Net profit of Sberbank for the first nine months increased by more...

Net profit of Sberbank for the first nine months increased by more than 2.5 times

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Photo: Oleg Yakovlev/RBC

Net profit of Sberbank for January—September amounted to 400,1 billion rubles – more than 2.5 times more than in the same period last year. In the third quarter, the Bank earned a profit of 137 billion rubles.

Net profit of Sberbank under international financial reporting standards (IFRS) in the third quarter of 2016 amounted to 137 billion rubles, of 6.36, or RUB per ordinary share, announced the Bank. Compared to the same period last year increased by 110.4 per cent. The Bank’s net profit for the first nine months of 2016 amounted to 400,1 billion RUB, an increase of 166,2% compared to the same period in 2015.

Sberbank says that normalized net profit for the third quarter excluding profits from the sale of subsidiaries of Sberbank Slovensko a.s. would have amounted to 134 billion rubles., that is correlated with the same indicator for the second quarter (133.2 mln) excluding gain from the sale of “Krasnaya Polyana”, which owns the ski resort “Gorki Gorod”.

Net interest income of the savings Bank for the third quarter of 2016 made 342,8 bln., which is 30.1% more than last year. “Due to the growth in net interest income, stabilization of asset quality and strengthening cost control, our results continued to demonstrate positive dynamics in the previous two quarters. Strong results for the first nine months of 2016, provide a solid base and allow our team to successfully develop the business in future”, — said Deputy Chairman of Sberbank Alexander Morozov.

Loans to individuals for the nine months increased by 1.4%, reaching to 30 September 2016 5,034 trillion rubles corporate loans in this period fell 6%, to 14,062 trillion rubles.

The Bank’s loan portfolio, net of impairment allowance fell by 0.9%, to 17.8 trillion rubles in the third quarter of 2016 to the second quarter of this year. The decrease in the corporate portfolio is partially influenced by the revaluation of the currency portfolio. On the dynamics of credit portfolio of individuals is mostly influenced by the growth of mortgage loans (by 2.3% in the third quarter).

Customer funds in the third quarter declined 0.9% compared with the previous quarter, mainly in the segment of corporate funds (a decrease of 4.5% compared to the second quarter). This happened due to the strengthening of the ruble, and optimization of the structure of attracted funds. In the third quarter, the structure of customer funds remained almost flat compared to the second quarter: the share of funds on current accounts of total customer funds stood at 25.3%.