Sberbank, the largest bank in Russia and Eastern Europe, recently announced the highlights of its income statement for the first 11 months of 2013 as compared to the same time period in 2012.
Among the key highlights was a growth in net interest income of 16.2 percent year-on-year. Interest income increased by $6.51 billion, driven primarily by loan portfolio growth, while interest expenses grew by grew by $3.74 billion, 60 percent of which was attributed to retail deposit expenses.
Net fee and commission income also grew, up by 14.5 percent year-on-year.
Noncredit commissions' income growth outpaced the growth rate of net interest income, increasing 20.0 percent compared to 16.2 percent, respectively. Noncredit commissions reached $5.65 billion, $2.55 billion of which was contributed by transactions with bank cards and acquiring.
Operating income before total provisions increased by 15.6 percent year-on-year, amounting to $27.04 billion. Operating expenses increased by 11.5 percent year-on-year - the slowdown in OpEx growth was related to initiation of the cost optimization program. C/I ratio improved from 40.3 percent for 11M 2012 to 38.9 percent for 11M 2013.
Total provision charges amounted to $3.45 billion for 11M 2013 compared to $1.26 billion a year earlier. Profit before tax amounted to $13.08 billion compared to $12.71 billion for 11M 2012, and net profit reached $10.64 billion for 11M 2013, up 5.5 percent year-on-year.
In addition, assets increased by $12.51 billion in November, or 2.7 percent, mainly due to growth of loan portfolio and amounts placed in securities.
Headquartered in Moscow, Sberbank offers a full range of savings, investment, and lending services.
- ASIAN DEVELOPMENT BANK: ADB, Tonga Sign Grant Agreement for Ongoing Urban Project
- ANELIK BANK - ARMENIA: Order a free Idram Rocket Visa Card and get 2 KinoPark invitations
- ACBA-CREDIT AGRICOLE BANK: French-Armenian Doctors Program in Tavush
- CENTRAL BANK OF AZERBIJAN: On results of deposit auction on attraction of funds by the Central Bank
- CARTUBANK - GEORGIA: Card tariffs
- ASIAN DEVELOPMENT BANK: ADB President Reaffirms Strong Support to Maldives
- ROSBANK - RUSSIA: Rosbank will keep zero service fee for money transfers via Faster Payments System
- BELARUS MINISTRY OF FOREIGN AFFAIRS: Ambassador of Belarus V.Kolesnik meets the Deputy Secretary-General of ASEAN
- BANK OF GEORGIA: The Bank of Georgia has received the Global Finance Award for "Best Internet Banking for Businesses in Central and Eastern Europe"
- FIRST UKRAINIAN BANK - UKRAINE: FUIB doubled sales of OSAGO insurance policies