Sberbank's net assets. Analysis of liabilities and equity of the group under ifrs
) according to IFRS for 2016 increased to 541.9 billion rubles. compared to 222.9 billion rubles. in 2015 Positive impact on financial results Sberbank experienced a decrease in interest expenses by 26.9% yoy (-266 billion rubles) and an increase in interest income by 5.2% yoy (+119 billion rubles). The net interest margin in 2016 recovered to 5.7% compared to 4.4% in 2015. Sberbank's profit amounted to 141.8 billion rubles, which is 3.5% higher than the result of the third quarter. Net interest margin in Q4 grew to 6.1% compared to 5.8% in the III quarter.
The growth in interest income of Sberbank was due to the fact that the average volume of working assets in 2016 exceeded the volume of assets in 2015, although during 2016 there was a contraction in the balance sheet after a sharp increase in the IV quarter of 2015. At the same time, Sberbank managed to reduce interest expenses due to lower rates on deposits and lower prices for other funding sources. Sberbank's loan portfolio exceeds client funding in terms of maturity. This allowed Sberbank to lower rates for end borrowers more slowly, which had a positive impact on the margin.
Sberbank's operating expenses in 2016 increased by 8.7% (-54.2 billion rubles), reflecting a conservative approach to cost management.
The cost of creating provisions for possible losses in 2016 decreased by 24.9% (-120 billion rubles), which became possible due to an improvement in the quality of the loan portfolio.
The share of non-performing loans (NPL90 +) in the total loan portfolio in 2016 decreased from 5.0% to 4.4%. The main volume of bad debt reduction fell on the IV quarter.
Sberbank's assets in 2016 decreased by 7.2% to RUB 25.4 trillion. The decrease in assets was mainly due to the reduction in the corporate loan portfolio - by 8.9% yoy. The retail loan portfolio grew by 1.3% due to the increase in mortgages.
In the IV quarter, Sberbank's assets decreased by 0.6%, including the total loan portfolio decreased by 2.4%.
Funds attracted by Sberbank from the population in 2016 increased by 3.4% YoY to RUB 12.4 trillion. The main inflow of funds from the population fell on the IV quarter. This was facilitated by an increase in budget expenditures, which translated into an increase in account balances of public sector employees and state-owned companies serviced by Sberbank.
Account balances of corporate clients decreased in 2016 by 19.6% to RUB 6.2 trillion. We associate this trend with the strengthening of the ruble and the outflow of funds as a result of large privatization deals.
In 2016, Sberbank increased the volume of issued bonds in the domestic market from RUB 70.1 billion. to RUB 84.3 billion, while the volume of outstanding Eurobonds in ruble terms decreased from RUB 34.5 billion. up to 21.1 billion rubles. The volume of loan participation notes issued under Sberbank's MTN program decreased from RUB 607 billion. up to 473.9 billion rubles. The decrease in foreign exchange funding attracted from the capital markets is in line with the bank's diminishing needs for foreign exchange resources against the backdrop of a shrinking portfolio of foreign currency loans.
Sberbank's capital adequacy ratios (calculated in accordance with Basel-I) improved in 2016. The total capital adequacy ratio increased by 310 bp. up to 15.7%. The capital adequacy ratio increased in 2016 by 340 bp. up to 12.3%. The improved ratios were driven by a reduction in risk-weighted assets and capitalization of profits.
Sberbank's forecast for 2017 assumes that NIM will remain at the 2016 level (5.7%) and the cost of risk will decrease to 1.5% -1.7% compared to 1.8% in 2016. ROE is planned at the level 16% -19%, which is lower than in 2016 (20.8%). The decline in the return on equity of Sberbank may be due to capital growth. In absolute terms, the net profit of Sberbank in 2017, according to our expectations, will exceed 600 billion rubles. (more than 11% yoy). Profits will be positively influenced by the growth of working assets and a decrease in the cost of risk. Sberbank predicts growth of the loan portfolio to corporate clients at 5% -7%, retail lending dynamics is expected to be slightly better, which, in our opinion, is quite realizable.
