Net assets of Sberbank. Analysis of liabilities and equity of the IFRS group
) according to IFRS for 2016 increased to 541.9 billion rubles. compared with 222.9 billion rubles. in 2015, 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) had a positive effect on Sberbank's financial results. Net interest margin in 2016 recovered to 5.7% compared to 4.4% in 2015. In the IV quarter. Sberbank’s profit amounted to 141.8 billion rubles, which is 3.5% higher than the result of Q3. Net interest margin in Q4 rose to 6.1% compared with 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 the balance was compressed after a sharp increase in the fourth quarter of 2015. At the same time, Sberbank managed to reduce interest expenses due to lower interest rates on deposits cheapening other sources of funding. Sberbank's loan portfolio exceeds customer funding by urgency. This allowed Sberbank to lower rates for end borrowers more slowly, which had a positive effect on margin.
Sberbank's operating expenses in 2016 increased by 8.7% (-54.2 billion rubles), which reflects a conservative approach to cost management.
Expenses for the formation of reserves for possible losses in 2016 decreased by 24.9% (-120 billion rubles), which was made possible by improving 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 reduction of bad debts occurred in the IV quarter.
Sberbank assets in 2016 decreased by 7.2% to 25.4 trillion rubles. The decrease in assets occurred mainly due to a decrease in the corporate loan portfolio - by 8.9% yoy. 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 12.4 trillion rubles. The main influx of funds came from the fourth quarter. This was facilitated by an increase in budget expenditures, which were translated into an increase in balances in the accounts of public sector employees and state-owned companies serviced by Sberbank.
The balances on accounts of corporate clients decreased in 2016 by 19.6% to 6.2 trillion rubles. We associate this trend with the strengthening of the ruble and the outflow of funds as a result of large privatization transactions.
In 2016, Sberbank increased the volume of issued bonds in the domestic market from 70.1 billion rubles. to 84.3 billion rubles., while the volume of circulating Eurobonds in ruble terms decreased from 34.5 billion rubles. up to 21.1 billion rubles. The volume of loan participation notes issued under the MTN program of Sberbank decreased from 607 billion rubles. up to 473.9 billion rubles. The decrease in foreign currency funding attracted from capital markets corresponds to the declining needs of the bank for foreign exchange resources amid a reduction in the portfolio of foreign currency loans.
Sberbank's capital adequacy ratios (calculated in accordance with Basel-I) improved in 2016. The capital adequacy ratio increased by 310 bp up to 15.7%. The capital adequacy ratio increased by 340 bp in 2016. up to 12.3%. The improvement in regulations was affected by the reduction in risk-weighted assets and capitalization of profits.
Sberbank's forecast for 2017 implies maintaining NIM at the level of 2016 (5.7%) and reducing the cost of risk to 1.5% -1.7% compared to 1.8% in 2016. ROE is planned at the level of 16% -19%, which is lower than in 2016 (20.8%). The decrease in return on equity of Sberbank may be due to the growth of capital. In absolute terms, the net profit of Sberbank in 2017, according to our expectations, will exceed 600 billion rubles. (more than 11% g / g). A positive effect on profits will be provided by the growth of working assets and a decrease in the cost of risk. Sberbank predicts an increase in the loan portfolio to corporate clients in the amount of 5% -7%, the dynamics of retail lending is expected to be slightly better, which, in our opinion, is quite feasible.
We positively evaluate the results of Sberbank for the 4th quarter. and in general for 2016, among the outstanding debt instruments of Sberbank, the ruble issue of bonds of the BO-37 series maturing on September 30, 2021 looks interesting, given the improvement of the operating environment and more stringent requirements for capital adequacy and liquidity in accordance with the plans for introducing standards Basel III, we expect Sberbank's credit profile to improve in 2017-2018, which will support loan quotes with a long duration. We also expect growth in quotes for the recommended loan due to general re-positioning of the market amid slowdown in inflation. The current yield on the issue of Sberbank BO-37 is 9.28% per annum and contains a premium to OFZ at 83 bp With a decrease in OFZ yield by 1 pp By the end of 2017, we expect growth in quotes for the issue of Sberbank BO-37 by 355 bp, which together with the coupon will provide an annual yield of the paper of about 12.7% per annum. The purchase of Sberbank's Eurobonds, in our opinion, is fraught with risk due to the expected Fed rate hike.
The bank's net interest income for 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, down 7.2%. Assets held for sale decreased markedly (-97.3%). This was caused by the sale in May of 96.914% of the shares of NAO Krasnaya Polyana 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 decreased significantly (-52.3%). The reason was a reduction in almost half of the receivables from the operations of the group’s customers.
