Analysis of deposit operations of a commercial bank on the example of OJSC "Sberbank of Russia". The stability and reliability of the bank. financial analysis of the bank Sberbank of Russia Savings activity of the population
Date: 10.02.2014
The State Corporation Deposit Insurance Agency (DIA) conducted an analysis of the development of the retail deposit market in 2013. The most significant trends are as follows.
Savings activity of the population
The amount of household deposits in banks increased by 2,714.8 billion rubles. (in 2012 - by 2,371.3 billion rubles) - up to 16,957.5 billion rubles. In relative terms, the growth amounted to 19.1% (20.0% in 2012). The share of interest capitalization in 2013 is estimated at 6.4 p.p. The strengthening of the exchange rate of the main foreign currencies also helped the overall dynamics of the market at the end of the year – without exchange rate revaluation, the growth of deposits would have amounted to 17.5%.
Last year, the discrepancy in the dynamics of insured and uninsured deposits decreased. If in 2012 bearer savings certificates showed rapid growth (by 216 billion rubles), then in 2013 their issuance began to gradually fade, especially in the fourth quarter. As a result, the share of certificates in the annual growth of deposits has halved, from 9.1% to 4.5%. In general, over the past year, the volume of funds placed in bearer certificates increased by 121.5 billion rubles. – up to 348.9 billion rubles.
In turn, the volume of insured funds of the population in banks participating in DIS in 2013 increased by 2,591.3 billion rubles. (in 2012 - by 2,150.1 billion rubles). In relative terms, it grew by 18.5% to RUB 16,591.0 billion. (in 2012 - by 18.1%).
The dynamics of daily growth of deposits shows that the savings activity of the population in 2013 was higher than the previous year. The growth of deposits (together with certificates) in January–November 2013 averaged RUB 6.0 billion. in a day. This significantly exceeds the same indicator of the previous year (in January-November 2012 - 4.7 billion rubles per day).
The inflow of funds from the population at the end of the year is comparable to last year's figure - traditional pre-New Year payments brought banks an additional 650 billion rubles. (at the end of 2012 - 750 billion rubles).
According to the DIA, the increase in savings activity in the past year was the result of a number of factors that can be conditionally divided into market and non-market ones. The former include positive, in comparison with inflation, deposit rates, the effect of high interest capitalization, as well as exchange rate revaluation of foreign currency deposits. Non-market one-time factors, perhaps, should include the return of part of the funds of Russian citizens from the banks of Cyprus, as well as the requirements for the transfer of accounts of civil servants to Russian banks.
The DIA forecast for the deposit market for 2014 is an increase of RUB 2,880–3,220 billion. – up to 19,840–20,180 billion rubles, which corresponds to a relative increase in deposits by 17–19%. This forecast takes into account a slowdown in economic growth and household incomes, as well as a decrease in interest rates on deposits with the simultaneous impact of capitalization of high interest rates in past periods.
Structure of deposits by size
During 2013 different groups of deposits grew unevenly. In the first three quarters, deposits increased most actively - from 700 thousand to 1 million rubles. and more than 1 million rubles. - by 25.3 and 22.2% in terms of the amount and by 24 and 24.9% in terms of the number of accounts, respectively. Deposits from 400 thousand to 700 thousand rubles. for three quarters grew by 10.6% in amount and by 9.8% in number. However, in the fourth quarter the situation changed and deposits began to grow most actively within insurance compensation- up to 700 thousand rubles. (an average of 11.6% per quarter), while the growth of large deposits has practically stopped. As a result, deposits from 400,000 to 700,000 rubles showed the highest growth rates over the year. and from 700 thousand to 1 million rubles. - by 25.6 and 28.1% in terms of the amount and by 28.5 and 23.5% in terms of the number of accounts, respectively. Deposits over 1 million rubles. dropped to third place - an increase of 23.4% in terms of amount and 20% in terms of the number of accounts.
At the end of the year, the share of deposits ranging from 400 thousand to 700 thousand rubles. increased from 15.3 to 16.2%, from 700 thousand to 1 million rubles. – from 7.0 to 7.6%. Deposits over 1 million rubles. increased from 38.4% to 40.0% of the total amount of deposits.
The average size of balances on accounts and deposits in the range of up to 700 thousand rubles. increased by 1-1.7%; in the range from 700 thousand rubles. up to 1 million rubles it practically did not change, and for deposits over 1 million rubles. grew by 3.7%. The average deposit size throughout the entire banking system, excluding small and inactive accounts, is estimated at 155,000 rubles.
Profitability of deposits and its impact on the dynamics of deposits
The DIA monitoring of interest rates offered by the 100 largest retail banks showed that 86 out of 100 banks reduced their deposit rates in 2013. Rates increased in 3 banks, and remained unchanged in 11 banks.
The average level of rates (weighted by the volume of deposits) as of January 1, 2014 on ruble annual deposits in the amount of 700 thousand rubles. amounted to 7.2% (decrease in 2013 by 1.3 p.p.). At the same time, the average (unweighted) interest rates for deposits in the amount of 700 thousand rubles. amounted to 8.8% (decrease in 2013 by 0.9 p.p.).
The reduction in deposit rates occurred mainly in the II and III quarters. In turn, in the 4th quarter, there was a multidirectional movement of rates among banks - 39 banks reduced, and 23, on the contrary, increased, as a result, the average level of rates in the 4th quarter decreased slightly (by 0.1 percentage points).
Throughout 2013, the positive real yield on ruble deposits continued by 1–3 p.p. above the rate of inflation. According to DIA estimates, the return on deposits in 2014 will also be at a level slightly above inflation.
Currency and term structure of deposits
At the end of 2013, the share of deposits in foreign currency remained virtually unchanged. The first three quarters saw a gradual increase from 17.5% to 18.5%, and at the end of the year, due to a large influx of ruble deposits, the share of foreign currency dropped to 17.4%.
Over the past four years, the share of deposits in foreign currency has been in the range of 17-19% and, according to the DIA, this year it will not leave these limits either.
It should be noted the growth in the reporting year of the share of long-term deposits over 1 year - from 58.9 to 61.8%. At the same time there was a reduction in short-term deposits - from 22 to 19.2%. The share of demand deposits slightly decreased from 19.1% to 18.9%. In general, the noted trends, in our opinion, are caused by the preference for more profitable long-term investments, especially in the context of relatively high interest rates.
Concentration of the deposit market
"Nervousness" in the deposit market, due to the revocation of licenses from several banks at the end of the year, had an impact on the redistribution of market positions of credit institutions. Thus, the share of the 30 largest banks in terms of household deposits in the first three quarters of 2013 gradually decreased - from 77.1 to 76.4%, and in the fourth quarter it increased to 78.6%. The market share of Sberbank of Russia behaved similarly: in the first three quarters it decreased from 45.8% to 44.7%, in the fourth quarter it increased to 46.7%.
At the end of the year, the highest growth rates of deposits were observed in network multi-branch banks - 18.1% and in banks of the Moscow region - 16.4%. Regional banks grew by 12.8%. At the same time, deposits in Sberbank of Russia increased by 21.6%.