We have a positive view on Sberbank's Q4 results. and for 2016 as a whole.Among the outstanding debt instruments of Sberbank, the ruble issue of bonds of the BO-37 series with maturity on September 30, 2021 looks interesting. stringent requirements to capital adequacy and liquidity in accordance with the plans for the introduction of Basel III standards, we expect an improvement in the credit profile of Sberbank in 2017-2018, which will support the quotations of the loan with a long duration. We also expect the recommended loan quotes to grow due to the general repositioning of the market amid slowing inflation. The current yield on the Sberbank BO-37 issue is 9.28% per annum and contains a premium to OFZ at 83 bp. With a decrease in the yield of OFZs by 1 p.p. By the end of 2017, we expect the quotations of Sberbank BO-37 to grow by 355 bp, which, together with the coupon, will provide annual yield securities of about 12.7% per annum. The purchase of Sberbank's Eurobonds, in our opinion, is associated with a risk due to the expected increase in the FRS rates.
The bank's net interest income in 2016 reached 1,020.4 billion rubles. Net profit for the reporting year amounted to 541.9 billion rubles.
The bank's assets at the end of the year amounted to 25,368.5 billion rubles, having decreased by 7.2%. Assets held for sale decreased noticeably (-97.3%). This was caused by the sale in May of a 96.914% stake in Krasnaya Polyana NJSC for 12.2 billion rubles. And in July, 99.5% of Sberbank Slovensko a.s. was sold, the profit from the transaction amounted to 3.0 billion rubles. Other financial assets also dropped significantly (-52.3%). The reason was the reduction, almost by half, of accounts receivable from operations of the group's clients.
The bank's liabilities decreased by 9.7%. The liabilities of disposal groups under the transactions described above decreased the most. The postponed tax liabilities, in 2016 they amounted to 55.1 billion rubles against 132 billion rubles in 2015.
The bank's own funds increased by 18.8% to 2,821.6 billion rubles. Retained earnings of the bank for reporting period increased by 25.9%.
The bank's net interest income amounted to $ 1,362.8 billion. Upon closer examination, one can see that the bank's interest income increased by 5.2%, while interest expenses decreased quite significantly compared to last year - by 21.2%. The costs of creating a reserve also decreased - by 27.9%.
Other operating income decreased to 334.7 billion rubles, in 2015 it amounted to 441.8 billion rubles. This is due to the receipt of a loss on transactions with foreign currency and from derivative transactions. Fee and commission expenses increased noticeably - by 33.9%.
Net profit increased to 541.9 billion rubles.
Key indicators on a cumulative basis, RUB bln
Indicator name | 31.12.2015 | 31.03.2016 | 30.06.2016 | 30.09.2016 | 31.12.2016 |
Interest income | 2279,6 | 613 | 1212,5 | 1803,6 | 2399 |
Interest expense | -1253,2 | -276,1 | -525,4 | -760,1 | -986,9 |
-38,4 | -11,4 | -22,3 | -35,9 | -49,3 | |
Net interest income | 988 | 325,5 | 664,8 | 1007,6 | 1362,8 |
-475,2 | -83,9 | -180,4 | -282,1 | -342,4 | |
512,8 | 241,6 | 484,4 | 725,5 | 1020,4 | |
Net fee and commission income | 319 | 77,2 | 163,1 | 251,7 | 349,1 |
Operating income | 954,6 | 293,7 | 640 | 973,3 | 1355,1 |
Net profit | 222,9 | 117,7 | 263,1 | 400,1 | 541,9 |
Quarterly dynamics, RUB bln
Indicator name | 31.12.2015 | 31.03.2016 | 30.06.2016 | 30.09.2016 | 31.12.2016 |
Interest income | 598,9 | 613 | 599,5 | 591,1 | 595,4 |
Interest expense | -291,2 | -276,1 | -249,3 | -234,7 | -226,8 |
Costs directly related to deposit insurance | -10,5 | -11,4 | -10,9 | -13,6 | -13,4 |
Net interest income | 297,2 | 325,5 | 339,3 | 342,8 | 355,2 |
Net expense from provision for impairment of debt financial assets | -112,7 | -83,9 | -96,5 | -101,7 | -60,3 |
Net interest income after allowance for impairment of debt financial assets | 184,5 | 241,6 | 242,8 | 241,1 | 294,9 |
Net fee and commission income | 95,6 | 77,2 | 85,9 | 88,6 | 97,4 |
Operating income | 305,9 | 293,7 | 346,3 | 333,3 | 381,8 |
Net profit | 72,6 | 117,7 | 145,4 | 137 | 141,8 |
The share of interest-bearing assets in the balance sheet amounted to about 90%, having decreased by 0.96 pp. At the same time, the share of interest-bearing liabilities increased by 1.09 pp.