Bank liabilities decreased by 9.7%. The liabilities of disposal groups for the transactions described above have decreased most. Deferred tax liabilities also decreased, in 2016 they amounted to 55.1 billion rubles against 132 billion rubles in 2015.
The bank’s own funds grew by 18.8%, to 2,821.6 billion rubles. Retained earnings of the bank for the reporting period increased by 25.9%.
Net interest income of the bank amounted to $ 1,362.8 billion. A closer look reveals that the bank’s interest income increased by 5.2%, while interest expenses decreased quite significantly compared to last year - by 21.2%. The cost 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 loss on operations with foreign currency and from operations on derivatives. Commission expenses increased noticeably - by 33.9%.
Net profit rose to 541.9 billion rubles.
Key indicators on an accrual basis, billion rubles.
Name of indicator | 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, billion rubles
Name of indicator | 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 |
Expenses 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 loss from provision for impairment of debt financial assets | -112,7 | -83,9 | -96,5 | -101,7 | -60,3 |
Net interest income after provision 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%, decreasing by 0.96 percentage points. At the same time, the percentage of interest-bearing liabilities increased by 1.09 percentage points.
Most of the loans issued by the bank are issued to corporate clients. Their share in the total loan portfolio is 73%. For the year, loans and advances to corporate customers decreased by 1,325.7 billion rubles. Loans and advances to private customers increased by 66.1 billion rubles.
The share of non-performing loans for the year decreased by 0.5 percentage points, that is, 828.4 billion rubles. The share of delay in the portfolio is 6.3% (-0.9 percentage points).
The funds of individuals in 2016 increased by 405.9 billion rubles, the funds of corporate clients decreased by 1,519.4 billion rubles.
1st order capital adequacy at the reporting date was 10.8%. The increase was 2.6 pp, due to an increase in retained earnings.
Return on equity (ROE) and return on assets (ROA) of Sberbank also increased.
The net spread of return on assets and value of liabilities amounted to 1.5%, an increase of 0.4 percentage points. Net interest margin was 1.53%.
Net profit of Sberbank under IFRS amounted to 541.9 billion rubles for 2016, better than forecasts of 517bn. This corresponds to a profit of 25 rubles per ordinary share, an increase of 141.3% year-on-year.
Key financial indicators of Sberbank Group for 2016:
- Return on equityreached 20.8%, compared with 10.2% a year ago;
- Amount of own fundsincreased during the year and the capital adequacy ratio increased by 340 basis points to 12.3%, while the capital adequacy ratio reached 15.7%, an increase of 310 basis points;
- Risk cost for 2016amounted to 177 basis points (hereinafter - “bp”), which is 77 bp, lower than a year ago. The retail loan portfolio risk cost amounted to 130 basis points, up 85 bps. below the level of 2015, while the cost of risk of corporate loans decreased by 74 bp to 194 basis points compared to 2015;
- The ratio of operating expenses to operating incomeimproved to 39.7% in 2016 compared to 43.7% a year ago;
- Net income from insurance and pension fund activitiesincreased by 63.0% in 2016.
Key performance indicators 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 with the 4th quarter of 2015;
- Return on equityin the 4th quarter of 2016 amounted to 20.4%, an increase of 780 bp compared to the 4th quarter of 2015;
- Customer funds increased 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%, and funds raised from corporate clients decreased by 4.4% for the 4th quarter of 2016;
- Net interest income for the 4th quarter of 2016 amounted to 355.2 billion rubles, adding 19.5% compared to the same period last year. The growth of the indicator was due to a fall in interest expenses by 20.4%, due to a decrease in the cost of deposits, against a background of softening interest rates in the economy. Interest income fell 0.6%.
- Net interest incomefor the 4th quarter of 2016 amounted to 355.2 billion rubles, adding 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 billion rubles The revaluation of the group’s real estate in the amount of 25 billion rubles had a negative effect on operating expenses.
- Loan portfolio minus provisions impairmentdecreased by 2.4% to 17 361.3 billion rubles. in the 4th quarter of 2016 relative to the 3rd quarter of 2016
- The volume of non-performing loans decreased by 10.7% to 828.4 billion rubles. in the 4th quarter.
- share restructured loans amounted to 6.5% of the total portfolio in the 4th quarter of 2016 compared to 6.2% in the 3rd quarter of 2016. The provision for loan impairment to the aggregate of non-performing and restructured working loans increased to 75% in the 4th quarter compared to 73% in the 3rd quarter of 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.
- - Risk-weighted assets of the Group, 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 disagree about the effect of the Central Bank rate on the NPM.
Now, if you consider VTB:
1) NPM has a downward trend
2) the rate of the Central Bank also has a downward trend
Question: what will happen to the NPM of this bank and why? will it be any different if we consider the situation regarding sber?
Thank.»
