"Открытие Капитал": Sberbank: 9M12 RAS numbers – sustainable profitability // ПОКУПАТЬ

5 октября 2012 года

Акция:

SBER, Сбербанк

Аналитик:

АО "Открытие Брокер"

Sberbank released its 9M12 RAS (unconsolidated) financial results today (5 October). Net profit in September was at RUB29.9mn, in line with the YtD monthly average. For 9M12, net profit was up 6% YoY (RUB269bn). Net interest income for 9M12 was strong at RUB467bn (+26% YoY). Net interest income for September was RUB56.1bn, which is an all-time high. Fee income added RUB21bn in September, with the 9M12 aggregate rising 17% YoY. Sberbank continued to charge provisions for loan losses, but at a slow pace in September – only RUB4bn. Operating costs were up 22.6% YoY. On the balance sheet side, retail loans increased 2.2% MoM, while corporate loans added only 0.7% MoM. Retail deposits shed 0.1% in September; and on the positive side, corporate deposits continue to add nicely (+2.4% MoM). Provisions declined to 6.7% of gross loans (7.7% at the start of the year). The statutory N1 CAR was at 12.1%, down from 12.5% in August.

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