01/15/16. De Facto - Sberbank has calculated the results of the past year using an internal method.
Key facts of December 2015:
- The inflow 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,
The growth rate of funds of legal entities exceeded 7%, their volume reached 6.7 trillion rubles.
The amount of funds raised from the Bank of Russia and the Federal Treasury was reduced by 0.5 trillion rubles.
The bank's net profit in December exceeded 33.8 billion rubles.
Deputy Chairman of the Management Board of Sberbank Alexander Morozov:
“In the difficult conditions of 2015, the bank earned a profit excluding events after the reporting date in the amount of 236.3 billion rubles, which amounted to 76% of the net profit in 2014. By the end of the year, Sberbank managed to close the gap with the results of 2014 due to the consistent implementation of the cost-cutting program, as well as the repayment of state funding in the amount of 3 trillion rubles. "
Analysis of the balance sheet items and the statement of 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 9.2%;
expenses on 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 versus 311.2 billion rubles taking into account events after the reporting date a year earlier.
Comments:
The bank's net interest income in 2015 amounted to RUB 763.2 billion. During the year, the bank gradually restored its volume: according to the results of the 1st quarter, the lag from last year was 27.9%, and according to the results of the year, 11.1%.
Interest income increased by 21.3% due to an increase in the volume of loans to customers and the profitability of loans to legal entities.
Interest expenses increased by 59.5% due to the increase in the level interest rates on the market and increasing the volume of attracted client funds. The growth of interest expenses during the year slowed down due to a sequential decrease in key rate The Bank of Russia, as well as the reduction of the volume of state financing by Sberbank.
Net fee and commission income increased by 4.4%. The Bank is increasing its net fee and commission income despite the decrease in fee and commission income from lending operations and bank insurance. According to the results of the year, the increase in commission income not related to lending amounted to 17.0%. The largest volume of fee and commission income is generated by transactions with bank cards.
Net income from foreign exchange revaluation and trading 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 bank's cost optimization program. Administrative expenses were reduced by 4.7% over the year.
Expenses for total reserves amounted to 397.6 billion rubles, which is the same as last year. Expenses on reserves in December amounted to 27.4 billion rubles and are 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 build up reserves for possible losses in order to cover existing credit risks, relying on the requirements of the Bank of Russia. The reserves created on the balance sheet 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 versus 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 was due to the revaluation of the currency component of the balance sheet items. In general, assets increased by 5.6% over the year.
In December, the bank provided loans to corporate clients in the amount of over 1.2 trillion rubles, in just a 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.
Private clients received about 160 billion rubles 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. The share of housing loans in the portfolio structure increased over the year from 48% to 54%.
The share of overdue debt in the loan portfolio of clients in December decreased by 0.1 percentage points. up to 3.3%. The level of overdue debt at Sberbank remains significantly lower than the average for the 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 RUB 2.3 trillion.
Funds of individuals in December 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, over the year, individuals' funds increased by 27.5% (a year earlier - by 5.9%).
Funds of 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, over the year, funds of legal entities increased by 32.9% and amounted to 6.7 trillion rubles.
The record inflow of ruble-denominated client funds in December made it possible to reduce to a minimum the amount of funds attracted from the Bank of Russia. The share of these funds, excluding subordinated debt, in the bank's liabilities decreased in December from 2.7% to 1.3% (as of January 1, 2015 - 15.2%). In just a 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 base and fixed capital of the bank coincide due to the lack of sources of additional capital and, according to operational data as of January 1, 2016, amount to RUB 1,753 billion. The total capital as of the same date is RUB 2,679 billion
In December, the total capital increased by 39 billion rubles. Earned profit became the main factor in the growth of total capital.
Н1.1 - 8.0% (the minimum value established by the Bank of Russia, 5.0%)
Н1.2 - 8.0% (the minimum value established by the Bank of Russia, 6.0%)
Н1.0 - 12.1% (the minimum value taking into account the requirements of the Law "On Deposit Insurance" is 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 PJSC Sberbank. Data as of January 1, 2015 takes into account events after the reporting date. Data as of January 1, 2016 does not include events after the reporting date.
"Annual Report of Sberbank for 2015 Approved by the Supervisory Board of Sberbank Minutes No. 16 dated 04/12/2016 Confirmed by the Audit Commission ..."
-- [ Page 1 ] --
Approved by the Annual General Meeting
shareholders of Sberbank
Minutes No. 29, 01.06.2016
Annual report
PJSC Sberbank
for 2015
Approved by the Supervisory Board
PJSC Sberbank
Minutes No. 16, 12.04.2016
Confirmed by the Audit Commission
PJSC Sberbank
RAP, unconsolidated data April 2016
Introduction
The position of the joint stock company in the industry
Corporate business
Block "CIB"
Block "Corporate business"
Raising funds from corporate clients
5. Retail business
Lending to private clients
Attracting funds from private clients
Sources of non-interest income
Development of remote service channels
New service model in VSP
Retail sales model
Quality of service
One Distributed Contact Center
6. Operations with your own portfolio of securities. Investments
7. Risk management
Integrated risk management of the Group
Credit risks
Liquidity risk
Country risk
Interest rate and currency risks in the banking book
Operational risk
8. Personnel
9. Development of information technology
10. Administrative and economic activities
11. Department of cash and collection services
12. Correspondent relations
13. Security
14. Organizational structure of Sberbank
15. Development prospects
16. Report of the Supervisory Board on Corporate Governance
Address of the Chairman of the Supervisory Board S.M. Ignatieva
Corporate governance system
General Meeting of Shareholders
Supervisory Board
Supervisory Board Committees
Corporate secretary
Executive bodies of the Bank
Monitoring and reporting
Supervisory board and management remuneration
Big deals
Interested party transactions
Assessment of the corporate governance system
Share capital
Dividend payment report
Interaction with shareholders and investors
Appendix
Introduction
1. Introduction This report is a report of Sberbank1 on the results of the Bank's development in 2015 in priority areas of activity.
