«
Hello! People disagree 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
Question: what will happen to the NIM of this bank and why? will it somehow be different if we consider the situation regarding the savings?
Thank you.»
Good morning, of course, there is a certain connection between the decrease in the Central Bank rate and the decrease in NIM, but the change in the structure of loans has a much greater impact - from more marginal products (consumer lending) to less (mortgage). In addition, VTB is seeing a more rapid growth in loans issued relative to the growth in attracted deposits, which has to be compensated by more expensive funding (interbank lending and subordinated debt). In Sberbank, the opposite situation occurs. In general, our forecast for the NIM level 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 reads as follows (page 5, clause 4.2): - The bank placed ordinary shares and preferred shares of the same type - with mandatory payment a certain dividend in the amount of not less than 15% of the par value of the preferred share. (punctuation preserved) Is it considered that the clause about the "certainty" of pref payments has appeared, or is everything the same as before - "not less than 15%" is not a certainty and therefore they can pay less than the usual?»
Yes, we also need a wording that the amount of dividend paid on preferred shares cannot be less than the amount of dividend paid on ordinary shares.
« Hello. H1 2018 Results show RUB 175.8 BV per share. What formula is used to calculate if equity owned by shareholders is 3485 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 price at the end of 2018 of 175.8 rubles was obtained by dividing the forecast own funds at the end of 2018 in the amount of 3.971 trillion rubles for the total number of ordinary and preferred shares.
« Good afternoon Why has capital adequacy fallen so much?»
Good afternoon. Largely due to the payment of higher dividends at the end of 2017.
« How significant can be the additional profit of banks and Sberbank in particular as a result of the entry into force in July 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 models of banks related to changes in the financing of housing construction.
« To be honest, we were very surprised by the premise of your question, Dmitry. Who is Sberbank considered and why?»
Artem, I heard this opinion from the speeches of many analysts at RBC. Of course, I do not 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 leading programs as a matter of course.
« Good afternoon
It seems that paper has been in your portfolio since June? And in September you write that they can only apply ...?)) "
Good day, Andrey! Yes, in June we bought ordinary shares of Sberbank only in the Arsagera - Mixed Investment Fund, in this moment we bought them in all briefcases.
« Sberbank had to sell its business in Ukraine for a penny even before the summer. Something did not see any more information about this. What is the price of the transaction, when and how it will be reflected in financial reporting jar? She will be»
Good morning, Dmitriy! In the first quarter of 2017, the Bank signed a framework agreement for the sale of 100% shares of SBERBANK PJSC (Ukraine). The implementation of this agreement required prior approval by the regulatory authorities and the fulfillment of other conditions. In the third quarter of 2017 National Bank Ukraine refused to approve the deal. We don't have any other information at the moment. As for the reflection in the bank's financial statements, we believe that an appropriate provision for impairment has already been created.
« Apparently, part Money about 100 billion rubles was spent on the acquisition of fixed assets, which can be seen in note 14 of the IFRS financial statements for 2016.»
That's just the point: Sberbank plans to get rid of the excess number of its branches. He could not again buy real estate for himself in new offices ...
« Hello Dmitry! The question is not very clear. Could you explain in more detail what you mean?»
Elena, if we take, for example, the financial results of Sberbank for 2015, then the profit is 222.9 billion rubles. Accordingly, profitability equity 11% is calculated, 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 income item is calculated: "Investment securities available for sale? After all, that amount of equity (2,020 billion rubles) includes the value of investment securities for sale. The logic of my reasoning is as follows: if you include the value of investment securities for sale in equity indicators, then it is also fair to evaluate the return on this capital, including the item "Other comprehensive income" in the indicators of net profit received.
« I looked at the hit parades of five years ago. In them, preferred shares occupied positions lower than common shares, although in those years Arsagera did not yet take into account the absence of a protective clause in the Charter of Sberbank. What is it connected with?»
It is possible that Sberbank prefs were trading above a fair discount at the time.
« Sberbank does not use borrowed funds from the Central Bank of the Russian Federation. Are Sberbank profitable high stakes in the country? On the one hand, lowering rates will increase lending. On the other hand, if the rates are lowered, will the bank's margins also fall, and will its advantage over other banks in the form of cheap customer money be leveled?»
As historical data show, during the period of lower interest rates Sberbank's net interest margin was higher than the bank's current performance.
