ifrs results 2015 - sberbank
TRANSCRIPT
March 2016
SBERBANK GROUP’S
IFRS RESULTS
2015
2 IFRS 2015
2015 SBERBANK`S ESTIMATES – ON TRACK
Efficiency Ratio Stable 43.6%
NIM (average) Moderate decline vs. 2014FY 4.4%
Net Fee & Commission Income
Growth ~20% 23.1%
Cost of Risk Below 300 bps 250 bps
ROE High single-digit 10.2%
Loans Growth
Corporate Slightly slower than the sector 8.6%
Retail Slightly better than the sector 2.4%
Deposits Growth Above sector`s growth 27.2%
Core Tier 1 CAR under Basel 1 for
Sberbank`s Group Above 9% 8.9%
EFFICIENCY
PROFITABILITY
BALANCE SHEET
AND CAPITAL
2015
GUIDANCE
2015
ACTUAL
3 IFRS 2015
STATEMENT OF PROFIT OR LOSS
STATEMENT OF FINANCIAL POSITION
SUMMARY OF PERFORMANCE FOR 2015
The Group’s total assets increased by 8.5%
Tier 1 capital adequacy ratio increased by 30 basis points to 8.9% compared to 8.6%
as at 31.12.2014
STATEMENT OF COMPREHENSIVE INCOME
The Group’s total comprehensive income reached RUB 365.8 bn, a 70.5% increase on RUB
214.6 bn for 2014
Net profit reached RUB 222.9 bn (or RUB 10.36 per ordinary share), a 23.2% decrease on RUB
290.3 bn (or RUB 13.45 per ordinary share) for 2014
Operating income before provision charge for impairment of debt financial assets reached
RUB 1,429.8 bn, a 9.9% increase on RUB 1,300.7 bn for 2014
Operating expenses increased by 10.3% year-on-year, and Cost to Income ratio increased to
43.6% versus 43.4% for 2014
Net interest margin continued recovering and reached 4.4% for 2015, but it is still 120 basis points
lower compared to 2014
Annualized cost of risk increased to 250 basis points compared to 230 basis points for 2014
4 IFRS 2015
2015
Operating income before provision charge for impairment of debt
financial assets 1,429.8 1,300.7 9.9%
Operating expenses -623.4 -565.1 10.3%
Net provision charge for loan impairment -473.1 -357.0 32.5%
Net profit 222.9 290.3 -23.2%
Total comprehensive income 365.8 214.6 70.5%
Earnings per ordinary share, RUB 10.36 13.45 -23.0%
Operating income before provision charge for loan impairment of debt
financial assets 418.6 351.0 19.3%
Operating expenses -191.7 -177.0 8.3%
Net provision charge for loan impairment -112.3 -103.4 8.6%
Net profit 72.6 49.0 48.2%
Total comprehensive income 133.7 6.5 1,956.9%
Earnings per ordinary share, RUB 3.40 2.32 46.6%
2014 Change
4Q’15 Change 4Q’14
RUB bn
RUB bn
HIGHLIGHTS OF 2015 (1)
5 IFRS 2015
2015
31.12.2015
Return on equity 10.2% 14.8% -4.6 pp
Return on assets 0.9% 1.4% -0.5 pp
Cost to income ratio 43.6% 43.4% 0.2 pp
Net interest margin* 4.4% 5.6% -1.2 pp
Assets 27,334.7 25,200.8 8.5%
Loans to customers (net) 18,727.8 17,756.6 5.5%
Due to customers 19,798.3 15,562.9 27.2%
Equity 2,375.0 2,020.1 17.6%
Tier I capital adequacy ratio (Basel I) 8.9% 8.6% 0.3 pp
Total capital adequacy ratio (Basel I) 12.6% 12.1% 0.5 pp
PLI rate (Provision for loan impairment to Total gross loans) 6.0% 4.7% 1.3 pp
31.12.2014 Change
Change 2014
*Net interest income to weighted average interest earning assets
RUB bn
HIGHLIGHTS OF 2015 (2)
6 IFRS 2015
290,3 222,9
2014 2015
KEY FINANCIAL INDICATORS
NET PROFIT
RUB bn
-23.2%
49,0 30,6
54,6 65,1 72,6
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
+48.2%
13,45 10,36
2014 2015