The priority areas of the Bank's activities are:
Operations with corporate clients: servicing settlement and current accounts, opening deposits, providing financing, issuing guarantees, servicing export-import transactions, cash collection, conversion services, money transfers in favor of legal entities, etc.
Transactions with retail clients: accepting funds for deposits and securities of the Bank, lending, servicing bank cards, transactions with precious metals, purchase and sale of foreign currency, payments, money transfers, storage of valuables, etc.
Operations in financial markets: with securities, derivative financial instruments, foreign currency; placement and raising of funds in the interbank and capital markets, etc.
The Bank operates under the General License No. 1481 for banking operations with funds in rubles and foreign currency, issued by the Bank of Russia on August 11, 2015. In addition, Sberbank has licenses for banking operations to attract deposits and placement of precious metals, other operations with precious metals, licenses of a professional participant in the securities market to conduct brokerage, dealer, depository activities, as well as to manage securities.
This Report has been compiled in accordance with the legislation of the Russian
Federation, including:
Federal Law of 22.04.1996 N 39-FZ "On the Securities Market", Federal Law of 26.12.1995 N 208-FZ "On Joint Stock Companies", Regulations on additional requirements for the procedure for preparing, convening and holding a general meeting of shareholders approved by Order FFMS of Russia 02.02.2012 No. 12-6 / pz-n, Regulation of the Bank of Russia dated 30.12.2014 No. 454-P "On disclosure of information by issuers of equity securities", taking into account the changes introduced by Ordinance of the Bank of Russia dated 16.12.2015 N3899-U2.
The report was compiled taking into account the provisions of the Corporate Governance Code recommended for use by the Bank of Russia on April 10, 2014 3.
The report was compiled on the basis of published reporting forms (Russian accounting rules, unconsolidated data), as well as internal forms statistical reporting Jar. Events after the reporting date as of January 1, 2015 and January 1, 2016 are accounted for.
The annual accounting (financial) statements of the Bank for 2015 are posted on the Internet at the Sberbank website www.sberbank.com.
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The main factors behind the growth of the Bank's assets in 2015 were loans to legal entities and individuals, as well as net investments in securities and other financial assets available for sale. The growth of balance sheet items was influenced by the positive revaluation of their currency component due to the weakening of the ruble against major foreign currencies: the US dollar exchange rate increased over the year by 29.5% to 72.9 rubles / dollar. USA, the euro exchange rate - by 16.6% to 79.7 rubles / euro.
The capital, calculated according to the Regulation of the Bank of Russia No. 395-P, in 2015 increased by 347 billion rubles. and amounted to 2 658 billion rubles. The main factors that increased capital were the earned net profit and the inclusion in the additional capital of a subordinated loan from the Bank of Russia in the amount of RUB 200 billion, attracted in 2014 within the framework of Federal law No. 173-FZ6 to finance active operations.
In December 2015, the Bank also included in its capital a subordinated loan from NPF7. The capital dynamics was also influenced by the Bank's gradual transition to Basel III requirements, which is carried out within 5 years for some calculation items.
Assets adjusted for risk in 2015 increased by RUB 2,534 billion. The impact of the devaluation of the ruble was partially mitigated by the permission of the Bank of Russia to use a preferential exchange rate for foreign currency assets recorded in accounts before December 31, 2014.
Sberbank's total capital adequacy ratio (N1.0) as of January 1, 2016 amounted to 11.9%, having increased by 0.3 percentage points over the year.
Sberbank earned a pre-tax profit of RUB 306.9 billion. (in 2014 429.2 billion rubles) Profit after tax amounted to 218.4 billion rubles. (in 2014, RUB 311.2 billion). The main factor behind the decline was net interest income, which declined at the beginning of the year due to a sharp rise in the level of interest rates in the market and large volumes of funds raised. By the end of the year, Sberbank managed to close the gap with the results of 2014, mainly due to the repayment of state funding, the development of commission transactions, and the consistent implementation of the cost-cutting program.
Hereinafter in the tables, the given indicators may differ from the calculated ones due to rounding of the data. Capital is calculated in accordance with Regulation No. 395-P "On the methodology for determining the amount of equity (capital) credit institutions(Basel III) ", approved by the Bank of Russia on December 28, 2012, in effect as of the corresponding reporting date (hereinafter - Bank of Russia Regulation No. 395-P) Federal Law No. 173-FZ, dated October 13, 2008" On additional measures to support financial system Russian Federation»
Non-state Pension Fund of Sberbank Main financial results of 2015
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Assets in 2015 grew by 4.4% and amounted to RUB 22.7 trillion. Their growth was mainly due to the increase in the loan portfolio of clients. The net loan debt of customers increased by 6.2% over the year and reached about 16.9 trillion rubles. Over the past year, the volume of loans issued to corporate clients amounted to about 6.8 trillion rubles. Private clients received more than RUB 1.2 trillion per year. Also, the growth of assets was influenced by the increase in net investments in securities, which occurred mainly due to the purchase of securities in the portfolio for sale and the effect of foreign exchange revaluation.
The decrease in the volume of funds occurred mainly in January and was associated with a decrease in the demand for cash due to a decrease in the volatility of the ruble exchange rate.
Various sources of raising funds were used to fund active operations. Below is the dynamics of attracted funds from clients.