Most of the loans issued by the bank were issued to corporate clients. Their share in the total loan portfolio is 73%. Over the year, loans and advances to corporate clients decreased by RUB 1,325.7 billion. Loans and advances to private clients increased by 66.1 billion rubles.
The share of non-performing loans for the year decreased by 0.5 pp, that is, 828.4 billion rubles. The share of delinquencies in the portfolio is 6.3% (-0.9 pp).
Funds individuals in 2016 increased by 405.9 billion rubles, corporate clients' funds decreased by 1,519.4 billion rubles.
Adequacy of 1st order capital for reporting date amounted to 10.8%. The increase occurred by 2.6 percentage points due to an increase in retained earnings.
Profitability equity capital(ROE) and return on assets (ROA) of Sberbank also rose.
The net spread between the return on assets and the cost of liabilities amounted to 1.5%, an increase of 0.4 pp. The net interest margin was 1.53%.
Sberbank's net profit under IFRS amounted to 541.9 billion rubles in 2016, better than forecasted at 517 billion. This corresponds to earnings of RUB 25 per common share, an increase of 141.3% year-on-year.
Key financial performance Sberbank Group for 2016:
- Return on equity reached 20.8%, compared with 10.2% a year ago;
- The size own funds increased during the year and the capital adequacy ratio rose by 340 basis points to 12.3%, while the total capital adequacy ratio reached 15.7%, an increase of 310 basis points;
- Cost of risk for 2016 amounted to 177 basis points (hereinafter - "bp"), which is 77 bp below the level of a year ago. The cost of risk of the retail loan portfolio amounted to 130 basis points, which is by 85 basis points. below the level of 2015, while the cost of risk of corporate loans decreased by 74 bps to 194 basis points compared to 2015;
- The ratio of operating expenses to operating income improved to 39.7% in 2016 compared to 43.7% a year ago;
- Net income from insurance and pension fund activities increased by 63.0% in 2016.
Key performance indicators of the group for the 4th quarter:
- Net profit amounted to 141.8 billion rubles, or 6.54 rubles. per ordinary share in the 4th quarter of 2016, with an increase of 95.3% compared to the 4th quarter of 2015;
- Return on equity in the 4th quarter of 2016 amounted to 20.4%, having increased by 780 bp. compared to Q4 2015;
- Customer funds grew by 0.4% in the 4th quarter of 2016 compared to the previous quarter and amounted to 18.7 trillion. rub. Retail deposits increased by 3.0%, while funds raised from corporate clients decreased by 4.4% in Q4 2016;
- Net interest income for the 4th quarter of 2016 amounted to 355.2 billion rubles, having added 19.5% compared to the same period last year. The growth of the indicator was due to a decrease in interest expenses by 20.4%, due to a decrease in the cost of deposits, amid softening interest rates in economics. Interest income fell 0.6%.
- Net interest incomefor the 4th quarter of 2016 amounted to 355.2 billion rubles, having added 19.5% compared to the same period last year.
- Operating expenses Groups in the 4th quarter of 2016 increased by 5.4% compared to the same period last year to 202,0 RUB bln The revaluation of the group's real estate in the amount of RUB 25 billion had a negative effect on operating expenses.
- Loan portfolio less reserves for impairment decreased by 2.4% to 17,361.3 billion rubles. in the 4th quarter of 2016 relative to the 3rd quarter of 2016
- Volume of non-performing loans decreased by 10.7% to 828.4 billion rubles. in the 4th quarter.
- Share restructured loans accounted for 6.5% of the total portfolio in Q4 2016 compared to 6.2% in Q3 2016. Allowance for impairment of the loan portfolio to the aggregate of non-performing and restructured performing loans increased to 75% in Q4 compared to 73% in Q3 2016.
- Total capital The group grew by 1.5% in the 4th quarter of 2016 compared to the previous quarter due to retained earnings of the 4th quarter and amounted to 3.5 trillion. rub.
- - Assets of the Group, weighted by risk, decreased by 3.9% in the 4th quarter of 2016 compared to the previous quarter and amounted to 22.3 trillion. rub. mainly due to changes in exchange rates.
BCS Express
«
Hello! People have different opinions about the impact of the Central Bank rate on NIM.
If we consider VTB:
1) NIM is on a downward trend
2) the Central Bank rate also has a downward trend
The question is: what will happen to the NIM of this bank and why? will it be somehow different if we consider the situation with regard to savings?
Thanks.»
