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Sberbank posts 27.3% YOY rise in Q1 profit

PAO Sberbank of Russia reported a first-quarter group net profit of 212.1 billion Russian rubles under the new IFRS 9 accounting standards, up from 166.6 billion rubles in the same period in 2017.

EPS for the period stood at 9.84 rubles, compared to 7.79 rubles a year ago.

Return on equity increased to 24.2% in the period from 23.1% a year ago.

Net interest income rose to 358.6 billion rubles in the first quarter from 336.6 billion rubles a year earlier, as did net fee and commission income, to 101.5 billion rubles from 83.6 billion rubles.

Net provision charge for debt financial assets amounted to 49.1 billion rubles, down from the year-ago 67.4 billion rubles.

Group operating expenses for the period increased on a yearly basis to 157.4 billion rubles from 147.1 billion rubles.

The bank's nonperforming loan ratio as of March 31 was 4.2%, down from 4.5% as of Jan. 1, when IFRS 9 took effect, and unchanged from 4.2% as of 2017-end under IAS 39. The NPL coverage ratio, meanwhile, stood at 178.1% as of March-end, up from 171.3% as of Jan. 1 and from 167.8% as of 2017-end under IAS 39.

As of March 31, the bank's common equity Tier 1 ratio was 12.2%, up from 11.2% as of Jan. 1 and from 11.4% at the end of 2017 under IAS 39.

As of May 29, US$1 was equivalent to 62.57 Russian rubles.