DIA insurance liability
The insurance liability of the DIA (potential liability to pay insurance compensation) in 2013 decreased from 67.2% to 65.5% of insured deposits. Excluding Sberbank of Russia – from 54.1% to 53.0%.
Analysis of the activities of PJSC "Sberbank"
Since 1841, Sberbank has been the historical successor of the Savings Banks founded by the decree of Emperor Nicholas I, which at first were only two small institutions with 20 employees in St. Petersburg and Moscow. Then they grew into a network of savings banks that operated throughout the country and even in difficult times helped to maintain stability. Russian economy. In 1895, a new Charter of savings banks was adopted. Savings banks began to be called state, which led to the responsibility of the state for the integrity of the money entrusted to the cash desks. In the second half of the 80s. the country was undergoing another socio-economic crisis, which significantly affected the activities of savings banks. An important method of improving the economy was to be a credit reform aimed at reorganizing state banking structures into joint-stock commercial banks and eliminating the state's artificial monopoly on the use of household savings. The banking reform carried out in Russia at the end of the 80s provided for a transition to a two-tier banking system: central banks - specialized banks. State labor savings banks were transformed into Sberbank of the USSR as a state specialized bank for servicing the population and legal entities.
The next step towards gaining independence was the Decree of the Supreme Council of the RSFSR adopted in July 1990, according to which the Russian Republican Bank of the Sberbank of the USSR was declared the property of the RSFSR. After the publication of the Law of the RSFSR "On banks and banking activities in the RSFSR" in December 1990, the Savings Bank of the RSFSR was transformed into a joint-stock commercial Bank, legally approved at the general meeting of shareholders on March 22, 1991 and registered its Charter with the Central Bank of the RSFSR on June 20, 1991. The main shareholder and founder of Sberbank is the Central Bank Russian Federation, which owns 50% of the authorized capital plus one voting share. Other shareholders of the Bank are international and Russian investors. The bank's ordinary and preferred shares have been listed on Russian stock exchanges since 1996. They are included by CJSC MICEX Stock Exchange in the quotation list of the first (highest) level. American Depositary Receipts (ADRs) for Sberbank's ordinary shares are listed on the London and Frankfurt Stock Exchanges and are admitted to trading on the OTC market in the United States. The share capital structure of Sberbank of Russia testifies to its high investment attractiveness. Sberbank changed its organizational and legal form by making the necessary amendments to the Charter. Now it is not an open joint stock company, but PJSC - a public joint stock company.
Sberbank of Russia has a unique branch network - 14 territorial banks and more than 16 thousand branches throughout the country, in 83 constituent entities of the Russian Federation, located on the territory of 11 time zones. As of May 01, 2016, Sberbank has 94 branches in the Russian Federation, it also has one branch abroad in New Delhi (India), 11,736 additional offices and about 4,500 other internal structural units. But, for example, four years earlier (as of January 01, 2012) Sberbank of Russia had 524 branches in the territory of the Russian Federation. The reduction in the number of branches of Sberbank is due to the optimization of the organizational structure of the largest bank in the Russian Federation.
In Russia alone, Sberbank has more than 110 million customers - more than half of the country's population, and about 11 million people use Sberbank's services abroad
The management of Sberbank of Russia is based on the principle of corporatism in accordance with the Corporate Governance Code approved by the annual General Meeting of Shareholders of the Bank in June 2002. The governing bodies of the Bank are: the general meeting of shareholders - the supreme governing body of the Savings Bank of Russia. At the General Meeting of Shareholders, decisions are made on the main issues of the Bank's activities. Supervisory Board consisting of 17 directors, including 11 representatives of the Bank of Russia, 2 representatives of the Savings Bank of Russia and 4 independent directors. The Board of the Bank consists of 23 members. The Bank's Management Board is headed by the President, Chairman of the Bank's Management Board. All management bodies of the Bank are formed on the basis of the Charter of the Savings Bank of Russia and in accordance with the legislation of the Russian Federation. The main purpose of the Bank's activity is to attract funds from individuals and legal entities, to carry out credit and settlement and other banking operations and transactions with individuals and legal entities for profit.
The range of Sberbank services for retail clients is as wide as possible: from traditional deposits and various kinds lending to bank cards, money transfers, bank insurance and brokerage services. All retail loans at Sberbank are issued using the Loan Factory technology, which was created to efficiently assess credit risks and ensure a high quality loan portfolio.
In an effort to make service more convenient, modern and technologically advanced, Sberbank is improving its capabilities every year. remote control customer accounts. The bank has created a system of remote service channels, which includes:
Online banking "Sberbank Online" (more than 13 million active users);
Sberbank Online mobile applications for smartphones (more than 1 million active users);
SMS-service "Mobile Bank" (more than 17 million active users);
One of the world's largest networks of ATMs and self-service terminals (more than 86 thousand devices).
Sberbank is the largest issuer of debit and credit cards. The joint bank, established by Sberbank and BNP Paribas, is engaged in POS lending under the Cetelem brand, using the concept of "responsible lending". Sberbank's clients include more than 1 million enterprises (out of 4.5 million registered legal entities in Russia). The bank serves all groups of corporate clients, with small and medium-sized companies accounting for more than 35% of the bank's corporate loan portfolio. The rest is lending to large and largest corporate clients. Sberbank today is a team of over 260,000 qualified employees working to turn the bank into the best service company with world-class products and services.
Now let's turn to the consolidated annual data compiled in accordance with international financial reporting standards. Based on the data in Appendix 1, we will analyze the volume and dynamics of assets, equity, liabilities - in general and by main elements. In general, the number of assets as of December 31, 2015 increased by 8.46% compared to the previous year and amounted to 27,334.7 billion rubles. In the total amount of assets as of the end of 2015, their predominant part (68.5%) is loans and advances to customers, which is 1.96% less than last year.
After analyzing the dynamics of Sberbank's assets (Fig. 5) for the period 2010-2015, we can conclude that the bank's assets are subject to positive dynamics due to the growth of the bank's own capital and the increase in depositors' funds.
Figure 5
The bank's own funds, according to reporting data, as of December 31, 2014, amounted to 2020.1 billion rubles, as of the same date in 2015, own funds increase, demonstrating an increase of 17.6% - 2375 billion rubles. Most of the structure of equity accounted for retained earnings - 85.1% at the end of 2014 and 3.62% less at the end of 2015 - 81.48%. The value of the authorized capital remained equal to 87.7 billion rubles, however, its share in equity changed, as of December 31, 2014 - 4.34%, while on the same date in 2015 its share decreased to 3.69 %.
Sberbank's liabilities at the end of the reporting period increased by 1,779 billion rubles compared to the previous year, their value amounted to 24,959.7 billion rubles, showing an increase of 7.67%. This change is largely due to the growth of funds of individuals (Fig. 6) and the increase in other financial liabilities. Funds of individuals show a positive trend in the period from 2010-2015. At the end of 2015, their value is 48.25% of all liabilities, they reached the value of 12043.7 billion rubles, which is 29.1% more than in the previous period.