Good morning, of course, there is a definite connection between the Central Bank rate cut and the NIM decline, but the change in the structure of loans has a much greater impact - from more marginal products (consumer loans) to less (mortgages). In addition, VTB has seen a more rapid growth in loans issued relative to the growth in attracted deposits, which has to be compensated for by more expensive funding (interbank lending and subordinated debt). The opposite situation is taking place in Sberbank. In general, our forecast for the NIM of both banks is to maintain the current values.
« In the latest charter of Sberbank dated 06/08/2018, the wording about the protective clause sounds like this (page 5, clause 4.2): - The bank has placed ordinary shares and preferred shares of the same type - with the obligatory payment of a certain dividend in the amount of at least 15% of the par value of the preferred share. (punctuation retained) Is it considered that the clause about the "certainty" of payment on prefs has appeared or everything is the same as before - "not less than 15%" is not certain and that means they can pay less than usual?»
Yes, we also need the wording that the amount of the dividend paid on the preferred share cannot be less than the amount of the dividend paid on the ordinary shares.
« Hello. In the 1H 2018 results, BV per share indicated 175.8 rubles. What formula is used to calculate if equity owned by shareholders is 3485 billion rubles, and total amount shares of about 22.6 billion shares. (I understand that this is a forecast, but still).»
Good afternoon. The book price at the end of 2018 of RUB 175.8 was obtained by dividing the projected equity capital at the end of 2018 in the amount of RUB 3.971 trillion by the total number of ordinary and preferred shares.
« Good day! Why has capital adequacy declined so much?»
Good afternoon. Largely due to the payment of higher dividends for 2017.
« How significant can the additional profit of banks and Sberbank in particular be as a result of the entry into force of the law on financing housing construction by developers not at the expense of equity holders, but at the expense of credit money banks?»
So far, we have not made special adjustments to the bank models associated with changes in housing finance.
« To be honest, we were very surprised by the initial premise of your question, Dmitry. Who is Sberbank and why?»
Artem, I heard this opinion from the speeches of many analysts at RBC. Of course, I don't keep track of their names, but with 100% probability I can name a couple of names: Alexander Razuvaev, Alexander Krapivko. This is discussed with the presenters of the programs as a matter of course.
« Good day!
Like paper you have in your portfolio since June? And in September you write that you can only apply ...?)) "
Good day, Andrey! Yes, in June we bought ordinary shares of Sberbank only in the "Arsagera - mixed investment fund", at the moment we have bought them in all portfolios.
« Sberbank had to sell its business in Ukraine for a penny even before the summer. Something didn’t see any more information on this. What is the price of the transaction, when and how will it be reflected in financial statements jar? She will be»
Good morning, Dmitriy! In the first quarter of 2017, the Bank signed a framework agreement for the sale of 100% of shares in PJSC SBERBANK (Ukraine). The implementation of this agreement presupposed preliminary approval by the regulatory authorities and the fulfillment of other conditions. In the third quarter of 2017, the National Bank of Ukraine refused to approve the transaction. We have no other information at the moment. With regard to the reporting of the bank, we believe that the corresponding allowance for impairment has already been created.
« Apparently, part of the cash of about 100 billion rubles was spent on the purchase of fixed assets, which can be seen in Note 14 of the IFRS statements for 2016.»
That's just the point: Sberbank plans to get rid of the excess number of its branches. He couldn't buy himself real estate again for new offices ...
« Hello Dmitry! The question is not very clear. Could you explain in more detail what is meant?»
Elena, if you take, for example, the financial results of Sberbank for 2015, then the profit is 222.9 billion rubles. In accordance with this, the return on equity was calculated at 11%, given that at the beginning of 2015 Sberbank possessed 2,020 billion rubles. The question arises: why, in this case, when calculating the profit received, the indicators of "Other comprehensive income" are not taken into account, where the income item is calculated: "Investment securities available for sale "? After all, that amount of equity capital (2,020 billion rubles) includes the cost of investment securities for sale. The logic of my reasoning is this: if you include the cost of investment securities for sale in the indicators of equity capital, then it is fair to estimate the profitability of this capital by including the item "Other comprehensive income" in the indicators of the received net profit.
« Looked at hit parades five years ago. In them, preferred shares held positions lower than ordinary shares, although in those years Arsagera did not yet take into account the absence of a protective clause in the Sberbank Charter. What is the reason for this?»
Perhaps at that time, Sberbank prefs were trading above the fair discount.
« Sberbank does not use borrowed funds TSB RF. Are they profitable for Sberbank high stakes in the country? On the one hand, lower rates will increase lending volumes. On the other hand, with a decrease in rates, the bank's margin will also fall, and will its advantage over other banks in the form of cheap customer money be leveled?»
