2023-07-12 08:31:41
Net profit Sovcombank for the first quarter of 2023 according to international financial reporting standards (IFRS) amounted to 22.5 billion rubles, data for the same period last year is not provided in it. For the first time since February 2022, the Bank disclosed IFRS indicators. According to RAS, the net profit of Sovcombank for the whole of 2022 amounted to 14.2 billion rubles, having decreased by 3.2 times year-on-year.
The first quarter of this year was successful for the bank, says Sergey Khotimsky, First Deputy Chairman of the Board of Sovcombank: due to regular profits and one-time income, the bank doubled the result of 2021 (9.8 billion rubles). He clarified to Vedomosti that the bank continues to use all available incentives from the Central Bank, but the overall effect on capital adequacy does not exceed 1%.
The capital of Sovcombank as of March 31, 2023 reached 214.4 billion rubles. against 191.7 billion rubles. by the end of 2022, the capital adequacy ratio N1.0 under RAS as of March 31 was 12.2% (reflects the bank’s ability to compensate for possible financial losses from its own funds, the minimum set by the Central Bank is 8%).
Net interest income of Sovcombank in the first quarter reached 31.9 billion rubles. After spending on reserves (12 billion rubles), it amounted to 20 billion rubles. Net fee and commission income – 6.3 billion rubles.
Operating income amounted to 45.3 billion rubles, of which 11.3 billion rubles. accounted for profit from operations with financial instruments, 7.7 billion rubles. – on operations with foreign currency, precious metals and derivative financial instruments. Administrative expenses and personnel of Sovcombank accounted for 13.9 billion rubles. Another 3.8 billion rubles. amounted to expenses on other non-banking activities.
The retail loan portfolio increased in January-March by 5% to 611 billion rubles, mainly due to the growth of the portfolio of Halva installment cards and collateralized lending (its share in the portfolio was 59%), Sovcombank additionally said in a press release. The mortgage portfolio increased by 4% to 188 billion rubles, auto loans – by 6% to 171 billion rubles, and the Khalva portfolio added 9%, reaching 123 billion rubles.
The portfolio of loans to companies in the first quarter increased by 4% to 828 billion rubles. by recovering the economy and replacing foreign borrowing by the corporate sector. Loans to large borrowers grew by 7%, reaching 654 billion rubles, and loans to small and medium-sized businesses – by 3% to 157 billion rubles.
Since the beginning of the year, citizens’ funds increased by 4% to 749 billion rubles, mainly due to term deposits. Companies’ funds increased by 10% to RUB 1.06 trillion. due to current accounts (+10% compared to the end of last year) and corporate deposits (+7%).
The insurance group of Sovcombank, which includes Sovcombank insurance and Sovcombank life insurance, received 650 million rubles in the first quarter. arrived. The volume of collected premiums amounted to 6 billion rubles. – Growth was mainly due to Casco and endowment life insurance.
Sovcombank Leasing gave RUB 652 million in four months of 2023, and the portfolio has grown by 19% since the beginning of the year.
Analyst FG “Finam” Igor Dodonov assesses the results of the bank as “not bad”. The bank’s assets for the quarter grew by 4% to 2.271 trillion rubles, the loan portfolio – by 4.4% to 1.447 trillion rubles, customer funds – by 7.1%. Growth rates are largely in line with those seen in other leading banks, he points out. So, Sberbank in the first quarter increased the corporate loan portfolio under IFRS by 4.6%, retail – by 4.4%.
Sovcombank may well continue to develop normally as a universal bank, Dodonov believes. The risks, as well as for the sector as a whole, are largely related to the development of the economic situation in the country, the expert says: in the event of its further deterioration (for example, due to sanctions or increased geopolitical tensions), the bank may face a deterioration in the quality of the loan portfolio and a decrease in key financial indicators.
Associate Professor of the Department of World Financial Markets and Fintech of the Russian University of Economics. GV Plekhanova Tatyana Belyanchikova calls the financial results “impressive”. Sovcombank’s net profit for the quarter turned out to be significantly higher than for the whole of last year, since the bank, like many others, in 2022 enjoyed regulatory easing by the Central Bank.
Sovcombank explained the results of the current year even after the release of the 1st quarter financial statements under RAS as “one-off events”. But the analysis of the reporting shows that the financial result of the first quarter is due not only to this fact, but also to the real development of the “ordinary” banking business. This is evidenced, for example, by the growth of the loan portfolio, both to legal entities and individuals.
It can be assumed that when summing up according to international standards, the ratio of these indicators will be approximately the same, which means that it makes sense to talk not about one-time events, but rather about a trend that is typical, as already mentioned, for the entire banking sector of the country. Among the noteworthy lines of financial statements, it is also worth noting the high share of net interest income (compared to fee and commission income, which exceeded interest income last year), as well as the growth of other key indicators, such as account balances. Thus, it would not be a serious exaggeration to say that if the current trend continues, the financial result of the current year will be very good for Sovcombank.
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