Other financial liabilities increased by 273.9 billion rubles, showing an increase of 61.62%. The share of other financial liabilities in the total structure of the bank's liabilities at the end of 2014 was 1.92%, while at the end of 2015 given value increased to 2.88%.
Figure 6
Based on the data in Appendix 2, we will analyze the volume and dynamics of profit, the main types of income and expenses of the bank. The volume of profit for 2015 is 222.9 billion rubles, which is 67.4 billion rubles. less than the previous year. Based on the graph of the volume of profit, it should be noted that starting from 2013, its negative dynamics has been observed.
Figure 7 Figure 8
This phenomenon is caused by a decrease in net interest income, as well as an increase in operating expenses and expenses related to insurance and pension fund activities.
Dynamics of operating expenses and income of Sberbank PJSC
Today, Sberbank of Russia is the largest bank in the Russian Federation and the Central and of Eastern Europe, occupies a leading position in the main segments of the Russian financial market and is one of the twenty largest banks in the world in terms of capitalization. Sberbank today is the circulatory system of the Russian economy, a third of its banking system. The bank provides a job and a source of income for every 150th Russian family.
Figure 9
The leader of the Russian banking sector in terms of total assets accounts for 28.7% of total banking assets (as of January 1, 2016). The Bank is the main creditor of the Russian economy and holds the largest share in the deposit market. It accounts for 46% of household deposits, 38.7% of loans to individuals and 32.2% of loans to legal entities.
consumer credit sberbank russia
Work report
Summary of the first task
Federal Law No. 353-FZ of December 21, 2013 (as amended on July 21, 2014) “On Consumer Credit (Loan)” regulates relations arising in connection with the provision of consumer credit(loan) to an individual for purposes not related to the implementation entrepreneurial activity, based loan agreement, the loan agreement and the execution of the relevant agreement. It does not apply to relations arising in connection with the provision of a consumer credit (loan), the borrower's obligations under which are secured by a mortgage. Customer credit assumes that the participants in legal relations are an individual and a banking organization. To a greater extent, the law is designed to protect the borrower and takes into account his interests, but there are also provisions that are beneficial to creditors.
This law is very important for the functioning of the banking sector of our country. From the point of view of control over the risks of banking activities, the law is very significant, as it ensures not only the protection of financial market participants, but also the stability of the banking system, thanks to a strict supervision system carried out by the Central Bank of the Russian Federation, and failure to comply with the prescribed norms entails a system of penalties .
The results of the second task - a study of the banking sector of St. Petersburg
Almost all the largest Russian banks operate in St. Petersburg (top 30 according to the Central Bank of the Russian Federation), whose total assets cover 79.3% of the banking system's assets. The top 30 includes three KOs registered in the region. The majority of Russian CIs focused on the development of a branch network tend to work in St. Petersburg: there are 115 branches of banks operating in the city, the parent organizations of which are registered in other regions of the Russian Federation. The dense concentration of structural subdivisions of the country's largest banks in the region corresponds to its economic importance as the second metropolitan metropolis, which is the region of presence for 152 banks. Thus, we can conclude that the degree of development of the banking sector in the region is quite high. Over the past 9 years in St. Petersburg, as in many other regions of the Russian Federation, there has been a decrease in the number of credit institutions, which is associated with the tightening of the requirements of the Central Bank, as a result of which many banks lost their licenses or closed themselves.
The results of the third assignment - analysis of the activities of PJSC "Sberbank of Russia"
To ensure the stability of the banking system, the Central Bank of the Russian Federation establishes a number of economic standards, that is, certain coefficients with a given level.
Centrally established economic standards include the following indicators:
- 1) capital adequacy ratio
- 2) liquidity ratios for the balance sheet of a credit institution
- 3) standards for limiting major risks in the area of attracting and allocating resources.
Economic standards regulate, firstly, the absolute and relative level of equity capital of a credit institution, secondly, the liquidity of the balance sheet, thirdly, the diversification of active and passive operations of a credit institution, fourthly, the creation by each credit institution of centralized reserves to ensure financial stability of the banking system as a whole. The data are shown in table 1.
In order to comply with these economic standards, a system of analysis and control is being created in credit institutions. This work is carried out by a group of analysts who develop special methods of analysis.
Analysis of economic standards is carried out in the following areas:
- 4) comparison of the actual values of the indicator with the standard;
- 5) consideration of the dynamics of changes in the analyzed indicator;
- 6) identification of factors that influenced the indicators.
At the first stage of the analysis, a table is compiled that characterizes the actual level of economic standards in comparison with its limit value(Appendix. D).
At the second stage, the compliance of each indicator with its normative level is checked.
At the next stage, a factor analysis of significant deviations is carried out. With a stable negative trend, such an analysis is carried out for a number of dates in order to identify the causes of deviations.
Table 1
Mandatory standards for the activities of PJSC Sberbank of Russia for 2013-2015
|
Indicator |
standard |
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Bank's own funds (capital) adequacy ratio |
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Bank instant liquidity ratio |
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Bank's current liquidity ratio |
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Bank's long-term liquidity ratio |
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Maximum exposure per borrower or group of related borrowers |
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Maximum size of large credit risks |
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The maximum amount of loans, bank guarantees and guarantees provided by the bank to its participants (shareholders) |
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Aggregate exposure to bank insiders |
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Normative use of own funds (capital) of the bank for the acquisition of shares (stakes) of other legal entities |
The analysis of the state of capital is considered in conjunction with the analysis of the indicator characterizing capital adequacy (N 1).
The capital adequacy ratio (N 1) is due to its two components: the amount of equity capital and the amount of the total risk of assets. The impact of these components on the regulatory coefficient under consideration is opposite: the capital adequacy ratio increases with an increase in the amount of equity capital and decreases with an increase in the risk of assets. The minimum value of the coefficient is 10% as of December 31, 2013 - 12.6%, as of December 31, 2014 - 12.9%, as of December 31, 2015 - 13.1%.
Analysis of liquidity ratios begins with the indicator H 2. Its level depends on the volume of the total amount of liquid assets (cash and assets up to 30 days) and the amount of liabilities on demand accounts and for up to 30 days. Criteria level - 15% as of December 31, 2013 - 61.4%, as of December 31, 2014 - 53.6%, as of December 31, 2015 - 55.9%.
Along with the indicator of current liquidity (N 2), in accordance with the Instruction of the Central Bank of the Russian Federation No. 1, an indicator of instantaneous liquidity of the bank (N 3) is introduced, which is defined as the ratio of highly liquid (money in cash and non-cash form) assets to fast-turning demand deposits. The minimum allowable value of 50% as of 12/31/2013 is 74.3%, as of 12/31/2014 - 58.5%, as of 12/31/2015 - 62.8%.
The long-term liquidity of the bank is characterized by the indicator H 4. It is calculated as the ratio of long-term loans (for a period of more than one year) to the bank's equity and liabilities with a maturity of more than one year. The maximum value is set within 120%. As of December 31, 2013 - 99.8%, as of December 31, 2014 - 102.5%, as of December 31, 2015 - 88.2%.
One of the methods for regulating the activities of credit institutions, which was developed in Lately. It is the limitation of large risks.
