Net profit of Sberbank for the first half grew 2.8 times compared to the same period last year and amounted to 229,4 billion rubles, said in the press release of Sberbank. An important indicator is the return on capital, which in the second quarter, the savings Bank amounted to 24% in annual terms, and this is a very good level, says the Analyst of Fitch Dmitry Vasiliev. Last year the figure was less than 8%.
Basically the Bank’s profit formed by reducing funding costs and cost of risk, says Vasiliev. Bank charges for reserves in the first half amounted to 146.2 billion rubles. against of 175.9 billion RUB, the company informed. Analyst PSB Dmitry Monastyrshin notes that the Bank managed to maintain the current level of the ratio of provisions to arrears that have had a positive impact on the financial results.
Sberbank has cut expensive funding, the Central Bank on 61 billion in June, and as a whole on July 1, the share of state funding amounted to 0.4% of total liabilities. The funds of the citizens rose in June to 112 billion rubles to 10.87 trillion rubles of company Funds also fell by 305 billion roubles to 6.2 trillion roubles, However, the outflow of companies is not critical, because customer funding at the expense of the population steadily, Monastyrshin speaks. In addition, the Bank is the repayment of the corporate loan portfolio, which provides liquidity, the analyst adds.
Amid falling interest rates on deposits, the savings Bank restores the net interest margin, Monastyrshin speaks. Net interest income of the Bank amounted to 542,9 billion rubles, 62.6% more than in the same period last year. Also, the Bank grew net fee and Commission income of the Bank increased by 25.9% to 147,5 billion roubles mainly due to operations with Bank cards, card acquiring, cash management services, bancassurance.
Overall, current financial results are very good, they are difficult to significantly improve, says Dmitry Vasiliev. “According to our forecasts, the picture in the next half a year will remain the same, if not unexpected problems with asset quality, particularly among large borrowers”, — predicts analyst. In turn, Monastyrshin expects further growth in profits of the savings Bank, which will be supported by lower rates on deposits against the background of slowing inflation.