The Group net profit up by 11.6% compared to 2018


Mag. Linda Michalech
Corporate Communications Manager

Sberbank Europe AG
Tel.: +43 1 22732 1300
Mobile: +43 664 8891 3662

Sberbank reports net profit of RUB 476.9 bn (EUR 6.5 bn) for HY 2019

Sberbank has released its interim condensed IFRS financial statements for the first six months of 2019 (as of 30 June 2019), with report on review by AO PricewaterhouseCoopers Audit. All information is presented net of Denizbank A.S. operations, unless stated otherwise.

Alexander Morozov, Deputy Chairman of the Executive Board, CFO, commented: “Expansion of the retail business, focus on SME lending, a further increase in efficiency driven by processes optimization and sustainable growth in the number of digital users ensured a 23.9% return on equity in the first half of 2019. That forms a strong basis to achieve the targeted level of return on equity for the whole year”.   

The 2Q 2019 Financial Highlights:

  • The Group net profit reached RUB 250.3 bn (EUR 3.5 bn) for 2Q 2019 (+16.3% y/y), and RUB 476.9 bn (EUR 6.5 bn) for 6M 2019 (+11.6% y/y);
  • The Group earnings per ordinary share (EPS) came at RUB10.70 per share, up by 17.2% compared to 2Q 2018;
  • The Group annualized return on equity (ROE) reached 24.9%, while the Group annualized return on assets (ROA) reached 3.4%;
  • Retail loan portfolio was up by 4.2% in 2Q 2019 to more than RUB7 trn reaching more than 35% of the total loan portfolio;
  • Client deposits increased by 2.0% for the quarter exceeding RUB21 trn;
  • The combined Cost of Risk (CoR) came at 14 bp including the effect of provisions’ release as part of completion of Agrokor debt restructuring;

The quality of the Group loan portfolio improved: share of Stage 3 and POCI loans came at 7.8%, showing a 0.1 pp decrease compared to 1Q 2019.

You can read the full press release published by Sberbank of Russia here.

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