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Main financial results of 2015 The volume of funds attracted from both corporate clients and individuals increased both in ruble accounts and in foreign currency. Despite the persistence of geopolitical tensions in 2015 and the remaining closed external markets, the Bank significantly reduced its dependence on government funding (the volume of the Bank of Russia funds on the Bank's balance sheet decreased over the year from 3.5 trillion rubles to 0.8 trillion rubles) due to attracting additional funds from clients. The inflow of customer funds also allowed the Bank to early repay a number of expensive borrowings in foreign currency from foreign markets.
Taking into account the persisting sanctions and the unstable macroeconomic situation, in order to reduce liquidity risks, the Bank significantly increased the volume of liquidity reserves8 mainly due to the active work in 2015 to increase the collateral amount within the framework of Bank of Russia Regulation No. 312-P9. In addition, the Bank is constantly working to expand the list of refinancing instruments.
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Operating income before provisions was RUB 1,221 billion. against 1 319 billion rubles. a year earlier.
Interest income increased by 20.3%. Loans to legal entities brought 57% of interest income, their growth was due to an increase in the volume and profitability of loans. Loans to individuals brought 32% of interest income; their growth was ensured by the increase in retail lending, mainly mortgage lending.
Possibilities of the Bank to raise funds from the Bank of Russia within the framework of the existing refinancing instruments of the Bank of Russia Regulation of the Bank of Russia No. 312-P of 12.11.2007 "On the procedure for the provision of loans secured by assets or guarantees by the Bank of Russia to credit institutions"
Main financial results of 2015
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The Bank increased its net fee and commission income despite a decrease in fee and commission income from lending operations and bank insurance. The main growth was provided by operations with bank cards and acquiring due to the growth of issued cards and an increase in the number of customers using acquiring services at Sberbank. The increase in commission expenses is associated with an increase in the volume of transactions with bank cards, which affects the volume of payments in favor of payment systems.
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Operating expenses increased by 3.5%. The low growth rate of operating expenses was ensured by the implementation of the cost optimization program. The bank has optimized the procurement system, including the direction of information technology, increased the efficiency of the use of real estate objects.
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In 2015, the Bank's expenses on the formation of the reserve amounted to RUB 294.4 billion, which is close to the volume of the previous year. In the difficult general situation in the economy, Sberbank keeps the quality of assets at a stable level. Part of the created reserves is associated with the growth of the portfolio, and not with its deterioration, another part is associated with the weakening of the ruble, which required additional reserves for foreign currency loans without deterioration in their quality. The share of overdue loans in Sberbank remains twice as good as the Russian banking sector.
Sberbank earned a pre-tax profit of RUB 306.9 billion. (in 2014 429.2 billion rubles) Profit after tax amounted to 218.4 billion rubles. (in 2014 311.2 billion rubles)
The position of the joint stock company in the industry
3. The position of the joint stock company in the industry In 2015, the dynamics of banking markets was influenced by the economic downturn in the Russian Federation, accompanied by the devaluation of the ruble, rising inflation and the deterioration of most macroeconomic indicators. The situation was aggravated by the cumulative effect of negative external factors - a drop in world oil prices and a high level of geopolitical tension.
The devaluation of the ruble, which amounted to 29.5% against the US dollar, neutralized almost all growth in most banking markets. Thus, the assets of the banking system increased in nominal terms by 6.9%, and, excluding foreign exchange revaluation, decreased by 1.6%. For comparison, in 2014, bank assets increased by 35.2%.
The banking system's loan portfolio grew by 8.2%, which is significantly less than a year ago, when the growth was 25.4%. At the same time, multidirectional dynamics was observed: the volume of loans to enterprises increased by 13.4% (a year ago, an increase of 30.3%), the portfolio of retail loans decreased by 5.7% (a year ago, an increase of 13.8%).
Credit risks in the banking system have increased significantly. The level of overdue debt on loans increased from 4.6% to 6.5%. At the same time, the level of bad debts of the population increased from 5.9% to 8.1%, of enterprises - from 4.1% to 6.1%. The increase in the volume of overdue loans by enterprises and the population in 2015 amounted to 54.3%.
The increase in provisions for loans amounted to 30.8%, which is lower than the increase in the previous year (43.1%). Amid deteriorating financial condition of banks and increased pressure on capital, coverage of overdue debt by reserves decreased from 1.8 to 1.5 times.
Household deposits remained the main source of resources, increasing by 25.2% over the year, or excluding foreign exchange revaluation by 16.7%. In 2014, deposits increased by 9.4%. Funds of legal entities increased by 14.1%, a year earlier - by 32.2%.
The inflow of customer funds with the stagnation of the lending market allowed banks to reduce the volume of refinancing by the regulator by 42.3%. A year earlier, funds attracted from the Bank of Russia by the banking sector increased by 109.2%.
At the end of 2015, the balance sheet profit of the banking system amounted to 192.0 billion rubles, which is significantly less than the result for 2014 - 589 billion rubles. Of the operating credit institutions, 25% of banks were unprofitable in 2015 (15% a year earlier).
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The calculation was made according to the internal method of Sberbank on the basis of data from the Bank of Russia Corporate business
4. Corporate business
The main achievements of 2015 in the field of work with corporate clients:
In the reporting year, Sberbank attracted a record amount of funds from corporate clients. The increase amounted to 1.5 trillion rubles, and the balance reached 7.4 trillion rubles.
The work on attracting funds from corporate clients was of great importance, since during the year the Bank replaced expensive funds of the Bank of Russia with client funds.
The Bank has introduced innovative online services that make it easier for clients to do business: business registration, submission of reports to the Federal Tax Service and other authorities in electronic form through Sberbank's systems, and reserving a current account.