In this regard, the Instruction of the Central Bank of the Russian Federation No. 1 provides for a number of indicators (N 6, N 7, N 9.1, N 10.1), with the help of which the maximum amounts of certain active, passive, off-balance sheet operations by credit institutions are regulated.
The H6 coefficient characterizes the maximum amount of risk per borrower, as well as a group of economically or legally related borrowers. It is calculated as the ratio of the total amount of loans issued by a credit institution to one borrower or a group of related borrowers, as well as guarantees provided to one borrower (a group of related borrowers) to the volume of own funds of a credit institution.
A bank with a larger amount of equity capital may increase the maximum loan amount issued to one client or a group of related clients. The maximum allowable value is 25%, as of December 31, 2013 - 16.7%, as of December 31, 2014 - 17.3%, as of December 31, 2015 - 23.4%.
The coefficient H 7 limits the maximum risk of all large loans. At the same time, the total loan debt of one borrower or a group of related borrowers, taking into account 50% of the amounts of off-balance sheet liabilities, exceeding 5% of the equity capital of a credit institution is considered large.
This indicator is defined as the ratio of the sum of all large loans in the bank's portfolio to the volume of its own capital. The criterion level is 800%. The indicators of Sberbank of Russia amounted to 141.1% as of December 31, 2013, 128.8% as of December 31, 2014, and 157.5% as of December 31, 2015.
Ratios N9.1 and N10.1 limit the maximum amount of loans, guarantees and guarantees provided by the bank to its participants (shareholders). Indicator H9.1 reflects the maximum risk per shareholder (shareholder) of the bank Indicator H10.1 - the maximum risk to its insiders, that is, individuals who are either shareholders (have more than 5% of shares), or directors and members of the board, members of the credit committee etc. and having or had previously been related to the issues of issuing loans.
Indicator N9.1 is calculated as the ratio of the total amount of the bank's claims in rubles and foreign currency (including off-balance sheet) in respect of one shareholder (shareholder) to the bank's equity capital. Cannot exceed: 50%. As of December 31, 2013 - 0.0%, as of December 31, 2014 - 0.0%, as of December 31, 2015 - 21.8%.
Indicator H10.1 is defined as the ratio of the total amount of claims (including off-balance sheet) of a credit institution in rubles and foreign currency in respect of one insider of the credit institution and related persons to the bank's equity capital. The value cannot exceed: 3%. As of December 31, 2013 - 1.0%, as of December 31, 2014 - 1.1%, as of December 31, 2015 - 1.7%.
For the first time in Russia, an indicator is introduced that limits the share of using a bank's own capital to acquire shares (shares) of other legal entities. This indicator is H12, calculated as the ratio of the amount of invested and own funds of a credit institution. Investment is understood as the acquisition by the bank of participation interests and shares of other legal entities, the maximum allowable value of H12 is set at 25%. As of December 31, 2013 - 0.8%, as of December 31, 2014 - 0.9%, as of December 31, 2015 - 0.0%.
Thus, based on the given data, we can conclude that no indicator exceeds the maximum / minimum allowable value. And, therefore, there is reason to believe that today Sberbank of Russia is a financially stable and prosperous Bank. For a more complete analysis, we will calculate and evaluate the financial solvency ratios of profitability.
Instant liquidity ratio (K1):
For 2013:
For 2014:
For 2015:
Level of earning assets (K2):
For 2013:
For 2014:
For 2015:
General stability coefficient (K4):
For 2013:
For 2014 year:
For 2015:
Return on assets (K5):
For 2013:
For 2014:
For 2015:
Capital adequacy ratio (K6):
For 2013:
For 2014:
For 2015:
Total liquidity ratio (K7):
For 2013:
For 2014:
For 2015:
Rate of return on capital:
For 2013:
For 2014:
For 2015:
This ratio shows how effectively the funds of the owners were used. The optimal value is 0.1-0.2. For our example, the values do not fall within this interval only for 2015, which indicates that the funds of the owners are not used efficiently:
Profitability ratio of assets:
For 2013:
For 2014:
For 2015:
This coefficient reflects the efficiency of bank management and shows how much profit was brought by one monetary unit of the bank's funds invested in assets, that is, the effectiveness of the bank's placement of its own and borrowed funds. Correlating the profit with the value of the bank's assets, we can judge the effectiveness of the investment policy pursued by the bank's management.
In turn, the profit of assets is directly dependent on the return on assets (Р3) and the share of profit in the bank's income (Р4).
Return on bank assets:
For 2013:
For 2014:
For 2015:
The return on assets is characterized by the activity of the bank in terms of asset allocation, that is, the ability to create income.
The coefficient of the share of profit in the income of the bank:
For 2013:
For 2014:
For 2015:
The calculation of the coefficients is presented in table 2.
From table 9 we can conclude about the solvency of the Bank. So the instant liquidity ratio (K1) was 2.9 for 2013; for 2014 - 3.9; for 2015 - 3.2, the standard for this indicator should exceed 0.15. therefore, on the basis of the given data, it can be concluded that the Bank can repay a share of the required liabilities on first demand from available liquid funds.
The level of earning assets (K2) for the analyzed period corresponded to an average value of 0.81, while the standard for this indicator is 0.65-0.75. . Although such a value of earning assets contributes to high income, however, this is a very high risk of bad loans.
The coefficient of general stability (K4) for the analyzed period increased, that is, by December 31, 2013-0.56, by December 31, 2014-0.60, by December 31, 2015-0.65. This is a negative trend for this indicator, since this ratio allows you to compare the multidirectional flows of received and paid funds, which should be covered from the income received, and if their number is not sufficient, the Bank is characterized as inefficient. Therefore, if the coefficient exceeds 1, then the work of Sberbank will be inefficient.
table 2
Coefficients characterizing the financial condition of Sberbank of Russia PJSC for 2013-2015
|
Indicator |
Standard values |
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1. Instant liquidity ratio |
More than 0.15 |
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2. Level of earning assets |
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3. General stability coefficient |
tends to 1.0 |
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4. Return on assets |
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5. Capital adequacy ratio |
The bigger, the better |
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6. Full liquidity ratio |
Greater than or equal to 1.05 |
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7. Rate of return on capital |
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8. Return on assets |
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9. Rate of return on assets |
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10. The coefficient of the share of profit in the income of the bank |
The return on assets (K5) amounted to 0.019 as of December 31, 2013, 0.011 as of December 31, 2014, and 0.008 as of December 31, 2015. the standard for this coefficient is 0.005-0.065. From the above data it can be concluded that the Bank does not expose itself to significant risk. This is a positive factor, most likely the Bank successfully disposes of its assets, but when the threshold of 0.65 is reached, potentially large losses are not ruled out.
The capital adequacy ratio (K6) for the analyzed period averaged 0.60, since the standard for this indicator is not limited, the higher the ratio, the better, it is enough that the liabilities do not exceed 90% of the balance sheet. In our case, this coefficient is acceptable.
Full liquidity ratio (K7) characterizes the balance of the active and passive policy of the bank to achieve optimal liquidity. The indicators fully comply with the specified standard, therefore, we conclude that the Bank is using the funds correctly.