Historical data show that during the period of lower interest rates, Sberbank's net interest margin was higher than the indicators that the bank is demonstrating now.
« Hello Andrey! Rule of paragraph 2 of Article 32 Federal law dated 26.12.1995 N 208-FZ "On Joint Stock Companies" that the owners of preferred shares, for which the amount of dividend has not been determined, have the right to receive dividends on an equal basis with the owners of ordinary shares. In the case of Sberbank (unlike Transneft, for example), the amount of dividends of preferred shares is not defined in the charter, which means that clause 2 of article 32 of the law on joint-stock companies protects the owners of preferred shares, which is better than a "protective clause in the charter." So why did you still exclude Sberbank from the market types? Do you think that a clause in the charter protects more reliably an article of a federal law?»
Good evening, Eugene! According to our courts, the wording that is in the charter of Sberbank (at least 15% of the nominal value) is the definition of the amount of dividends on preferred shares. As a consequence, the provision of the law indicated by you does not apply.
« Hello Andrey! I thought so. But why is VTB there then? After all, you also excluded it from the market types.»
Alexander, indeed, VTB ordinary shares are of market types. Could you provide a link to where we talk about their exclusion? Perhaps this term was used in a different context. For example, for similar reasons, due to the lack of a clause in the charter, we do not calculate the yield on the preferred shares of Transneft, Kuibyshevazot, Bashinformsvyaz.
« Hello! Why are there no Sberbank prefs in the "Issuer Analytics" section?»
Good afternoon! We have excluded Sberbank preferred shares from market types, since the Bank's charter does not contain a protective clause on dividends. As a rule, it reads as follows "In this case, if the amount of dividends paid by the Company for each common share in a certain year, exceeds the amount payable as dividends on each preferred share, the amount of the dividend paid on the latter must be increased to the amount payable on ordinary shares. "
« “Investors always appreciate the fact that management joint stock company motivated to increase the value, as this is the most important component of shareholders' income. ”Abalov Artem, December 11, 2015 at 12:57 Investors, of course, can be of all kinds. I also consider myself an investor. But I do not approve of such management motivation. It is necessary to tie the salaries of managers to the growth of share capital and ROE, while meeting certain standards of the company's debt level and its leverage.»
We completely agree with you, but it is even more correct to use both indicators: the growth of share capital, and its rate, as well as the correspondence of capitalization to the indicator of intrinsic value achieved by the company. For example, in our company the management remuneration system is three-stage: 1. Availability of profit; 2. Excess ROE over the level of OFZ yield; 3. Excess of capitalization over the maximum of two: the size of the company's equity capital or the amount of profits multiplied by 7.
« Investors always appreciate the fact that the management of a joint-stock company is motivated to increase its value, since this is the most important component of shareholders' income.»
Investors, of course, are all sorts. I also consider myself an investor. But I do not approve of such management motivation. It is necessary to tie the salaries of managers to the growth of share capital and ROE, while meeting certain standards of the company's debt level and its leverage.
Table 1
Property structure and sources of its formation
Index | Indicator value | Change for the analyzed period | ||||||
v thousand roubles. | in% to the balance currency | thousand roubles. | ± % | |||||
30.09. | 30.09. | 30.09. | ||||||
Assets | ||||||||
1. Non-current assets | 2 449 | 13 479 549 | 14 870 309 | 10,5 | +12 421 012 | +6.1 times | ||
including: fixed assets | 711 772 | 620 205 | 480 878 | 3,1 | 0,8 | -230 894 | -32,4 | |
intangible assets | 508 402 | 492 568 | 465 023 | 2,2 | 0,8 | -43 379 | -8,5 | |
2. Negotiable, total | 20 777 163 | 41 707 656 | 44 568 050 | 89,5 | +23 790 887 | +114,5 | ||
including: stocks | 74 118 | 103 714 | 59 252 | 0,3 | 0,1 | -14 866 | -20,1 | |
receivables | 11 364 600 | 9 704 071 | 10 620 969 | 48,9 | 17,9 | -743 631 | -6,5 | |
cash and short term financial investments | 9 334 381 | 31 897 611 | 33 877 239 | 40,2 | +24 542 858 | +3.6 times | ||
Passive | ||||||||
1. Equity capital | 4 331 795 | 6 497 398 | 6 994 102 | 18,7 | 11,8 | +2 662 307 | +61,5 | |
2. Long-term liabilities, total | – | – | – | – | – | – | – | |
3. Short-term liabilities, total | 18 894 665 | 48 689 807 | 52 444 257 | 81,3 | 88,2 | +33 549 592 | +177,6 | |
Balance currency | 23 226 460 | 55 187 205 | 59 438 359 | +36 211 899 | +155,9 | |||
From the data presented in the first part of the table, it can be seen that as of September 30, 2017, the share of non-current assets in the organization's assets is 1/4, and current assets, respectively, 3/4. The organization's assets increased significantly over the entire period (by 155.9%). Given the significant growth in assets, it should be noted that equity capital increased to a lesser extent - by 61.5%. The lagging increase in equity capital relative to the total change in assets should be viewed as a negative factor.