The overwhelming majority of operations are carried out by Sberbank clients in remote channels: 97% of operations are carried out through the Sberbank Business Online service, 90% of clients use the self-collection service in Sberbank self-service devices (amount up to 100 thousand rubles), 98% of corporate clients' deposits are opened remotely.
All corporate clients of the Bank now have the opportunity to make payments to counterparties to their accounts with Sberbank seven days a week in 17x7 mode - on the current day with
6.00 to 23.00, including weekends and holidays.
Technical support of services for companies was assessed at the CNews AWARDS competition, where Sberbank won in 2015 in the nomination "For organizing technical support for corporate clients."
Sberbank launched the Sberbank FinLine remote banking system for financial institutions - a service for managing accounts and settlement documents online with support for SWIFT formats.
Sberbank is one of the key providers of financial resources in Russian economy... In 2015, Sberbank issued loans to corporate clients in the amount of RUB 6.8 trillion. The portfolio of loans to legal entities grew by 5.2% to RUB 12.2 trillion. Foreign currency loans account for about 37% of the corporate loan portfolio. The bank actively interacts with clients of various sizes and different forms of ownership. The segment structure of the portfolio is presented below.
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Corporate business "CIB" block
Working with major clients In 2015, a target business model for the CIB block was developed. The criteria for assigning customers to segments have changed: the criterion for the holding's annual revenue has been increased from 15 to 30 billion rubles. In this regard, a part of the clients of the CIB block is transferred to the Corporate business block.
The new system of interaction with the client depends on the potential in the volume of sales of products and profits. Customer service teams continue to work. Sales campaigns for 9 products have been launched: payroll projects, trade finance and documentary operations, foreign economic activity, conversion operations, acquiring, cash collection, turnover on correspondent accounts, liabilities, MB&A products.
The position of the CIB operational manager has been introduced as a single point of contact between the client and the bank on all operational issues. The procedure for handling customer requests has been changed: all requests are now processed in one center. The HEPL.CIB service supports client managers in all non-standard and controversial operational situations, which increases the efficiency of processing requests and enables clients to receive individual responses to their requests.
The Sberbank CIB syndicated lending team, together with the Association of Regional Banks of Russia, developed and presented to the banking community standard documentation on syndicated lending in Russian law. In the current economic conditions, a syndicated loan allows for major restructuring, including with the involvement of government guarantees, as well as for long-term financing of large investment projects in cooperation with other banks.
In 2015, the Bank introduced new products that are in high demand among customers. Among them are Key +, domestic Russian letter of credit with early payment and others. The direction of non-ferrous metals in commodity and raw materials operations was launched, a number of transactions were concluded with zinc, copper, nickel, and aluminum.
The infrastructure for lending in yuan has been formed. Trade finance cooperation agreements were signed with leading Chinese banks worth more than USD 4.5 billion.
It has become a regular practice for Sberbank Investment Research to hold meetings with clients of regional banks. In 2015, the conference “Metallurgy and Mining Industry. Fertilizer production ", which brought together more than 200 business representatives on one discussion platform, government agencies and industry experts. Despite the challenging macroeconomic environment, the CIB's customer satisfaction index, based on an independent survey, rose 1 point year-on-year to 78.5.
Among the innovations in the technological field, one can highlight the launch by the Department of Global Markets of a brokerage platform on the iPad and an options trading system on the ORC platform. The automation of all requirements of EMIR - the European regulation of the derivatives market has been completed, which gives Sberbank access to this market.
Corporate Business The Trade Finance and Correspondent Relations Department has begun pilot operation of the Sberbank FinLine remote banking system for financial institutions. 11 financial institutions took part in the pilot. The system provides a service for managing accounts and settlement documents in real time with support for SWIFT formats.
Sberbank continues to optimize its corporate business structure.
The transition to the targeted legal and organizational structure of the CIB is taking place.
The CIB vertical was formed in the regions, the verticals for lending, real estate financing and monitoring of credit operations were highlighted. The quality of project management in the CIB block has been significantly improved - control over project implementation has been brought in line with Sberbank standards. Due diligence of CIB international offices was carried out.
Operations in global markets Major achievements in the direction of trading operations in foreign exchange market in 2015 are associated with the implementation of large conversion transactions with corporate clients in the amount of more than USD 1 billion without affecting the exchange rate, with the launch of a new product forward with an open date, with the optimization of transactions made through the payment Visa system, as well as the launch of the Sberbank markets e-commerce platform in pilot operation.
Operations with foreign exchange interest rate derivatives and dynamic management of counterparty credit risk developed.
New products launched:
a loan with a built-in quantum swap, a guarantee of participation in the transaction and a security deposit.
Sberbank was active in the money market. The main market trend in 2015 was a reduction in the volume of debt of credit institutions in rubles and US dollars to the monetary policy authorities, while refinancing occurred primarily due to the growth of banks' short-term foreign exchange liabilities. Against this background, Sberbank increased its reverse repo portfolio from USD 1.5 billion to USD 3 billion.
Also, new products were implemented that allow:
Place US dollars and euros through repo transactions on the Moscow Exchange both on the inter-dealer market and through a central counterparty;
Carry out operations of borrowing securities without collateral, which allows the Bank to attract additional liquidity;
Conclude repo deals with a floating rate.
In the area of trading in commodity markets, a number of significant transactions were concluded for the Bank, including the world's largest hedging transaction for precious metals, the first physical prepayment transaction for oil, and the Bank's first hedging transactions in zinc, copper, nickel and aluminum.
The direction of trading in debt instruments is developing due to work with clients to identify cross-interest in securities and due to correct positioning in the market with narrowing spreads and falling yields.