Good morning, of course, there is a certain relationship between a decrease in the Central Bank rate and a decrease in the NPM, but a much larger influence is exerted by a change in the structure of loans - from more marginal products (consumer loans) to less (mortgages). In addition, VTB has seen a more rapid increase in loans issued relative to the growth of attracted deposits, which has to be compensated for by more expensive funding (interbank lending and subordinated debt). In Sberbank, the opposite is happening. In general, our forecast for the level of NPM of both banks is to maintain current values.
« In the latest Charter of Sberbank dated 06/08/2018, the wording for the protective clause reads as follows (page 5, clause 4.2): - The Bank placed ordinary shares and preferred shares of the same type - with the mandatory payment of a certain dividend in the amount of at least 15% of the par value of the preferred share. (punctuation preserved) Is it considered that the clause about the “certainty” of payment by prefs appeared or everything is as before - “not less than 15%” is not certainty and therefore can pay less than usual?»
Yes, we also need the wording that the size of the dividend paid on a preferred share cannot be less than the size of the dividend paid on ordinary shares.
« Hello. In the Results of the 1st half of 2018, BV per share indicated 175.8 rubles. According to what formula is it calculated if equity owned by shareholders is 3,485 billion rubles, and the total number of shares is about 22.6 billion. (I understand that this is a forecast, but still).»
Good afternoon. The balance sheet price at the end of 2018 of 175.8 rubles was obtained by dividing the forecast equity at the end of 2018 in the amount of 3.971 trillion rubles by the total number of ordinary and preferred shares.
« Good afternoon! Why has capital adequacy decreased so much?»
Good afternoon. Largely due to the payment of higher dividends for 2017.
« How significant can the additional profit of banks and Sberbank be, in particular, as a result of the entry into force of the law on financing housing construction by developers from July not at the expense of interest holders, but at the expense of banks' credit money?»
So far, we have not made any special adjustments to the bank models associated with changes in housing finance.
« Honestly, we were very surprised by the initial premise inherent in your question, Dmitry. Who is considered and why Sberbank?»
Artem, I heard this opinion from the speeches of many analysts at RBC. Of course, I don’t keep a record of their names, but with 100% probability I can name a couple of names: Alexander Razuvaev, Alexander Krapivko. This is discussed with leading programs for granted.
« Good afternoon!
It seems that you have paper in your portfolio since June? And you in September write that they can only claim ...?)) "
Good day, Andrey! Yes, in June we bought ordinary shares of Sberbank only in the Arsager - Mixed Investment Fund, at the moment we bought them in all portfolios.
« Before the summer, Sberbank had to sell its business in Ukraine for a penny. Something did not see any more information about this. What is the transaction price, when and how will it be reflected in the financial statements of the bank? She will be»
Good morning, Dmitriy! In the first quarter of 2017, the Bank signed a framework agreement for the sale of 100% of the shares of Sberbank PJSC (Ukraine). The implementation of this agreement involved preliminary approval by 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 reflection in the bank's statements, we believe that an appropriate allowance for impairment has already been created.
« Apparently, part of the funds of about 100 billion rubles was spent on the acquisition 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 excessive number of its branches. He could not again buy his property at new offices ...
« Hello Dmitry! The question is not very clear. Could you explain in more detail what is meant?»
Elena, if we 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 had 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 article of income: “Investment securities available for sale” is calculated? After all, that amount of equity (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, then it is fair to evaluate the profitability of this capital, including the item “Other comprehensive income” in the indicators of net profit.
« I watched the charts five years ago. In them, preferred shares held lower positions than usual, although in those years Arsager did not yet take into account the absence of a protective clause in the Charter of Sberbank. What is the reason for this?»
Perhaps at that time the prefs of Sberbank were trading above a fair discount.
« Sberbank does not use borrowed funds of the Central Bank of the Russian Federation. Is Sberbank profitable for high rates in the country? On the one hand, lower rates will increase lending. On the other hand, when the rates are reduced, will the bank’s margin also fall, and will its advantage be leveled over other banks in the form of cheap money from customers?»
As historical data show, during the period of lower interest rates, Sberbank's net interest margin was higher than the indicators that the bank is now demonstrating.
« Hello Andrey! The norm of paragraph 2 of Article 32 of the Federal Law of 26.12.1995 N 208-ФЗ “On Joint Stock Companies” stating that holders of preferred shares for which the dividend is not determined have the right to receive dividends on an equal basis with owners of ordinary shares. In the case of Sberbank (unlike Transneft, for example), the size of dividends on preferred shares is not defined in the charter, which means that clause 2 of article 32 of the JSC law protects owners of prefs, which is better than a “protective clause in the charter”. So why did you exclude Sberbank from market types? Do you think that the clause in the charter protects more reliably the articles of federal law?»