EARNINGS PER ORDINARY SHARE
RUB
-23.0%
2,32 1,42
2,50 3,04 3,40
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
+46.6%
+11.5%
+11.8%
7 IFRS 2015
1,4 0,9
2014 2015
KEY FINANCIAL INDICATORS
RETURN ON ASSETS (ROA)
%
-0.5 рр
0,9 0,5 0,9 1,1 1,1
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
14,8 10,2
2014 2015
RETURN ON EQUITY (ROE)
%
9,7 5,9
10,3 11,8 12,6
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
+0.2 рр
-4.6 рр +2.9 рр
+0 pp
+0.8 pp
8 IFRS 2015
1 019,7 988,0
259,2 319,0 21,8
122,8
2014 2015
Other gains/(losses)
Net fee and commission income
Net interest income
274,6 200,3 227,1 263,4 297,2
80,2
67,9 73,6
81,9 95,6
-3,8
36,7 38,1
22,2 25,8
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
OPERATING INCOME
OPERATING INCOME BEFORE PROVISION CHARGE FOR IMPAIRMENT OF DEBT FINANCIAL ASSETS
RUB bn
+9.9% +19.3%
1,300.7 1,429.8
338.8 367.5
418.6 351.0
304.9
+13.9%
• Decrease in net interest income for 2015 as compared to 2014 was compensated by solid growth of net fee and
commission income and other gains
9 IFRS 2015
10,3 10,4 10,1 10,2 9,9
5,4
3,7 4,2 4,7 4,9 4,9
6,8 6,2 5,8 5,3
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
Yield on interest earning assets
Net interest margin
Cost of funds
1 019,7 988,0
2014 2015
NET INTEREST INCOME
NET INTEREST INCOME
RUB bn
-3.1%
274,6 200,3 227,1 263,4 297,2
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
+8.2%
NET INTEREST MARGIN
%
+12.8%
• Net interest margin recovered in Q4 2015 to 4.9% as a result of interest expense decline following re-pricing of liabilities
10 IFRS 2015
1 031,2 1 371,6
637,6 713,7 169,1
194,3
2014 2015
INTEREST INCOME
INTEREST INCOME
RUB bn +24.0%
297,0 337,5 324,6 345,7 363,8
175,7 176,6 173,8 182,0 181,3 48,5 47,8 46,2 46,5 53,8
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
Corporate loans Loans to individuals Other
+14.9%
AVERAGE LOAN YIELDS
%
1,837.9 2,279.6
544.6 574.2 598.9 521.2 561.9
15,1 14,7 14,6 15,1 14,7
11,0 11,1 11,0 11,4 11,2
9,4 9,9 9,8 10,2 10,0
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
Loans to individuals
Total loans
Corporate loans
+4.3%
11 IFRS 2015
360,7 573,3
188,2
342,1 269,3
376,2
2014 2015
INTEREST EXPENSE
INTEREST EXPENSE
RUB bn +57.9%
84,7 119,7 139,4 155,0 159,2 67,1
110,8 78,7 73,9 78,7 94,8
131,1 99,4 81,9 63,8
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
Individual deposits Corporate deposits Other
+22.3%
AVERAGE CUSTOMER DEPOSIT COSTS
%
818.2
1,291.6 317.5 310.8 301.7 246.6
361.6
4,5
6,1
6,8 7,1 6,7
6,2
8,5
5,8 5,5 5,0
4,2
5,9 5,5 5,4
5,0
1,7 2,5 2,5
1,7 1,6
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
Individual term deposits
Corporate term deposits
Total customer costs
Current / settlement accounts
• The cost of funding increased in 2015 y-o-y as a result of liabilities re-pricing on the back of turbulence in the Russian
financial markets in Q4 2014 – Q1 2015
-2.9%
12 IFRS 2015
165,2 205,0
68,9
89,8 72,3
89,3
2014 2015
Other fee and commission income
Cash and settlement transactions with individuals
Cash and settlement transactions with legal entities
49,2 43,2 48,7 53,6 59,5
20,9 18,5
20,5 23,3
27,5 26,3
20,6 18,4
22,3
28,0
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
FEE AND COMMISSION INCOME
