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2021-10-28

Sberbank: Sber reports 3Q 2021 Net Profit of RUB348.3 bn under International Financial Reporting Standards (IFRS)

Sberbank (SBER)
Sberbank: Sber reports 3Q 2021 Net Profit of RUB348.3 bn under International Financial Reporting Standards (IFRS)

28-Oct-2021 / 10:00 MSK
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


Sber reports 3Q 2021 Net Profit of RUB348.3 bn under International Financial Reporting Standards (IFRS)

 

Moscow, October 28, 2021 - Sberbank (hereafter "the Group" or "Sber") has released its interim condensed IFRS financial statements (hereafter "the Financial Statements") as at and for the 9 months ended 30 September 2021, with report on review by AO PricewaterhouseCoopers Audit.

 

 

Alexandra Buriko, CFO, stated:

 

'For 9M 2021, Sber earned RUB978 bn in net profit - thus hitting a historical record. Return on equity came in at 25.8%.

Growth momentum was obvious across all key business segments. In the banking business, the retail loan portfolio continues to expand, while corporate lending has accelerated along with improvement in the asset quality. The payment business is driven by client transactional activity. The wealth management and insurance businesses are developing rapidly on the back of new product launches in 3Q 2021. Revenues of the non-financial business segment increased 3 times y/y for 9M 2021 and exceeded RUB120 bn.

Penetration of ecosystem services is rising, thanks to the development of the unified elements. A single login, Sber ID, is now used by 27 mn clients, and allows access to 135 of Sber own and partner services. The number of SberPrime subscribers has reached more than 3.7 mn. Client engagement of SberBank Online DAU/MAU has exceeded 50% for the first time, and the number of clients shopping with SberPay grew 4-fold in 3Q 2021 to 4.4 mn.

A combination of solid results and ongoing business dynamics is our rational to enhance the full-year guidance for 2021 and we expect the return on equity to come in above 23%.'

 

 

 

 

Key financial and operating highlights for the reporting period

 

 

  • The Group net profit1 reached RUB978.1 bn for 9M 2021 (+75.1% y/y), and RUB348.3 bn for 3Q 2021 (+28.3% y/y). The financial result for the quarter was impacted by a RUB65 bn gain on sale of the discontinued operations related to Eurocement Group. Consequently, net profit from continuing operations amounted to RUB281.8 bn (+6.1% y/y) for 3Q 2021, and RUB904.2 bn for 9M 2021 (+63.6% y/y);
  • The Group earnings per ordinary share (EPS) 1 came in at RUB44.8 bn for 9M 2021 (+77.8% y/y), and RUB16.3 bn (+37.7% y/y) for 3Q 2021;
  • The Group return on equity (ROE) 2 for 9M 2021 came in at 25.8% (+9.8 pp y/y), and for 3Q 2021 reached 26.8% (+4.1 pp y/y);
  • Retail loan portfolio exceeded RUB11 trn, up by 6.5% for 3Q 2021, and expanded by 18.5% for 9M 2021;
  • The Group net fee and commission income increased by 15.6% y/y to RUB455.7 bn for 9M 2021, and amounted to RUB164.3 bn for 3Q 2021 (+11.2% y/y);
  • Asset quality of the loan portfolio improved substantially in 3Q 2021 in all key segments;
  • Revenues of the Non-financial business segment for 9M 2021 grew 2.8 times y/y to RUB121.7 bn;
  • The number of SberPrime subscribers increased by 2.2 times for the quarter to 3.3 mn which was due to interesting offerings from Sber ecosystem to beneficiaries of the one-time state-funded support payments to population debited to Sber accounts.
  • Sber's Supervisory Board approved the debut 'Green' Bond Program, the proceeds from the issuance of which are assigned to finance projects aimed at preserving the environment.  

 

 

Key metrics of client activity

mn, unless stated otherwise

30.09.2021

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