Significant events of 2015 were:
Major transaction on the acquisition of OFZ with a floating coupon as part of a syndicate of banks;
Corporate business
A new product - exchange-traded bonds with a floating par value, where Sberbank acted as one of the underwriters of the debut OFZ issue with par value linked to inflation;
The first transaction on the purchase of a credit note for a loan on the balance sheet of Sberbank Switzerland;
Registration by the Moscow Exchange of the Sberbank's Structured Exchange-Traded Bond Program under Russian law: 34 series of bonds with a total par value of RUB 50 billion.
Market conditions in the face of external constraints did not allow for a rapid increase in turnover in brokerage operations in stocks and equity derivatives. Under these conditions, the Bank developed a technological platform for trading equity derivatives: the ORC system was launched to automate derivatives trading strategies, allowing to reduce operating costs and increase the speed of order execution. Integration with Turkish broker Deniz Yatrim, a subsidiary of DenizBank, has been completed, which has expanded its product line and made Sberbank a broker focused not only on Russia.
Business is successfully developing in the equity and debt capital markets - ECM and DCM. In 2015, Sberbank CIB was the leader in organizing market placements of ruble bonds according to Cbonds. The bank entered a new segment of international DCM - debt management. In addition, the Bank returned to the Eurobond placement market, successfully placed the first OFZ issue with face indexation in line with inflation, closed the first “rights issue” deal and received the first international mandate in the ECM market.
The Cyprus office of Sberbank CIB was awarded two prestigious awards in 2015:
the Cyprus Investment Promotion Agency (CIPA) award for significant contribution to strengthening the image of Cyprus as an international business center;
the title of Investment Advisor of the Year in Cyprus within the framework of the M&A Awards 2015, organized by the British edition of Finance Monthly.
Trade finance The trade finance business continues to develop successfully. In 2015, the volume of trade finance and documentary business transactions completed by Sberbank Group exceeded USD 29 billion, including over USD 18 billion for Sberbank PJSC.
The volume of transactions using domestic Russian letters of credit reached a record high of RUB 288 billion in 2015, 73% higher than in the previous year.
In 2015, Sberbank released a new product to support Russian business “Domestic“ uncovered ”letter of credit with early payment”. For this product, the Bank is a source of financing for a trade transaction and provides an opportunity for the seller / contractor to receive payment before the end of the grace period provided for by the contract and the terms of the letter of credit. This product is available Russian companies purchasing or supplying goods / services in the Russian Federation.
The continued strengthening of ties between Russia and China opens up new opportunities for trade finance. Sberbank signed a number of agreements with leading financial institutions in China with limits totaling over 12 billion yuan in corporate business. Cooperation with Chinese banks is carried out across the entire line of trade finance products of Sberbank. Sberbank's new product - post-financing of letters of credit in yuan - is actively gaining momentum. Sberbank has issued about 150 RMB-denominated letters of credit for clients from many regions of Russia.
Supporting the growing demand from Russian exporters of capital goods, Sberbank has formed one of the largest portfolios of transactions using the insurance coverage of the Russian Agency for Export Credit and Investment Insurance (EXIAR), which exceeded 24 billion rubles as of January 1, 2016.
Active cooperation continues with a number of foreign export credit agencies in Western and Eastern Europe, China and other countries. Negotiations are underway to expand the range of both long-term and short-term products with the support of export credit agencies in order to provide maximum support for Sberbank's clients' operations with foreign exporters. In June 2015, a Memorandum of Understanding was signed with the Italian export credit agency SACE.
Commodity Trade Finance, financing the supply of raw materials, which Sberbank develops on the platform of a subsidiary bank in Switzerland, has become another important line of business that entered a phase of active development in 2015. This product line is intended primarily for trading companies that trade in the international market for oil, coal, metals, grain, etc. The clients of the subsidiary bank of Sberbank in Switzerland are already the world's largest traders, as well as the leaders of the Russian export of these industries.
The volume of completed transactions in the CTF area, which mainly provides support for Russian exports, amounted to more than 480 million US dollars, which made it possible to increase the portfolio in this area of business by more than 3.5 times.
Sberbank traditionally receives high marks for its activities in the field of trade finance, documentary and settlement business both in Russia and on the international market. In 2015 Sberbank was recognized the best bank in the field of trade finance in Russia and the CIS countries by leading international financial publications Global Finance and Trade & Forfaiting Review. Sberbank is also the market leader in settlements with domestic Russian letters of credit, according to a study by the Expert RA rating agency.
Block "Corporate business"
Large and medium-sized businesses Sberbank continues to cooperate with corporate clients of large and medium-sized businesses and optimizes work in this segment. In general, this work is transforming in several directions: the degree of penetration of digital processes is increasing, the operational function of employees is decreasing, and it is shifting to the field of consulting. The employee becomes not so much an operator as an assistant and partner who can advise the client on the right solution to a business issue on a professional level. This service model presupposes the importance of personal contact, which is why the work of the contact center changes, and remote client managers and product specialists appear.
Corporate business
A single sales management system was introduced for the entire vertical, covering the management functions of 900 heads of VSP11 of the Corporate Business unit, 180 regional managers, 80 heads of sales departments. The system unifies many processes at all levels and provides a single business rhythm for planning and goal setting throughout the sales network.
The model of work with new corporate clients, created on the basis of the clients' requests and wishes, made it possible to make the first 100 days of cooperation with the Bank as transparent and comfortable as possible for the client. Fundamentally new stages were the procedure for compulsory acquaintance with the head of the VSP and training clients on online services. Full compliance of the proposed model with the wishes of customers minimized the churn of new customers.