FEE AND COMMISSION INCOME
RUB bn +25.4% +19.3%
384.1
306.4 99.2
115.0
96.4
82.3 87.6
+15.9%
13 IFRS 2015
149,9 168,8
2014 2015
OPERATIONS WITH SECURITIES
INTEREST INCOME ON SECURITIES
RUB bn +12.6%
41,6 41,5 40,1 41,2 46,0
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
+10.6%
-10,1
23,0
2014 2015
NET GAINS/ (LOSSES) FROM TRADING OPERATIONS AND REVALUATION OF SECURITIES
RUB bn +327.7%
-12,5
5,6 6,5 2,9
8,0
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
+164.0%
+11.7%
+175.9%
14 IFRS 2015
318,8 346,0
246,3 277,4
2014 2015
OPERATING EXPENSES
OPERATING EXPENSES
RUB bn +10.3%
89,9 86,0 81,8 79,1 99,1
87,1 53,7 64,8 66,3
92,6
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
Other operatingexpenses
Staff costs
+8.3%
565.1 623.4
146.6 145.4 191.7 177.0
139.7
79% 77%
21% 23%
2014 2015
SHARE OF SBERBANK AND ITS SUBSIDIARIES IN OPERATING EXPENSES
%
80% 77% 78% 77% 78%
20% 23% 22% 23% 22%
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
Share ofsubsidiaries
Sberbank's share
+31.8%
15 IFRS 2015
44,6 47,8
29,7 36,0 18,8
27,1
95,0 100,1
58,2
66,4
2014 2015
Administrative and operating lease expenses
Depreciation, repair and maintenance of premises and equipment
Telecommunication expenses
Taxes other than on income
Other expenses
15,4 10,3 9,6 12,7 15,2
13,9 5,1 8,5 8,4
14,0
7,9
3,2 6,5 6,2
11,2
29,3
22,0 24,7 23,2
30,2
20,6
13,1
15,5 15,8
22,0
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
OTHER OPERATING EXPENSES
OTHER OPERATING EXPENSES
RUB bn +12.6%
+6.3%
277.4
246.3
64.8 66.3
92.6 87.1
53.7
+39.7%
16 IFRS 2015
275,7 272,3 269,4 271,6 271,2
53,9 53,7 55,4 56,6 59,5
31.12.2014 31.03.2015 30.06.2015 30.09.2015 31.12.2015
Subsidiaries
Sberbank
OPERATING EXPENSE STRUCTURE AND HEADCOUNT
OPERATING EXPENSES STRUCTURE
RUB bn
ACTUAL HEADCOUNT
thousands
4Q’14 1Q’15 2Q’15 3Q’15 4Q’15
Staff costs, Sberbank 70.9 69.1 64.5 63.4 78.3
Staff costs, subsidiaries 19.0 16.9 17.3 15.7 20.8
Other operating expenses, Sberbank 71.8 38.3 48.6 49.1 72.0
Other operating expenses, subsidiaries 15.3 15.4 16.2 17.2 20.6
+0.3%
324.8 330.7 328.2 329.6 326.0
+0.8%
17 IFRS 2015
357,0
473,1
2,3% 2,5%
2014 2015
NET PROVISION CHARGE FOR LOAN IMPAIRMENT
NET PROVISION CHARGE FOR LOAN IMPAIRMENT AND COST OF RISK
RUB bn
103,4 114,9 117,5
128,4 112,3
2,4% 2,5% 2,6% 2,8%
2,3%
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
135,4 146,1
2014 2015
WRITE-OFFS AGAINST PROVISION FOR LOAN IMPAIRMENT
RUB bn +7.9%
70,2 15,8 41,7
23,5
65,1
4Q'14 1Q'15 2Q'15 3Q'15 4Q'15
-7.3%
• The main drivers of the higher risk charge in 2015 is attributable to the FX effect of provisions for foreign currency
loans, additional provisions for Ukrainian borrowers due to deterioration of the Ukrainian economy and general
deterioration of the Group loan quality
+177.0%
18 IFRS 2015
12,933,7
17,756,6 18,727,8
2,141,2
2,231,9 2,906,0
1 327,0
2,308,8 2,333,6
1 808,4
2,903,5 3,367,3
31.12.2013 31.12.2014 31.12.2015
Other assets
Cash and cash equivalents
Securities
Loans and advances to customers
ASSET DYNAMICS AND STRUCTURE
ASSETS
RUB bn
+8.5%
25,200.8
18,210.3
27,334.7
+50.1%
71% 70% 69%
12% 9% 11%
7% 9% 8%
10% 12% 12%
31.12.2013 31.12.2014 31.12.2015
ASSET STRUCTURE
%