Good evening, Eugene! According to our courts, the wording that is in the charter of Sberbank (at least 15% of the face value) is the determination of the amount of dividends on preferred shares. As a result, your provision of the law does not apply.
« Hello Andrey! I thought so. But why then is there VTB? After all, you also excluded it from the composition of market types.»
Alexander, indeed, VTB ordinary shares are included in the market types. Could you provide a link to where we are talking about their exclusion? Perhaps the term was used in a different context. For example, for similar reasons, due to the lack of a reservation in the charter, we do not calculate returns on preferred shares of Transneft, Kuibyshevazot, Bashinformsvyaz.
« Hello! And why do you have no Sberbank prefs in the "Analytics by Issuers" section?»
Good afternoon! We excluded Sberbank prefs from the market types, since the Bank’s charter does not contain a protective clause on dividends. As a rule, it reads as follows: “If the amount of dividends paid by the Company for each ordinary share in a certain year exceeds the amount payable as dividends for each preferred share, the amount of dividend paid on the latter should be increased to the amount dividend paid on ordinary shares. "
« “Investors always appreciate the fact that the management of a joint-stock company is motivated to increase value, since this is the most important component of shareholder income.” Artem Abalov, December 11, 2015 at 12:57 pm There are, of course, all kinds of investors. I also consider myself an investor. But I do not approve of such a motivation for management. It is necessary to tie managers' salaries to the growth of share capital and ROE, subject to certain standards of the company's debt and leverage.»
I fully agree with you, but it’s even more correct to use both indicators: both the growth of equity capital and its pace, as well as the compliance of capitalization with 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. The excess of ROE over the OFZ profitability level; 3. The excess of capitalization over the maximum of two: the size of the company's own capital or the number of profits multiplied by 7.
« Investors always appreciate the fact that the management of a joint-stock company is motivated to increase value, since this is the most important component of shareholder income.»
Investors, of course, are all sorts. I also consider myself an investor. But I do not approve of such a motivation for management. It is necessary to tie managers' salaries to the growth of share capital and ROE, subject to certain standards of the company's debt and leverage.
Table 1
Property structure and sources of its formation
Index | Indicator value | Change for the analyzed period | ||||||
at thousand roubles. | in% to balance sheet | 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 | |
accounts receivable | 11 364 600 | 9 704 071 | 10 620 969 | 48,9 | 17,9 | -743 631 | -6,5 | |
cash and short-term investments | 9 334 381 | 31 897 611 | 33 877 239 | 40,2 | +24 542 858 | +3.6 times | ||
Passive | ||||||||
1. Equity | 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 assets of the organization over the entire period increased significantly (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 relative to the total change in assets should be considered as a negative factor.
Fig. 6 Sberbank assets structure as of September 30, 2017
The growth of the organization’s assets is mainly associated with the growth of the following positions of the asset of the balance sheet (in parentheses is the percentage of the change in the total amount of 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 side of the balance, growth is observed in 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 “receivables” in the asset and “retained earnings (uncovered loss)” in liabilities (-743,631 thousand rubles and -3 337 693 thousand rubles, respectively).
As of September 30, 2017, the organization's equity was 6,994,102.0 thousand rubles. For the analyzed period (from September 30, 2015 to September 30, 2017) there was a very strong increase in equity - by 2 662 307.0 thousand rubles.
table 2
Estimation of net asset value of an organization
Index | Indicator value | Change | |||||
at thousand roubles. | in% to balance sheet | 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 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 on the last day of the analyzed period are much (3.2 times) higher than the authorized capital. This positively characterizes the financial situation, fully satisfying the requirements of regulatory enactments regarding the net assets of the organization. In addition, having determined the current state of the indicator, it is necessary to note an increase in net assets by 61.5% for 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 position of the organization on this basis.
Fig. 7 Dynamics of net assets and authorized capital
Table 3
Profitability ratios of Sberbank PJSC of Russia, 2015-2017,%
The return on assets of the bank as of August 23, 2017 says that the net profit earned on 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 PJSC says that in 2017, the net profit earned on 1 ruble spent on the formation of equity increased by 14.5% compared to 2015 and amounted to 24.8%.
Profitability indicators of Sberbank PJSC of Russia are increasing from 2015 to 2017, which indicates an increase in the efficiency of the bank.
Indicators | Normative value | Absolute deviation | |||||
2014/ | 2015/ | 2016/ | |||||
The coefficient of autonomy (financial independence) | > 0.5 | 0,09 | 0,11 | 0,18 | |||
The ratio of own working capital (maneuverability coefficient) | ≥0,5 | 0,75 | 0,81 | 0,83 | |||
Asset utilization 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 |