Considering the rate of return on capital (P1), we see how effectively own funds are used. This indicator is considered normal if it fits within the value of 0.1-0.2. As of December 31, 2013 - 0.2, December 31, 2014 - 0.1, December 31, 2015 - 0.1. As we can see, initially there was a positive trend for this ratio, but as soon as the Bank's profit decreased, this indicator noticeably changed its course, and now we can say that the Bank began to use its funds inefficiently.
The profitability ratio of assets (P2) reflects the efficiency of bank management and shows how much profit was brought by one monetary unit of the bank's funds invested in assets. During the analyzed period, this indicator had a positive trend. This indicates an effective investment in assets.
The return on assets of a bank (P3) characterizes the return on assets in terms of asset placement, that is, the ability to create income. This indicator amounted to 0.02 as of December 31, 2013, 0.01 on December 31, 2014, and 0.01 on December 31, 2015. The standard for this coefficient has not been established, so we can conclude that it is acceptable.
The coefficient of the share of profit in the bank's income (P4) is also not limited by the standards, but it is known that the share of liabilities should not exceed 90%. Therefore, from the indicators as of December 31, 2013 - 1.15, December 31, 2014 - 1.35, December 31, 2015 - 0.61, we can conclude that in the first two analyzed years, Sberbank increased the share of profit in the Bank's income, but in 2015 it is noticeable decline in profits.
In the second chapter, the organizational and economic characteristics of PJSC Sberbank of Russia were considered. The position of the Bank in various segments of the financial market, its share and position were determined. The impeccable reputation of Sberbank of Russia is confirmed by the high ratings of the leading rating agencies.
The main performance indicators were considered, such as the mandatory ratios and coefficients of Sberbank, which fully comply with the established standards.
Summing up the second chapter, we can say with confidence that PJSC Sberbank of Russia is a reliable and stable Bank and fully copes with its tasks.
The main performance indicators were considered, such as the mandatory ratios and coefficients of Sberbank, which, despite minor deviations associated with the financial and economic crisis, fully comply with the established standards.
Sberbank of Russia is the largest bank in the Russian Federation and the CIS. Its assets account for more than a quarter of the country's banking system (26%), and its share in banking capital is at the level of 30% (2015). Founded in 1841, Sberbank of Russia today is a modern universal bank that meets the needs of various customer groups in a wide range of banking services. Sberbank occupies the largest share in the deposit market and is the main creditor of the Russian economy.
In general, over the analyzed period, the activity of PJSC Sberbank is not entirely stable, since the financial condition as of December 31, 2013 is much better than over the next two years. This can be related to:
- 1) depreciation of the ruble (increase in USD by December 2014 by 64% compared to January 2014).
- 2) an increase in inflation in 2014 to 11.4%, which was a consequence of the devaluation of the ruble;
- 3) an increase in the key rate to 17% from December 16, 2014 to limit inflationary consequences;
- 4) increase in capital outflow by 2.5 times in 2014 compared to 2013.
A significant factor in the increase in net capital outflow by the private sector in 2014, along with the buildup of foreign assets, was payments on the external debt of companies and banks in the context of narrowing opportunities for debt refinancing due to sanctions
But despite all these factors, by the end of 2015 the financial condition of the bank is getting much better. This improvement can be seen in the quarterly breakdown of the main income statement indicators, where it can be seen that net income, starting from the 3rd quarter of 2014, shows a negative upward trend and in the 1st quarter of 2015 its value reaches a critically low point of 30.6 billion rubles. This is two and a half times less than in 2013.
The increase in profit was due to operating income from the sale of loan products to customers who, despite the unstable economic situation, increased the bank's loan portfolio.
Summing up, we can say with confidence that PJSC Sberbank of Russia is a reliable and stable Bank and fully copes with the tasks set.
Today, Sberbank of Russia is the largest bank in the Russian Federation and in Central and Eastern Europe, it occupies a leading position in the main segments of the Russian financial market and is among the twenty largest banks in the world in terms of capitalization. Sberbank today is the circulatory system of the Russian economy, a third of its banking system. The bank provides a job and a source of income for every 150th Russian family. The leader of the Russian banking sector in terms of total assets accounts for 28.7% of total banking assets (as of January 1, 2016). The Bank is the main creditor of the Russian economy and holds the largest share in the deposit market. It accounts for 46% of household deposits, 38.7% of loans to individuals and 32.2% of loans to legal entities.
Sberbank today is 16 territorial banks and more than 16.5 thousand branches in 83 constituent entities of the Russian Federation located on the territory of 11 time zones. The number of retail clients of Sberbank in Russia exceeds 127 million people and 10 million outside of it, the number of corporate clients of the Group is more than 1.1 million in 22 countries of presence.
2.2 Analysis of deposit operations of Sberbank of Russia PJSC
Attracting funds from private clients and ensuring their safety remains the core of Sberbank of Russia's business. The volume of funds attracted from individuals, including time deposits, demand accounts and bank cards, as well as funds in precious metals, increased by 2.2 trillion in 2015. rub. and by January 1, 2016 exceeded 10.3 trillion rubles. (Table 3).
Table 3
Structure of funds of individuals PJSC "Sberbank of Russia"
The growth rate at the end of the reporting year (27.2%) exceeded the growth rate of individuals' funds at the end of the previous year (4.9%). The main increase was due to fixed-term ruble deposits. The volume of foreign currency deposits also increased in dollar terms. Some of the deposits are open in remote channels.
During 2015, with the general market trend towards lower deposit rates and the current dynamics of the key rate of the Bank of Russia, Sberbank lowered interest rates on deposits in rubles and foreign currency six times, including on savings certificates of individuals. Promotions for ruble products, maintaining a competitive level of rates on foreign currency deposits, as well as new deposits for wealthy clients allowed PJSC Sberbank of Russia to retain its market share in term deposits in rubles and significantly increase its share in foreign currency deposits (Table 4) .
As of January 1, 2016, more than 170,000 clients have signed up for the Sberbank Premier service package and over 22,000 VIP clients use the Sberbank First service package.
Table 4
The share of PJSC Sberbank of Russia in Russian market deposits of individuals
As part of these packages, customers receive premium debit cards for themselves and their loved ones, Priority Pass cards for access to the business lounges of the largest airports in the world, have the opportunity to take advantage of preferential exchange rates and precious metals, as well as a discount on the use of safe deposit boxes. For each package, there is a special line of deposits with an increased interest rate, as well as increased rates on savings accounts.
For clients of the upper mass segment, from October 1, 2015, the Golden service package was launched, which includes golden debit cards and travel insurance for the whole family.
As part of agreements on the procedure for interaction between Sberbank of Russia PJSC and a branch of the Pension Fund of the Russian Federation16 when delivering pensions paid pension fund of the Russian Federation concluded at the level of constituent entities of the Russian Federation PJSC "Sberbank of Russia" offers a service for pensioners and privileged categories of citizens: free receipt of information on the types and amounts of pensions and other social benefits PFR credited to an account with Sberbank. The certificate is issued at any Sberbank office or using the Sberbank Online service, as well as at ATMs and other self-service devices of the Bank. A certificate on the types and amounts of pensions allows pensioners to quickly receive detailed information about all types of PFR payments due to them and their amounts for the required period. The share of pensioners receiving pension through the Bank is constantly growing. The number of Russians who entrusted the payment of their pensions to Sberbank reached 24.8 million people (Table 5).