The creation of customer-product teams in working with medium and large businesses allows both new and existing customers to receive a range of banking services with the allocation of specialists. The unification of employees on the basis of common goals allows replacing the competitive interaction of the Bank's specialists with a well-coordinated movement towards the maximum satisfaction of the client's needs. Forming a team for a permanent group of clients, rather than a single transaction, provides clients with the highest level of service.
Sberbank creates a line of products for easy access for clients to the type of borrowed funds and instruments that suits them best. Online lending is launched, when a client can request and receive a loan without a visit to the bank.
The services of electronic guarantee and electronic factoring were introduced.
For companies of medium, large and large businesses, a cash management tool is offered, which, in fact, is a treasurer's workplace. With the help of it, the client can manage his cash flows, control subsidiaries and branches, and ensure the current liquidity of holding-type companies.
Cooperation with government authorities In 2015, 1,434 loan agreements in the amount of RUB 397 billion were concluded with clients of the Regional Public Sector segment. A total of 882 billion rubles of credit resources were provided. The balance of outstanding loans of customers in this segment as of January 1, 2016 amounted to RUB 877 billion. According to the Bank of Russia, Sberbank's share in the regional lending market government controlled constituent entities of the Russian Federation and local governments as of January 1, 2016 amounted to 74.9%.
Small and Micro Business Sberbank serves 53% of active clients of small and micro business. This is 1.18 million customers. In 2015, the Bank expanded its range of services for clients with a new, unique on the market, complex package "My Team", which includes the services of a business assistant, lawyer, accountant, as well as unlimited settlement and cash services: account management, payments and cash acceptance at check. The bank is preparing to launch new non-financial services for clients.
Internal structural unit Corporate business
The bank is working to make the business of the clients themselves more efficient. In particular, the Sberbank Analytics service has been developed, using which the client can practically refuse the financial director. In a user-friendly interface, the client will be able to analyze and control his activities: income and expenses, counterparties, cash gaps and much more.
The possibility of choosing the most convenient channel for receiving consultations for a corporate client has been implemented, which is especially important at the time of peak loads on the telephone line.
New channels of communication with clients are actively used:
feedback service on the Bank's website and ordering a call back, online chat in Internet banking. At the annual FocusForum conference of the Vedomosti newspaper, Sberbank received a special prize "For customer focus" in a project to support corporate clients in the Contact Center. Sberbank also won the nomination "Project of the Year for Organization of Technical Support for Corporate Clients" at the CNews Awards ceremony.
Using the Small and Micro-Business Clients Development Model, based on mathematical models and allowing to significantly improve the quality of targeted offers to clients, the Bank calculated the potential of each point of sale, which was used in the business planning process for 2016.
Interaction with government agencies is one of the key processes for a Russian entrepreneur. Sberbank has created products that simplify this process and help an entrepreneur to correctly build interaction mechanisms within the framework of Russian legislation. Sberbank clients have the opportunity to submit reports online to the Federal Tax Service and other regulatory authorities, and pay taxes conveniently and on time. Work is underway to integrate Sberbank's internet banking with the taxpayer's office on the website of the Federal Tax Service.
In addition, customers can use the app to learn about various government business support programs.
The Bank continues to interact with JSC Federal Corporation for the Development of Small and Medium Enterprises 12. The cooperation agreement concluded with the SME Corporation allows the Bank to attract guarantees in the form of collateral of the 1st quality category for a wide range of credit products and bank guarantees for small and medium-sized businesses. Guarantees can cover up to 70% of the principal loan debt and can be attracted by SMEs in any constituent entity of the Russian Federation. In 2015, the Bank issued more than 2.5 thousand loans and guarantees for more than RUB 21 billion under guarantees of the SME Corporation. The share of Sberbank in the total portfolio of guarantees of the SME Corporation at the end of 2015 was about 44%.
In 2015, the Bank issued loans to SMEs against guarantees of regional guarantee organizations for a total amount of RUB 11.2 billion. in 73 constituent entities of the Federation.
Sberbank supports clients who have lost their partner bank. For customers of credit institutions whose license has been revoked by the Bank of Russia to carry out banking, special conditions apply: free account opening, free organization of service using the Sberbank Business Online system and 3 months of service under the "Basis" service package at a price of 1 ruble.
The "Business Environment Partnership Program" project, aimed at creating a channel for attracting the Bank's customers through partners - agents, entered the project Next - SME Corporation, before the name change - JSC "NDCO" Credit Guarantee Agency "
Corporate business power. At the end of 2015, more than 42 thousand transactions were made, in the partner network of 200 partners, the conversion to transactions was 42%. One of the key focuses for 2016
- creation of an aggregator platform for financial and insurance services on the market, connection of banks and insurance companies.
Within the framework of the Business School project, 26 thousand entrepreneurs received access to educational programs for business, which is 170 video courses. More than 35 thousand
entrepreneurs from various regions, including the most remote corners of the country, took part in all-Russian educational seminars. The speakers of the seminars were business trainers and government officials, successful businessmen. Today, about 80 thousand entrepreneurs regularly receive information about new educational events and advice from leading market experts in the framework of special information digests. One of the key focuses for 2016 is the organization, on the basis of the Business School, of the largest platform in Russia for distance learning small companies, partnership with leading business schools, incubators, expert platforms.
Services to corporate clients The Bank strives to make interaction with a client convenient and simple, starting from the moment of opening a business. The bank provides an opportunity to register a business without a visit to the Federal Tax Service of Russia and to reserve an account for a client in 3 minutes.
When reserving an account, the entrepreneur receives a number that can be used to conclude contracts, and within 5 days he must visit the Bank to provide documents. In development - a process requiring changes in legislation, when an account is not only reserved, but also opened without a client's visit to the Bank. In order to strengthen its competitive position, the Bank has expanded the functionality of the service: it is possible to reserve accounts within the framework of the implementation of Federal Law No. 275-FZ of December 29, 2012 “On State Defense Order”.