• As of December 31, 2015, interest-earning assets represented 85.6% of the Group’s total assets
19 IFRS 2015
9,026,5 10,368,0
4,752,3 4,590,7
31.12.2014 31.12.2015
Specialized loansto legal entities
Commercial loansto legal entities
CORPORATE LOAN PORTFOLIO STRUCTURE
RUB bn
LOAN PORTFOLIO (1)
14,958.7 13,778.8
+8.6%
2,269,8 2,554,6
170,4 142,0 538,8
587,2
1,868,3 1,681,8
31.12.2014 31.12.2015
Consumer andother loans
Credit cards &overdrafts
Car loans
Mortgage loans
RETAIL LOAN PORTFOLIO STRUCTURE
RUB bn
11% 4%
47%
34%
3%
51%
4,847.3 4,965.6
+2.4%
13,544,0
18,626,1 19,924,3
31.12.2013 31.12.2014 31.12.2015
LOAN PORTFOLIO BEFORE PROVISIONS
FOR LOAN IMPAIRMENT
RUB bn
+7.0%
+47.1%
38%
12%
• Increase in corporate loan portfolio to a large
extent was driven by the increase in commercial
loans by 14.9% for 2015
• Mortgage loan portfolio grew by 12.5% for 2015
34%
66%
31%
69%
20 IFRS 2015
64,5 60,5
22,6 25,5
12,9 14,0
31.12.2014 31.12.2015
Other currencies
US dollars
Roubles
LOAN PORTFOLIO (2)
CURRENCY BREAKDOWN
%
24,9%
19,3%
10,7%
5,9%
5,3%
4,9%
4,4%
3,6%
3,5%
3,1%
2,9%
2,2%
9,3%
Individuals
Services
Trade
Energy
Food and agriculture
Machinery
Metallurgy
Construction
Transport
Oil and gas
Chemical
Telecommunications
Other
INDUSTRY BREAKDOWN
%, as of 31 December 2015
15,5 14,6
13,7 12,6
29,6 32,7
41,2 40,1
31.12.2014 31.12.2015
> 3 years
1-3 years
6-12 months
< 6 months
MATURITY BREAKDOWN
%
21 IFRS 2015
4,7% 5,2% 5,8% 6,0% 6,0%
31.12.14 31.03.15 30.06.15 30.09.15 31.12.15
PROVISIONS FOR LOAN IMPAIRMENT (PLI)
TO TOTAL LOANS
%
LOAN PORTFOLIO QUALITY (1)
NON-PERFORMING LOANS AND
PROVISION FOR LOAN IMPAIRMENT
RUB bn
870 949
1 025 1 144 1 197
600 710
872 1 037 993
31.12.14 31.03.15 30.06.15 30.09.15 31.12.15
Provision for loan impairment
Non-performing loans
Non-performing loan comprises total exposure, should there be any payments (principal and/or interest) overdue more than 90 days as of the reporting date
1,4 1,3 1,2 1,1 1,2
31.12.14 31.03.15 30.06.15 30.09.15 31.12.15
NPL COVERAGE RATIO
(PLI TO NON-PERFORMING LOANS)
3,2% 3,9%
4,9% 5,4% 5,0%
31.12.14 31.03.15 30.06.15 30.09.15 31.12.15
NON-PERFORMING LOANS
IN LOAN PORTFOLIO
%
22 IFRS 2015
LOAN PORTFOLIO QUALITY (2)
RENEGOTIATED LOANS AND
THEIR SHARE IN TOTAL LOANS
RUB bn
2 452,5 2 518,3 2 722,0 3 296,7 3 423,8
13,2% 13,8% 15,3%
17,3% 17,2%
31.12.14 31.03.15 30.06.15 30.09.15 31.12.15
Total gross renegotiated loans
Renegotiated loans to total loans (gross)
NPLs SHARE IN RENEGOTIATED LOANS
AND PROVISION COVERAGE OF
RENEGOTIATED NPLs
%
81,1% 80,0% 78,4% 78,6% 76,6%
5,6% 6,8%
9,2% 10,3%
11,0%
31.12.14 31.03.15 30.06.15 30.09.15 31.12.15
Provision coverage ratio of grossrenegotiated non-performing loans
NPLs in total gross renegotiated loans
23 IFRS 2015
46,0% 40,0%
33,3% 28,7%
34,7%
35,0% 39,7%
37,4%
17,1% 20,9%
20,1% 25,2%
2,2% 4,1% 7,0% 8,7%
31/03/2015 30/06/2015 30/09/2015 31/12/2015
Black
Red
Yellow
Green
LOAN PORTFOLIO QUALITY (3)
RENEGOTIATED LOAN PORTFOLIO STRUCTURE
TOP 100 BORROWERS, %
Top 100 renegotiated borrowers` share in total renegotiated portfolio in Russia (under management accounts):
87% 77% 85% 83%
~66.1% - performing well, no overdue
8.7% - faced problems with delays on
payments
25.2% - problems that we see or