Table 5
Statistics of pensioners in PJSC "Sberbank of Russia"
In PJSC Sberbank of Russia, work with the Social segment is singled out separately. The level of protection of the interests of pensioners in terms of the safety of their deposits from encroachments by third parties has been increased. A memo has been developed for employees of departments to protect the savings of pensioners and the disabled from fraudulent actions of third parties. Now, by taking simple steps, branch employees can stop fraudsters, prevent them from using their credulity and fraudulently forcing customers to make debit transactions on their accounts. Simplified registration of receipt of pensions to bank accounts: an application for the delivery of pensions is automatically printed when opening an account, which frees up 15 minutes of clients' time and eliminates time-consuming manual filling in details. Work is underway so that pensioners can draw up documents for the delivery of pensions remotely through Personal Area on the Unified portal of public services.
Sberbank of Russia PJSC offers various deposit programs. Therefore, every citizen of Russia can use the most convenient program:
“Save your contribution”;
"savings certificate";
· "urgent";
· “Deposit contribution for people of retirement age”.
A large banking institution has developed an original program with about 13 options and conditions for depositors. Moreover, 8 of them are replenished monthly, and 4 programs can offer partial withdrawal of accumulative funds. The main number of deposits allow you to realize the capitalization of rates. As a result, payments on deposits are:
About 2% of annual funds in euros;
10% in domestic currency;
3% in dollars.
People of retirement age most often use deposits "Replenish" and "Save". The conditions of these deposits are almost identical to the deposits for other categories of people. The only difference is the deposit rate. It depends on the period of validity of the funds. To increase your own capital, you can use the online deposit.
The “Pension Plus” deposit program is very popular among pensioners. According to the terms of this deposit, the profit is accrued in the form of a certain supplement to the pension. In addition, there is the possibility of an additional contribution and partial withdrawal of accrued interest. The total rate on this deposit is 3.72% per annum.
"Happy percent" - a new contribution for citizens. The total rate for this deposit depends on several factors:
The economic situation in the state;
inflation rate;
The total amount of banking resources;
Business activity.
Bank offers of deposit programs depend on the listed criteria. In addition, most of these factors are aimed at the main position of the Central Bank of Russia. According to official information, the deposit rate this year will not exceed 10% at Sberbank. The inflation rate in 2016 was approximately 9%. Accordingly, a large financial institution saves capital from the effects of inflation.
Last year, the financial institution cut rates due to low level inflation and difficult economic situation. In the current year, a decrease in deposit rates is also expected. The instability of the domestic currency and a sharp decline in the cost of oil affected this process. However, the competent policy of the bank made it possible to change some amendments and corrections in interest rates on deposits with PJSC Sberbank of Russia in 2016 to today.
Sberbank regularly carries out various modernizations in the field of deposits. There are new programs for the accumulation and saving of financial resources. Even despite the crisis in Russia, depositors manage their savings funds based on the proposed banking programs. Savings deposits will help:
Withdraw monthly interest income;
Get the most profitable profit;
Place and replenish funds;
Use the most profitable programs for a period of 3 to 6 months;
Withdraw funds when absolutely necessary.
Sberbank of Russia PJSC offers every citizen of the Russian Federation a flexible system of cash deposits. Each person can choose the duration of storage of accumulated funds. For example, the “Replenish” term deposit is issued after 3 months. This contribution is valid for several years (3 years).
Sberbank of Russia PJSC offers various deposit programs with optimal deposit rates. The new “profitable season” deposit guarantees a good profit of up to 11.7%. The smallest amount for opening a deposit account is at least 1 million rubles. The “Save” deposit provides an excellent opportunity to make a deposit in foreign and domestic currencies. The smallest investment from 110 euros and dollars, 1100 rubles. The ruble deposit is equal to 6.32% -9%, and in euros 0.15% and 1.9%, in dollars 0.25% and 1.8%.
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Sberbank deposits to individuals in 2015 are represented by a wide product line. Citizens will be able to choose the best product, because each deposit helps to solve individual tasks: save money, manage finances, accumulate savings. You can make a deposit at a bank branch or online on the institution's website. How to do this and what conditions Sberbank offers to its depositors - later in the article.
Types of deposits in Sberbank in 2015*
Sberbank has a fairly wide selection of deposits for individuals. Here, citizens can apply for: - term deposits;
- deposits for settlements;
- special deposits;
- savings certificate.
Term deposits include the following products:
When carrying out online transactions, increased rates are applied - after all, bank employees (specialist, cashier) are not involved in concluding a transaction. Taking into account capitalization, you can get the following income from the placement of funds:
- "Save Online" - up to 9.52% in rubles, up to 2.84% in foreign currency;
- "Replenish Online@yn" - up to 8.69% in rubles, up to 2.73% in foreign currency;
- "Manage Online @ yn" - up to 7.72% in rubles, up to 2.63% in foreign currency.
When you click on the "Make a deposit" button, a window for entering the Sberbank Online @ yn system will open on the screen. After entering the password and login, you should proceed to registration.
- Go to the "Deposits and Accounts" section.
- Use the link "Opening a deposit".
- Choose the type of deposit that suits you, click the "Continue" button.
- Fill in the form (amount, term of the contract, debit account). Click the "Open" button.
Naturally, there must be a sufficient amount of money in the account that you indicate as a source of funds. Otherwise, the system will notify you of a technical error and the inability to perform the requested operation.
Does Sberbank issue deposits of 1991 in 2015 and under what conditions*
In 2015, Sberbank issues deposits that were valid as of 06/20/1991. Investors themselves or their heirs can receive funds. The multiplicity of payments depends on the year of birth of the deposit owner:
- before 1945 - three times the amount of the balance of funds;
- from 1946 to 1991 - in the double amount of the balance of funds relative to the face value of money.
If previously the contributor (heirs) already received a preliminary compensation, now they can claim the difference between the balance and the amount previously received.
When determining the amount of compensation, special coefficients are applied that take into account the duration of storage of deposits:
- when closing in 1992 - a coefficient of 0.6;
- when closing in 1993 - 0.7;
- when closing in 1994 - 0.8;
- when closing in 1995 - 0.9;
- when closing after 1996 and with a valid deposit - 1.
If the owner of the deposit died in 2001 or later, the heirs can receive funds to pay for funeral services in the following amount:
- 6 thousand rubles with a deposit amount equal to or more than 400 rubles;
- the amount of the deposit multiplied by 15, if the amount of savings is less than 400 rubles.
Relatives can receive payment for burial only in one department for one contribution.
To receive compensation, the depositor will need the following documents:
- the passport;
- passbook;
Heirs must bring with them:
- the passport;
- certificate of death of the owner of the deposit;
- documents on the right to inheritance;
- application for compensation.
