Sberbank's profit in eight months has fallen more than double

Sberbank was the first of Russian banks to publish reports on Russian standards on September 1. The net profit of Sberbank of Russia according to Russian accounting standards in August 2015 amounted to 19.6 billion rubles against 10.9 billion in July. The growth of the indicator was 1.8 times.

The net profit for eight months of 2015 amounted to 112.0 billion against 252.6 billion rubles a year ago, decreasing 2.3 times, the credit institution said .

The ratio of operating expenses to income to reserves in eight months amounted to 39.5% versus 40.7% in seven months.

For eight months, interest income increased by 25.3%, interest expenses increased by 80.5%.

Profit before paying income tax for eight months amounted to 142.7 billion rubles against 318.0 billion a year ago.

It is noted that in August there was a noticeable weakening of the ruble (the ruble exchange rate in relation to the dollar changed by 12.7%, to the euro - by 16.1%), which entailed a positive revaluation of the currency component of the bank accounts of the bank.

The bank’s net interest income for eight months of 2015 amounted to 468.3 billion rubles - 17.6% less than the same period last year.

Interest revenues increased by 255.1 billion rubles, or by 25.3%, mainly due to the growth and profitability of the loan portfolio of legal entities and due to the growth of the volume of the loan portfolio of individuals.

The costs of total reserves for January-August amounted to 277.8 billion rubles against 189.1 billion rubles a year earlier. In August, the costs of reserves amounted to 57.1 billion rubles, more than half of them were associated with the weakening of the ruble exchange rate, which entails the incapation of reserves for foreign exchange loans without a deterioration in quality for them. The reserves created on the balance sheet exceed overdue debt twice, Sberbank notes.

Assets in August increased by 4.6% and amounted to 21.6 trillion rubles. The growth of assets was influenced by a positive reassessment of the currency component as a result of the weakening of the ruble.

In August, the bank provided corporate customers loans worth more than 0.5 trillion rubles. For eight months of 2015, 3.5 trillion rubles were issued.

Lending volumes of private customers are growing. In August, they issued about 110 billion rubles, from the beginning of the year - about 750 billion rubles.

The share of overdue debts in the credit portfolio of customers for August remained at 3.0%. The level of overdue debt in Sberbank remains half as much as the average for the banking system, the message says.

The funds of individuals in August increased by 277 billion rubles, or by 3.0%. The balance of individuals on September 1, 2015 amounted to 9.7 trillion rubles. Since the beginning of this year, the funds of individuals have increased by 1.1 trillion rubles, or by 13.4%, while over the same period last year, the portfolio increase did not exceed 1%.

The funds of legal entities in August increased by 561 billion, or by 10.8%, both due to the influx of customer funds to the bank, and due to a positive reassessment of foreign exchange residues due to weakening the ruble. The total balance of legal entities in all currencies on September 1, 2015 amounted to 5.8 trillion rubles.