients and increase of fee income, especially from transactions with individuals.
Sberbank Group’s ROA for 9 months 2008 was 2.2%, ROE for the same period comprised 17.9%.
Operating income before provision for loan impairment for 9 months 2008 grew by 40% year-on- year. The growth was driven by significant increase of interest income from operations with clients and growth of fee income.
Operating income of the Group for 9 months 2008 includes losses on operations with securities in the amount of RUB16.3 bn, generated mostly by unrealized revaluation losses on securities in the 3Q 2008. These losses were influenced by the decline of the global and the Russian financial markets. For the purpose of the condensed interim consolidated financial statements the management of the Sberbank Group decided not to adopt the amendment “Reclassification of financial assets” issued to IAS 39 “Financial Instruments: Recognition and Measurement” and IFRS 7 “Financial Instruments: Disclosures”.
Administrative and other operating expenses for 9 months 2008 increased by 24% year-on-year, including 22% staff costs growth for the same period. The Sberbank Group’s operating income shows higher growth rates than operating expenses.
As of 1 October 2008 the Sberbank Group’s total assets under IFRS reached RUB5,814.3 bn; this represents a 18.0% growth for 9 months 2008. The assets structure remains stable.
As of 1 October 2008 the non-performing loans (NPL) ratio was 1.52% (1.47% as of 1 July 2008). The Sberbank Group’s assets quality remains strong.
For 9 months of 2008 shareholders’ equity grew by 10.9% to RUB706.4 bn. As of 1 October 2008 the core capital adequacy ratio (Tier 1) under the Basel 1 was 12.7%, total capital adequacy ratio (Tier 1 and Tier 2) was 13.0%. The gradual decline of the capital adequacy ratios is driven by rapid growth of the loan portfolio and is in line with the Bank’s capital management policy.
Item in IFRS Statements
As of 1 October 2008
As of 1 January 2008
Assets, RUB bn
Shareholders’ Equity, RUB bn
Item in IFRS Statements
Net Profit, RUB bn