Sberbank is systematically working to develop remote customer service, setting itself the task of making the main services mobile and remote. About 1.3 million customers are connected to the Sberbank Business Online service, more than 427 thousand users have downloaded the mobile version. By the end of 2015, 98% of payments were made through Sberbank Business Online or its mobile application.
31% of all payments of the Russian Federation go through Sberbank. In 2015, the Bank launched a 24x7 settlement service for clients. By the end of the year, customers making settlements in electronic form within the Bank had the opportunity to settle with counterparties in the 17x7 mode, i.e. on the current day from 6.00 to 23.00, including weekends and holidays. The plans include mass connection of customers to this service and an increase in the time of service availability up to 20x7.
At the beginning of 2015, the process of electronic document flow E-invocing between the Bank and clients was launched to provide invoices for the Bank's services. By the end of the year, the share of invoices for the Bank's services sent to customers electronically using this service reached 85% of the total number of invoices issued by the Bank. A project has begun on paperless transactions for corporate clients in Sberbank branches.
Since July 1, 2015, all regional banks offer self-collection service to companies. The service allows customers to deposit money into their account through self-service devices. In the 4th quarter of 2015, more than 300 thousand clients used this opportunity for Corporate Business. As a result, the number of incoming transactions in the bank branches with amounts up to 100 thousand rubles was reduced by 2 times. In 2016, interbranch settlements will be launched, which will allow the client to deposit money through self-service devices to a current account opened with Sberbank anywhere in Russia.
In 2015, the Bank introduced an automated process for paying insurance compensations to depositors - individual entrepreneurs of failed banks from the Fund of the Deposit Insurance Agency. Sberbank began to take part in competitions for the selection of banks authorized to make such payments, and from the beginning of 2016 it began paying insurance compensation on the accounts of individual entrepreneurs - clients of bankrupt banks.
In 2015, Sberbank introduced the Module currency control integrated into the Bank's settlement system. This made it possible to abandon the software of third-party organizations and to optimize the processes of currency control, including reducing the processing time of currency control documents by 25%. Services for clients in remote banking systems have been improved. Implemented the ability for clients to fill out currency control documents online, receive bank control sheets by clients, inform clients about the processing statuses of currency control documents, about possible violations currency legislation and etc.
In order to improve management efficiency budgetary funds, an agreement was reached with the Federal Treasury Department to start using the Cash Management service. 52 regional departments of the Federal Treasury and more than 31 thousand accounts for servicing budget recipients were connected.
The regional banks have introduced a banking support service for investment contracts. The Bank exercises control over the spending of funds for its clients in accordance with the execution of investment projects.
The Bank provides its clients with a mobile application of the JSC "Sberbank Corporation".
Using this application, heads of groups of companies always have online access to information on all accounts of their group in the Bank. In this system, within the framework of the "Control and Acceptance" service, a service was launched to control electronic registers of payroll records under agreements on crediting funds to individual accounts.
The "Payment Calendar" service has been introduced, which allows customers to plan upcoming expenses and projected income, including under contracts with counterparties. The service allows you to create a payment calendar for future periods.
Service quality Sberbank continues to monitor the level of the Corporate Customer Satisfaction and Loyalty Index. In 2015, the indicator increased by 2 points to 67.
There was a significant increase in the assessments of large and medium-sized clients. The ratings of small and micro business clients have not changed significantly.
As in 2014, the importance for clients of certain parameters of interaction with the Bank is largely determined by the difficult economic situation, especially for the small and micro business segment:
the importance of basic services remains high settlement and cash services and their price parameters due to the fact that customers optimize their costs for banking service;
For corporate business, the Bank's flexibility when considering a loan application is of great importance:
individual approach to business appraisal, no collateral, etc.
The indicator "Number of calls per 1000 active clients" at the end of 2015 amounted to 6.3 units. A certain increase in requests was recorded due to failures in the service of accepting cash at ATMs. Based on the analysis of problem areas, the Bank optimizes processes. Since the end of 2015, Sberbank has introduced the principle of “the presumption of innocence of the client” when working with requests: upon receipt of a claim, the funds are reimbursed to the client, and then the claim is considered without the participation of the client. A pilot was conducted on the simplified consideration of company claims, in which maximum amount compensation increased from 600 to 1,500 rubles. The circulation is scheduled for 2016.
Based on the results of the pilot for the automated collection of feedback from clients of large and medium-sized businesses, after considering credit transactions, an appropriate project is being implemented, including the development of negative reviews and the prompt resolution of problems of clients of all business segments.
Raising funds from corporate clients In 2015, in the context of the need to replace expensive state financing with client funds, the work to attract funds from corporate clients was one of the most important areas of the Bank's business.
The balance of corporate clients' funds increased over the year by 25.1% to 7.4 trillion rubles.
The share of Sberbank in the total volume of funds of legal entities attracted by the banking system increased over the year from 21.9% to 25.0%. In terms of products, the share of current accounts increased during the year - from 29% to 34% of total corporate clients' funds.
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In 2015, Sberbank launched a new service - the placement of funds on public terms available to users of remote service channels - Online products. Clients can place funds in a deposit and in the form of a minimum balance on a current account on public terms. Transactions are concluded without the client visiting the Bank's office. For these products, a loyalty system operates, according to which customers who place funds in a deposit or on a minimum balance repeatedly receive interest income, which is additionally increased by 5-10 percentage points.
regarding "Online" rates. The functionality of the service is expanding. Today, you can remotely withdraw a deposit ahead of schedule, generate an order for its replenishment, prolong the contract, receive SMS and e-mail notifications about events under the contract.
