Sberbank reports 1.2% assets drop

As noted in a corporate media release on 5 months financial highlights, bank’s net interest income increased by 11.1% as compared to 5 months of 2019, while operating expenses were up by 3.1% y-o-y, and total assets reduced by 1.2%, mainly due to the negative FX revaluation. In May, the outstanding securities portfolio balance decreased by 2%, mainly due to redemption of CBR bonds, the risk-weighted assets increased by 1.2%, and client funding declined by 0.2%.

The bank recognized a combined loss on corporate and retail loan modification in the amount of RUR 12.5 bln ($181 mio) whereas its net profit before income tax for 5 months of 2020 was RUR 330.8 bln ($480 mio).

According to Deputy Chairman of Sberbank Alexander Morozov, “In May, the economy continued to adapt to the new challenges, with consumer activity rising to over 87% in the last week of May from 74% in April as compared to respective periods of 2019. Return on bank’s capital for the first 5 months came in at 14.4%.”

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