SberBank Posts Financial Highlights in January 2022 with Net Profit of RUB100.2 Billion

Key highlights for January:

SberBank earned net profit of RUB100.2 bn. ROE came in at 22.1%, and ROA was 3.1%.

The economy retained strong lending momentum in January: Sber loan production was RUB1.34 trn for the month, including RUB0.4 trn to retail clients and RUB0.94 trn to corporate clients. Total loan portfolio reached RUB28 bn.

Corporate client funding in January was up by 5%, or by RUB0.4 trn, offsetting the seasonal outflow of retail funding.

Net profit before income tax in January increased by 15.0% y/y and amounted to RUB123.5 bn. Net profit increased by 15.6% y/y to RUB100.2 bn.

Total assets in January increased by 0.3% excluding the effect of FX revaluation to RUB38.4 trn.

The Bank issued over RUB0.9 trn in loans to corporate clients in January. The portfolio was up by 1.2% to RUB17.2 trn. The Rouble loan portfolio increased by 1%.

Loan production to retail clients in January was RUB404 bn with growth across all segments. Total retail portfolio was up by 1.3% for the month to exceed RUB10.8 trn.

The securities portfolio was up by 0.2% to RUB5.14 trn in January mainly from purchases of the corporate bonds.

Retail client funding decreased by 3.0% in January, or by RUB0.5 trn, which is season’s common dynamics following strong inflows of funds in December last year. The ending balances of the escrow accounts continued to grow, supported by mortgage lending.

Corporate client funding in January were up by 5.0%, or by RUB0.4 trn, nearly offsetting the outflows of retail funding, to RUB9.4 trn.

Net interest income grew by 14.8% y/y to RUB148.7 bn, led by the loan portfolio expansion. The net interest margin demonstrated stable dynamics.

Net fee and commission income was up by 7.6% y/y and amounted to RUB39.7 bn. Excluding the impact of the methodological changes in accounting for the loyalty program and other commissions the growth in January would have been 15%. The main growth driver remains transactions with banking cards, including acquiring.