expect (possibly not NPLs)
24 IFRS 2015
1 548,1 1,638,4 2,023,6
27,8 86,7
245,7
112,5 48,9
86,6
452,8 457,9
550,1
31.12.2013 31.12.2014 31.12.2015
Investment securities held to maturity
Trading securities
Securities as designated at fair value through profit or loss
Investment securities available for sale
SECURITIES PORTFOLIO
SECURITIES BY PORTFOLIO
RUB bn
+30.2%
2,141.2
2,906.0
+35.7%
946,1 807,9 872,2
139,6 217,3 325,7 120,0 93,3
76,4
707,9 712,7
1 156,9 169,5 355,5
413,0
58,1 45,2
61,8
31.12.2013 31.12.2014 31.12.2015
Other securities
Foreign government bonds
Corporate bonds
Municipal bonds
Eurobonds RF
OFZ bonds
SECURITIES BY TYPE
RUB bn
2,231.9 2,141.2
2,906.0
2,231.9
25 IFRS 2015
424,7 769,5 806,5
8,435,8 9,328,4 12,043,7
3,628,4
6,234,5
7,754,6
2 111,3
3,640,0
1,045,9
1 728,7
3 208,3 3 309,0
31.12.2013 31.12.2014 31.12.2015
Other
Due to banks
Due to legal entities
Due to individuals
Subordinated debt
LIABILITIES DYNAMICS AND STRUCTURE
LIABILITIES
RUB bn
+7.7%
24,959.7
16,328.9
23,180.7
+52.9%
60,0 53,2
10,1 11,1
22,6 28,7
7,3 7,0
31.12.2014 31.12.2015
Other currencies
US dollars
Euro
Roubles
CUSTOMER DEPOSITS BY CURRENCY
%
44,9 48,0
11,8 9,5
33,8 35,7
9,5 6,8
31.12.2014 31.12.2015
> 3 years
1-3 years
6-12 months
< 6 months
CUSTOMER DEPOSITS BY MATURITY
%
• Retail deposits remained the Group’s main source of funding comprising 48.3% of total liabilities
26 IFRS 2015
2,020,1 2,375,0
31.12.2014 31.12.2015
SHAREHOLDERS’ EQUITY AND CAPITAL ADEQUACY
GROUP’S EQUITY
RUB bn
2,007,8 2,226,7
827,5 924,5
31.12.2014 31.12.2015
Tier 2
Tier 1
CAPITAL, BASEL 1
RUB bn
+17.6%
2,835.3
• Capital adequacy ratios according to the CBR requirements as of December 31, 2015, was N1.0 11.9%
3,151.2
+11.1%
8,6 8,9
3,5 3,7
31.12.2014 31.12.2015
Tier 2
Tier 1
CAPITAL ADEQUACY RATIO, BASEL 1
%
12.1 12.6
23,365,0 24,995,5
31.12.2014 31.12.2015
RISK-WEIGHTED ASSETS
RUB bn +7.0%
27 IFRS 2015
2016 MACROECONOMIC AND SECTOR HIGHLIGHTS
Source: Rosstat, Sberbank`s Center for Macroeconomic Research
• Russia`s economic slowdown would continue in 2016 in-line with the decline in domestic demand
• Capital investment decline is expected to continue due to high economic uncertainty
• Inflation is expected to slow down in 2016 due to the weak demand and waning exchange rate pass-through
• Net capital outflow in 2016 is expected to decrease to $46 bn compared to $57 bn in 2015
GDP GROWTH
USD/RUB
INFLATION
y-o-y, average, %
average, RUB
for the period, $ bn
average, %
CAPITAL OUTFLOW
-2.2
77.4
8.5
-46
OIL $35 (Urals, average)
LOANS TO CORPORATES
LOANS TO INDIVIDUALS
RETAIL DEPOSITS
y-o-y, nominal, %
y-o-y, nominal, %
y-o-y, nominal, %
y-o-y, nominal, %
CORPORATE DEPOSITS
~6-8
~ -3-5
~16-18
~12-14
28 IFRS 2015
2016 SBERBANK`S ESTIMATES
EFFICIENCY
PROFITABILITY
BALANCE SHEET
AND CAPITAL
Efficiency Ratio Better than 2015FY
NIM (average) Moderate improvement y/y
Fees & Commissions Growth High teens
Cost of Risk c.250-300 bps
ROE Low- to mid-teens
Loans Growth
Corporate In line with the sector
Retail Better than the sector
Deposits Growth In line with the sector
Core Tier 1 CAR under Basel 1 for Sberbank Group Above 9%
OIL $35 (Urals, average)
29 IFRS 2015
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