« Hello Andrei! The norm of paragraph 2 of Article 32 of the Federal Law of December 26, 1995 N 208-FZ "On Joint Stock Companies" that the owners of preference shares for which the amount of the dividend is not determined are entitled to receive dividends on an equal basis with the owners of ordinary shares. In the case of Sberbank (unlike Transneft, for example), the size of dividends for preferred shares is not defined in the charter, which means that paragraph 2 of article 32 of the law on joint-stock companies protects owners of prefs, and this is better than a "protective clause in the charter." So why did you still exclude Sberbank from market types? Do you think that a clause in the charter protects more reliably than articles of a federal law?»
Good evening, Eugene! According to our courts, the wording that is in the charter of Sberbank (at least 15% of face value) is the definition of the amount of dividends on preferred shares. As a result, the provision of the law indicated by you does not apply.
« Hello Andrei! I thought so. But why then is VTB there? After all, you also excluded it from the list of market types.»
Alexander, indeed, VTB common shares are included in the market types. Could you provide a link to where we talk about their exclusion? Perhaps the 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! And why do you have no prefs of Sberbank 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 sounds as follows: "At the same time, if the amount of dividends paid by the Company for each ordinary share in a given year exceeds the amount payable as dividends on each preferred share, the dividend payable on the latter shall be increased to the amount payable on common 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 shareholders' income.” Artem Abalov, December 11, 2015 at 12:57 pm There are, of course, all sorts of investors. I also consider myself an investor. But I do not approve of such motivation of management. It is necessary to tie the salaries of managers to the growth of share capital and the ROE indicator, subject to certain standards for the level of the company's debt and its leverage.»
I fully 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 internal value achieved by the company. For example, our company has a three-stage management remuneration system: 1. Availability of profit; 2. Exceeding ROE over OFZ yields; 3. The excess of capitalization over the maximum of two: the size of the company's equity 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 shareholders' income.»
Investors, of course, all sorts. I also consider myself an investor. But I do not approve of such motivation of management. It is necessary to tie the salaries of managers to the growth of share capital and the ROE indicator, subject to certain standards for the level of the company's debt and its leverage.
01/15/16. De Facto - Sberbank calculated the results of the past year using an internal methodology.
Key facts of December 2015:
- The influx of client funds for the month showed a historical maximum, amounting to 1.4 trillion rubles:
Growth rate of funds individuals exceeded 9%, their volume increased to 10.9 trillion rubles,
Growth rate of funds legal entities exceeded 7%, their volume reached 6.7 trillion rubles.
The volume of attracted funds from the Bank of Russia and the Federal Treasury was reduced by 0.5 trillion rubles.
Net profit bank in December exceeded 33.8 billion rubles.
Deputy Chairman of the Board of Sberbank Alexander Morozov:
“In difficult conditions in 2015, the bank earned a profit before events after the reporting date in the amount of 236.3 billion rubles, which amounted to 76% of net profit in 2014. By the end of the year, Sberbank managed to close the gap with 2014 results through the consistent implementation of the cost reduction program, as well as the repayment of state funding in the amount of 3 trillion rubles.”
Analysis of balance sheet items and report on financial results for 2015 relative to 2014:
interest income increased by 21.3%, interest expenses increased by 59.5%; net interest income decreased by 11.1%;
non-lending fee and commission income increased by 17.0%, net fee and commission income increased by 4.4%;
operating income before total reserves decreased by 9.2%;
expenses for the creation of total reserves amounted to 397.6 billion rubles against 397.9 billion rubles a year earlier;
operating expenses decreased by 1.0%;
profit before income tax amounted to 283.9 billion rubles against 394.6 billion rubles a year earlier;
net profit amounted to 236.3 billion rubles, excluding events after the reporting date, against 311.2 billion rubles, taking into account events after the reporting date a year earlier.
Comments:
The bank's net interest income for 2015 amounted to RUB 763.2 billion. During the year, the bank gradually restored its volume: at the end of the 1st quarter, the backlog from last year was 27.9%, and at the end of the year it was 11.1%.
Interest income increased by 21.3% due to growth in the volume of loans to customers and profitability of loans to legal entities.
Interest expenses increased by 59.5% due to the increase in the level of interest rates in the market and the increase in the volume of attracted client funds. Growth in interest expenses slowed down throughout the year due to a gradual decline key rate Bank of Russia, as well as the reduction of government funding by Sberbank.