- year of birth of the owner of the deposit;
- year of closing the deposit;
- balance as of June 20, 1991;
- amount of payments previously received.
Profitable deposits of Sberbank in 2015: how to increase profits for clients
The main factors for the growth of the bank's assets in 2014 were loans to legal entities and individuals: the increase in assets by 71.5% was provided by net loans. The growth of balance sheet items was significantly affected by the positive revaluation of their currency component due to the depreciation of the ruble against major foreign currencies: the US dollar exchange rate increased by 71.9% in 2014 to 56.3 rubles/USD. USA, the euro exchange rate - by 52.0% to 68.3 rubles / euro.
The capital for 2014 increased by 339 billion rubles. and amounted to 2,312 billion rubles. Capital was boosted primarily by earned net income, a $1 billion subordinated bond issue, and a reduction in deductibles for equity investments under Basel III transition requirements. The main factors that reduced capital are the payment of declared dividends for 2013 in the amount of 72.3 billion rubles. and the deduction of subordinated loans granted to subsidiaries. The dynamics of capital was also affected by the gradual transition of the bank to the requirements of Basel III, which is carried out within 5 years for some positions of the calculation. In June 2014, the bank attracted a subordinated loan from the Bank of Russia in the amount of 200 billion rubles. within federal law No. 173-FZ5 to finance active operations. This loan was not taken into account when calculating the regulatory capital of Sberbank as of January 1, 2015, but at the same time increased the total capital adequacy in the consolidated financial statements under international standards.
In the 4th quarter of 2014, the bank's risk-adjusted assets increased significantly due to the revaluation of foreign currency assets as a result of the weakening of the ruble. The growth of these assets had a negative impact on capital adequacy ratios, however, Sberbank did not violate the limits of the Bank of Russia, incl. for intramonth dates. As of January 1, 2015, Sberbank's total capital adequacy ratio was 11.6%, having decreased by 0.9 p.p. over the year.
Assets in 2014 grew by 33.6% and exceeded RUB 21.7 trillion. Their growth was mainly due to the increase in the loan portfolio of customers both in real and nominal terms, i.e. without the effect of revaluation due to changes in the exchange rate of the ruble against world currencies. The net loan debt of customers increased by RUB 3.9 trillion over the year. and reached a value of about 15.9 trillion rubles. Over the past year, the volume of loans issued to corporate clients amounted to about 8.0 trillion rubles, which is 8.5% higher than the corresponding indicator of the previous year. In 2014, about 2.8 trillion rubles were issued to private clients. The trend of accelerated development of housing lending continued: over the year, the Bank provided housing loans for 921 billion rubles, which is 41% higher than the corresponding indicator of the previous year.
Various sources of attracting resources were used to fund active operations. Below is the dynamics of attracted customer funds.
|
Customer funds, million rubles |
||
|
Individuals and individual entrepreneurs |
||
|
Corporate clients |
||
|
Funds in precious metals and other funds |
||
|
Total customer funds |
14 026 724 |
11 128 035 |
The volume of attracted funds of corporate clients increased both in ruble accounts and in foreign currency accounts. Volume growth funds of individuals for the year is mainly due to the revaluation of foreign currency balances on the accounts of private clients.
The volume of funds of the Bank of Russia on the balance sheet of Sberbank increased from 2.0 trillion rubles. up to 3.5 trillion rubles. At the same time, the bank managed to reduce the amount of short-term borrowings from the Bank of Russia under direct REPO operations, replacing them with medium- and long-term borrowings. The Bank attracted an unsecured subordinated loan from the Bank of Russia in the amount of 200 billion rubles. for a period of 5 years, as well as loans secured by assets and guarantees for a period of up to 1 year. As a result, the volume of direct REPO with the Bank of Russia decreased by 0.3 trillion rubles. In addition, Sberbank began to use new tool Bank of Russia to attract foreign currency liquidity - direct REPO operations in foreign currency.
earned by the bank in 2014 amounted to RUB 1,319 billion. against 1,026 billion rubles. at the end of 2013. Net interest income and net fee and commission income are also higher than in the previous year.
|
Aggregate statement of financial results, RUB bln |
2014 |
2013 |
|
Net interest income |
||
|
Net fee and commission income |
||
|
Net income from operations with financial assets, securities and foreign exchange |
||
|
Other operating income |
||
|
Operating income before provisions |
||
|
Change in reserves |
||
|
Operating expenses |
||
|
Profit before tax |
||
|
Tax expense |
||
Over 53% interest income the bank received on loans to legal entities. Interest income from lending to individuals increased due to an increase in retail lending.
|
Interest income by types of assets mln RUB |
2014 |
2013 |
|
Nostro accounts |
||
|
Funds in the Bank of Russia |
||
|
Bank loans |
||
|
Loans to legal entities |
||
|
Loans to individuals |
||
|
Incomes of previous years, fines, penalties, etc. |
||
|
Income from the sale of insurance products to individuals |
||
|
Securities valued through profit or loss |
||
|
Securities available for sale |
||
|
Securities held to maturity |
||
|
Total interest income: |
1 661 885 |
1 339 005 |
Dynamics interest expense reflects the trends of 2014:
to maintain active operations, Sberbank used tools to raise funds from the Bank of Russia and the Federal Treasury, the cost of which increased especially strongly in December after the Bank of Russia raised the key rate to 17%;
in conditions of insufficient inflow of funds into deposits, Sberbank increased the amount of attracted funds from legal entities; their market value also increased significantly in December;
the bank diversified its liabilities by issuing Eurobonds and subordinated bonds, as well as by raising funds under the ECP program; in June, a subordinated loan was received from the Bank of Russia in the amount of 200 billion rubles.
|
Interest expenses by type of funds raised, mln RUB |
2014 |
2013 |
|
Loro correspondent accounts |
||
|
Bank of Russia deposits |
||
|
Term deposits of banks |
||
|
Settlement accounts of legal entities |
||
|
Term deposits of legal entities |
||
|
Demand accounts of individuals |
||
|
Term deposits of individuals |
||
|
Expenses of previous years, fines, penalties |
||
|
Bonds |
||
|
Subordinated loan |
||
|
Bills, savings and deposit certificates |
||
|
Total interest expense: |
Main growth fee income provided with commissions on transactions with bank cards and acquiring operations due to the growth of issued cards and an increase in the number of customers who are acquiring services in Sberbank.
