Sberbank has increased its net profit by 2.4 times

Sberbank has increased its net profit by 2.4 times

Moscow. 8 Nov. Sberbank of Russia in January-October 2016, increased its net profit by 2.4 times – up to 429,8 billion compared to 178,3 billion for the first 10 months of 2015, the Bank said. In October 2016 the savings Bank received a net profit of 53.1 billion against RUB 33.9 billion for the same period in 2015.

The main growth provide operations with Bank cards and acquiring. In addition, the increased income from the banking insurance and settlement services”, – stated in the press release of Sberbank.

Operating expenses increased by 12.3% compared to the 10 months of 2015 and amounted to 392 billion rubles. As explained by the Bank, the low growth in operating costs achieved due to the indexation of wages of employees. “The Bank continues to implement a program to improve efficiency and reduce their operating costs,” – said in a press release. The ratio of cost to income declined from 39% in January-October, 2015 to 33.1% for the same period in 2016.

The corporate loans portfolio from the beginning of year has decreased on 5,3% – to 11.61 trillion rubles. During the same period, the retail portfolio grew by 3.9% and amounted to 4.3 trillion rubles. The share of overdue loans in the total portfolio of loans to customers since the beginning of the year decreased from 3.3% to 2.9% on 1 November.

The volume of investments in securities in October fell by 127 billion rubles due to repayment of Euro commercial securities, sale of Federal loan bonds with maturity over 10 years, and corporate bonds. The rest of the portfolio on November 1 was about 2.2 trillion rubles.

The volume of funds of natural persons in October decreased by 0.2%, the Bank explains that the strengthening of the ruble and the decline in balances bersertifikasi. Since the beginning of year the indicator has grown on 1,1% – to 10.98 trillion rubles on 1 November. The funds of legal entities in October decreased by 5% since the beginning of the year – 18.9%, to 5.47 trillion rubles on 1 November.