Fig. 6 Sberbank's asset structure as of September 30, 2017
The growth in the value of the organization's assets is mainly associated with the growth of the following positions of the asset balance sheet(the percentage of changes in the article in total amount all positively changed articles):
· Cash and cash equivalents - 15 855 416 thousand rubles. (42.4%)
· Long-term financial investments - 12,825,023 thousand rubles. (34.3%)
· Short-term financial investments (excluding cash equivalents) - 8 687 442 thousand rubles. (23.2%)
At the same time, in the liabilities of the balance sheet, an increase is observed along the lines:
· accounts payable- 33 776 166 thousand rubles. (84.9%)
· Additional capital (without revaluation) - 6,000,000 thousand rubles. (15.1%)
Among the negatively changed balance sheet items, one can distinguish "accounts receivable" in the asset and "retained earnings ( uncovered loss) "in liability (-743,631 thousand rubles and -3,337,693 thousand rubles, respectively).
As of September 30, 2017, the organization's equity capital was 6,994,102.0 thousand rubles. During the analyzed period (from September 30, 2015 to September 30, 2017), there was a very strong increase in equity capital - by 2,662,307.0 thousand rubles.
table 2
Cost estimate net assets organization
Index | Indicator value | The change | |||||
v thousand roubles. | in% to the balance currency | thousand roubles. | ± % | ||||
30.09.2015 | 30.09.2016 | 30.09.2017 | at the beginning of the analyzed period (09/30/2015) | at the end of the analyzed period (09/30/2017) | |||
1 net assets | 4 331 795 | 6 497 398 | 6 994 102 | 18,7 | 11,8 | +2 662 307 | +61,5 |
2. Share capital | 2 200 000 | 2 200 000 | 2 200 000 | 9,5 | 3,7 | – | – |
3. The excess of net assets over the authorized capital | 2 131 795 | 4 297 398 | 4 794 102 | 9,2 | 8,1 | +2 662 307 | +124,9 |
The net assets of the organization as of the last day of the analyzed period are much (3.2 times) higher than the authorized capital. This positively characterizes the financial position, fully meeting the requirements of regulatory enactments to the amount of the organization's net assets. In addition, having determined the current state of the indicator, it is necessary to note an increase in net assets by 61.5% over the period under review (from September 30, 2015 to September 30, 2017). The excess of net assets over the authorized capital and at the same time their increase over the period indicates a good financial situation organizations on this basis.
Fig. 7 Dynamics of net assets and authorized capital
Table 3
Profitability indicators of Sberbank of Russia, 2015-2017,%
The bank's return on assets as of 08/23/2017 says that the net profit received for 1 ruble spent on the formation of assets in 2017 increased by 2.0% compared to 2015.
The return on equity of Sberbank of Russia says that in 2017 the net profit earned per ruble spent on the formation of equity capital increased by 14.5% compared to 2015 and amounted to 24.8%.
The profitability indicators of Sberbank of Russia have been increasing from 2015 to 2017, which indicates an increase in the efficiency of the bank.
Indicators | Normative value | Absolute deviation | |||||
2014/ | 2015/ | 2016/ | |||||
Autonomy ratio (financial independence) | > 0.5 | 0,09 | 0,11 | 0,18 | |||
Coefficient of provision with own circulating assets (coefficient of maneuverability) | ≥0,5 | 0,75 | 0,81 | 0,83 | |||
Asset efficiency ratio | ≥0,65 | 0,86 | 0,9 | 0,84 | |||
Loan debt quality ratio | ≥0,99 | 0,99 | 0,99 | 0,99 | |||
Interest coverage ratio | 0,17 | 0,34 | |||||
Resource Base Stability Coefficient | ≥0,7 | 0,16 | 0,15 |
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