Main growth commission expenses due to the growth in the volume of transactions with bank cards, which affects the volume of payments in favor of payment systems.
|
Fee and commission income and expenses, RUB mln |
2014 |
2013 |
|
Fee and commission income |
||
|
Settlement transactions |
||
|
Cash transactions |
||
|
Account management |
||
|
Bank guarantees |
||
|
Currency control |
||
|
Operations with foreign currency |
||
|
Trade finance and trade finance |
||
|
Maintenance of budgetary funds |
||
|
Rental of safes and bank cells |
||
|
Operations with securities |
||
|
Agency and other services |
||
|
Total fee and commission income |
||
|
Commission expenses |
||
|
Operations with bank cards |
||
|
Settlement transactions - expense |
||
|
Collection |
||
|
Total commission expenses |
||
|
Net fee and commission income |
||
Consistently pursuing a policy in the field of efficiency improvement, the Bank continued to implement a program to optimize expenses . The Bank has optimized the procurement system, including in the area of IT, has increased the efficiency of real estate use, and systematically works with other types of expenses. The low growth rate of personnel expenses (12.7%) contributed to a further reduction in their share in the structure of operating expenses from 48.4% to 42.5%.
|
Operating expenses, million rubles |
2014 |
2013 |
|
Staff costs |
||
|
Administrative and economic expenses |
||
|
Depreciation |
||
|
Expenses from the exercise of own rights of claim |
||
|
Contributions to the Fund compulsory insurance deposits |
||
|
Expenses of previous years from the revaluation of investments in subsidiaries and affiliates |
||
|
Other operating expenses |
||
|
Operating expenses |
In 2014 the Bank's expenses for the formation of the reserve amounted to 290.8 billion rubles, including loans of 279.6 billion rubles. This is significantly higher than in 2013. The increase in the cost of provisions for loans is due to the following factors:
- an increase in the loan portfolio, which required the creation of reserves for new loans within the framework of the current provisioning approaches;
- depreciation of the ruble, which required the additional creation of reserves for foreign currency loans without deteriorating their quality;
- market-wide deterioration in the quality of the loan portfolio of both corporate and retail clients against the backdrop of the current macro-economic situation;
- one-time creation of reserves for several relatively large borrowers;
- creation of provisions for Ukrainian borrowers in connection with difficult situation in Ukraine.
A large amount of expenses on reserves was the main reason for the decline in the Bank's profit in 2014. Profit before tax decreased compared to 2013 by 14.6% and amounted to 429.2 billion rubles. Profit after tax decreased by 17.6% to 311.2 billion rubles.
Net profit for the three months ended March 31, 2015 amounted to RUB 30.6 billion. (or 1.42 rubles per ordinary share) compared to 72.9 billion rubles. (or RUB 3.41 per ordinary share) for the same period in 2014. Net profit declined mainly due to the fact that the growth of interest expenses outpaced the growth of interest income, as well as due to the creation of a provision for impairment of the loan portfolio.
Net interest income for the 1st quarter of 2015 decreased by 16.4% and amounted to 200.3 billion rubles. compared to 239.6 billion rubles. for the 1st quarter of 2014.
Interest margin for the 1st quarter of 2015 decreased by 200 basis points compared to the 1st quarter of 2014 and amounted to 3.7% per annum.
Net fee and commission income for the 1st quarter of 2015 amounted to 69.5 billion rubles, which is 14.7% higher than in the 1st quarter of 2014 (60.6 billion rubles).
Operating income before expenses on creation of a provision for depreciation of debt financial assets increased by 4.0%, amounting to 304.9 billion rubles. in comparison with 293.2 billion rubles. for the 1st quarter of 2014.
Operating expenses in 1Q 2015 increased by 14.7% compared to the same period in 2014, while the ratio of operating expenses to income increased to 45.8% compared to 41.5% in 1Q 2014.
The net loan portfolio impairment charge for Q1 2015 amounted to RUB 114.9 billion, which corresponds to a credit risk cost of 250 basis points.
Total assets as of March 31, 2015 amounted to RUB 24,245.9 billion, down 3.8% year-on-year. The main reason for the decrease is the decrease in the amount of cash and cash equivalents, as well as the loan portfolio.
In Q1 2015, loans and advances to customers (net) decreased by 2.2%, amounting to RUB 17,363.7 billion, compared to RUB 17,756.6 billion. at the end of 2014.
The share of non-performing loans in the portfolio before provisions (NPL) increased to 3.9% as of March 31, 2015 (December 31, 2014: 3.2%).
Customer funds increased by 1.6%, amounting to 15,815.7 billion rubles, compared to 15,562.9 billion rubles. at the end of 2014. The increase in funds of individuals is the main source of growth in customer funds.
Own funds increased by 3.8% in the 1st quarter of 2015 and amounted to 2,096.9 billion rubles. The main sources of growth were net income from the revaluation of securities available-for-sale and net income for the reporting period.
The total capital adequacy ratio (Basel I) for the 1st quarter of 2015 increased by 60 basis points and amounted to 12.7%. The core capital adequacy ratio (tier 1 capital) increased by 40 basis points and amounted to 9.0%.
Interest income for the 1st quarter of 2015 increased by 35.7% compared to the same period in 2014 and amounted to 561.9 billion rubles. The increase was due to higher interest rates on corporate loans and growth in the volume of assets generating interest income.
Interest expenses (including expenses directly related to deposit insurance) for the 1st quarter of 2015 increased by 107.1% compared to the same period in 2014 and amounted to 361.6 billion rubles, while the main sources of growth were the cost of term deposits of corporate customers and the cost of interbank borrowings (mainly from the Bank of Russia). The average cost of term deposits of corporate clients rose to 8.5% per annum compared to 5.4% per annum in the 1st quarter of 2014 due to the revision of market interest rates amid instability in the Russian financial market. Interest expenses on interbank borrowings (mainly from the Bank of Russia) in the 1st quarter of 2015 increased by 254.3% compared to the same period last year due to an increase in the volume and cost of borrowings due to an increase in the key rate of the Central Bank of the Russian Federation. At the same time, interest expenses on deposits of individuals, which are a key source of financing, became the main component of interest expenses. In the 1st quarter of 2015, the cost of attracting term funds from individuals increased to 6.1% per annum compared to 5.3% per annum in the 1st quarter of 2014.
Net interest income for the 1st quarter of 2015 decreased by 16.4% compared to the same period in 2014 and amounted to 200.3 billion rubles. This decrease was caused by an increase in interest expenses, which outpaced the growth in interest income, due to a sharp increase in the cost of funding. As a result, the net interest margin decreased in Q1 2015 by 200 basis points to 3.7% per annum. Net interest income remains the main component of operating income, accounting for 65.7% of total operating income before impairment charges on debt financial assets.
Net fee and commission income for the 1st quarter of 2015 increased by 14.7% compared to the same period in 2014, amounting to 69.5 billion rubles. The key sources of growth were fee and commission income from settlement and cash services for individuals and legal entities and acquiring income, as well as fee and commission income from foreign exchange transactions.
Operating income before expenses on creating a provision for impairment of debt financial assets for the 1st quarter of 2015 amounted to 304.9 billion rubles, showing an increase of 4.0% compared to 293.2 billion rubles. for the same period in 2014, despite a decrease in net interest income of 16%. The main sources of growth were net fee and commission income and income from foreign exchange transactions.
Net expenses from the creation of a provision for impairment of the loan portfolio for the 1st quarter of 2015 amounted to 114.9 billion rubles. in comparison with 77.1 billion rubles. for the same period in 2014, which corresponds to a cost of credit risk of 250 bps versus 220 bps in 1Q 2014. The main reasons for the increase in expenses from the creation of the provision were: a general deterioration in the quality of the loan portfolio against the backdrop of a slowdown in the Russian economy and the creation of provisions for loans to Ukrainian borrowers due to the further deterioration of the Ukrainian economy.