Net fee and commission income increased by 4.4%. The Bank is increasing its net fee and commission income despite a decrease in fee and commission income from credit operations And banking insurance. The increase in fee and commission income not related to lending amounted to 17.0% at the end of the year. The largest amount of commission income is generated by operations with bank cards.
Net income from currency revaluation and trading operations on financial markets amounted to 68.6 billion rubles against 81.1 billion rubles last year.
Operating expenses decreased by 1.0% due to the implementation of the cost optimization program by the bank. Administrative and economic expenses were reduced by 4.7% over the year.
Expenses on total reserves amounted to 397.6 billion rubles, which is similar to the amount of the previous year. Reserve expenses in December amounted to 27.4 billion rubles and were mainly due to the creation of reserves for foreign currency loans as a result of the weakening of the ruble against major currencies. The Bank continues to form provisions for possible losses in order to cover existing credit risks based on the requirements of the Bank of Russia. The reserves created on the balance exceed the overdue debt by 1.9 times.
Profit before income tax amounted to 283.9 billion rubles against 394.6 billion rubles in 2014. Net profit amounted to 236.3 billion rubles, excluding events after the reporting date, against 311.2 billion rubles, taking into account events after the reporting date in 2014.
Assets in December increased by 1.3 trillion rubles and exceeded 23 trillion rubles. A significant part of the increase is due to the revaluation of the currency component of balance sheet items. In general, assets increased by 5.6% over the year.
In December, the bank provided to corporative clients loans in the amount of more than 1.2 trillion rubles, in total for the year 6.8 trillion rubles. The balance of the loan portfolio in December increased by 417 billion rubles, or 3.5%, largely due to currency revaluation. The volume of the portfolio as of January 1, 2016 is 12.3 trillion rubles.
About 160 billion rubles were issued to private clients in December, more than 1.2 trillion rubles in just a year. The loan portfolio in December increased by 16 billion rubles, or 0.4%, and as of January 1, 2016, amounted to more than 4.1 trillion rubles. share housing loans in the portfolio structure increased from 48% to 54% over the year.
Share of overdue debt in loan portfolio customers in December decreased by 0.1 p.p. up to 3.3%. The level of overdue debt in Sberbank remains significantly lower than the average for banking system(6.6% as of December 1, 2015).
The volume of investments in securities in December increased by 265 billion rubles. or by 13.1% mainly due to the acquisition of corporate Eurobonds and exchange rate revaluation. The balance of the portfolio as of January 1, 2016 amounted to 2.3 trillion rubles.
In December, retail funds increased by 908 billion rubles, or 9.1% (excluding currency revaluation, the growth rate was 6.7%). As a result, the balance of individuals' funds by January 1, 2016 approached 10.9 trillion rubles. In total for the year, the funds of individuals increased by 27.5% (by 5.9% a year earlier).
Due to legal entities in December increased by 449 billion rubles or 7.1% due to the inflow of ruble funds into deposits and due to the revaluation of foreign currency funds. In general, funds of legal entities increased by 32.9% over the year and amounted to 6.7 trillion rubles.
A record influx of ruble client funds in December made it possible to reduce the amount of funds raised from the Bank of Russia to a minimum. The share of these funds, excluding subordinated debt, in the bank's liabilities decreased in December from 2.7% to 1.3% (15.2% as of January 1, 2015). In just one year, Sberbank returned funds to the Bank of Russia and the Federal Treasury in the amount of 3.0 trillion rubles.
The values of the basic and fixed capital of the bank coincide due to the lack of sources additional capital and according to operational data as of January 1, 2016, they amount to 1,753 billion rubles. The value of the total capital on the same date is 2,679 billion rubles
In December, the total capital increased by 39 billion rubles. Earned profit became the main factor in the growth of total capital.
H1.1 - 8.0% (the minimum value set by the Bank of Russia is 5.0%)
H1.2 - 8.0% (the minimum value set by the Bank of Russia is 6.0%)
H1.0 - 12.1% (the minimum value, taking into account the requirements of the Law "On Deposit Insurance" 10.0%).
Reference:
Sberbank draws the attention of users to the fact that the indicators in this press release are calculated according to the internal methodology of Sberbank. Data as of January 1, 2015 take into account events after the reporting date. Data as at 1 January 2016 does not take into account events after the balance sheet date.