Retail business
5. Retail business
2015 achievements in the retail business:
As of January 1, 2016, Sberbank attracted 10.2 trillion rubles. funds of individuals - the historically maximum amount. The inflow of funds from private clients for the year is also record-breaking: +2.2 trillion rubles.
Sberbank has increased its portfolio of housing loans to 2.2 trillion rubles. and took 55% of the mortgage market. The bank began to provide borrowers not only with the loan itself, but with a range of services from its partners - realtors, insurance companies, notary and registration authorities.
Sberbank Online mobile applications for Android and iPhone were included in the lists of the best applications of the year in Google Play and App Store in Russia, becoming the only financial product in both ratings.
Sberbank was recognized as the winner of the Consumer Rights and Service Quality 2015 award as the most customer-oriented bank in Russia.
A qualitative transformation began to take place in the field of non-cash services.
Quantitative achievements (millions of active cardholders, thousands of self-service devices, hundreds of thousands of POS terminals in the retail network) and the best Internet banking on the market have resulted in a quantum leap forward.
Through the efforts of consultants in the offices and following the results of active sales, the number of connections to online services in 2015 increased several times: by the end of the year, about 600 thousand online applications were connected per month.
The behavior of millions of Russians, largely thanks to Sberbank, began to change: the share of non-cash transactions with Sberbank cards for the first time exceeded 50%, in 2015 there was an explosive growth in P2P transfers - over the year, Sberbank clients transferred 2.4 trillion rubles to each other.
A new model of office work has been introduced - VSP 3.0. The offices now have consultants who solve customer problems on the spot and successfully sell services. As a result, the level of operational errors is gradually decreasing and queues are shrinking.
Lending to private clients Retail loans account for over 23% of Sberbank's loan portfolio13.
The negative downward trend in debt, noted in the first quarter of the reporting year, was reversed in the summer. As a result, over the year, private clients received loans for more than 1.2 trillion rubles. The retail loan portfolio grew by 1.6% and reached RUB 4,135 billion. At the end of the year, there was an increase in the share of both housing and consumer lending, while the volume of housing lending increased. Sberbank's share in the lending market increased by 2.8 percentage points. up to 38.7%.
Here the loan portfolio of Sberbank includes: loans to banks, legal entities and individuals.
Retail business
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Housing loans Housing loans remained a priority product of Sberbank. The mortgage loan portfolio grew by 13.4% over the year. The share of Sberbank in terms of the balance of debt in the housing lending market increased by 2.1 percentage points. and amounted to 55.0%.
In 2015, Sberbank took part in the "Mortgage with State Support" program, which applies to housing ready and under construction in the primary market. Since March 2015, 109 thousand loans have been issued for 187 billion rubles. In addition, in the spring, a promotional campaign for “Purchase of finished housing” was held (discount 0.3 pp, initial payment of 15%, loan term up to 8 years) and the provision of loans for “Countryside real estate” and “Construction of a residential building ”, The product“ Non-targeted loan secured by real estate ”was launched.
To help Sberbank borrowers who have foreign exchange mortgage loans The Bank offered to individually set the rate of conversion of the loan into rubles and the ruble interest rate after changes in the conditions of the foreign currency loan.
Throughout the year, there was a Campaign for young families: a discount of 0.5 p.p. to the base level of interest rates, the absence of surcharges to the interest rate for the period before the registration of the mortgage. Over the year, 101 thousand young families were able to use such loans for a total of 153 billion rubles.
In July and August, by 1.0 p.p. and 0.5 pp, respectively, interest rates were reduced on all mortgage products, with the exception of Military Mortgage, the Mortgage with State Support program and the product “Non-targeted loan secured by real estate”. After the decline, the range of interest rates was 11.4-14.5% per annum within the framework of basic mortgage products.
Retail business
Under the Military Mortgage in 2015, Sberbank issued 11 thousand loans for the amount of 20 billion rubles, the share of Sberbank in loans issued was 34% 14, in the total volume of housing loans issued by Sberbank 3%.
At the end of the year to maintain sales for the product "Purchase of finished housing"
there was a campaign "Flat rate" - an offer with a fixed interest rate for each category of customers, regardless of the size down payment, the term of the loan or the period of registration of the mortgage. The interest rate for clients receiving salaries on a Sberbank card was 13.45% per annum, for other categories of clients - 13.95%, taking into account the application of a special “Secured loan” condition. Decrease for certain groups of clients within the framework of the campaign amounted to 0.3-0.55 p.p.
An important role in the development of mortgage is played by the development of partner channels - the vertical structure built in the Bank, which includes several areas of business:
sale of mortgage products of the Bank on the territory of development partners and real estate agencies; accompanying clients with approved mortgage solutions before issuing a loan in special Mortgage Lending Centers; online services for mortgage clients and partners of the Bank.
Partners submit mortgage applications and approve clients' real estate objects through the specially developed B2B web-system "Partner Online". This system allows you to reduce the period for consideration of a loan application from 5 to 2 days. The share of applications filed by partners in the total number of mortgage applications of Sberbank for the year increased from 15% to 43%. More than 24 thousand people are active users of the Partner Online system.
partner companies of developers and real estate agencies.
A pilot project has been launched in Moscow and Novosibirsk to provide the client with a remote “Personal Account of the Borrower”, in which the client can manage his mortgage transaction, exchange information with partners and the Sberbank manager.
A pilot project for online electronic registration of mortgage transactions has also been launched in Moscow and Novosibirsk. You can now send documents for registration at the mortgage lending center of Sberbank without visiting Rosreestr.
The development of housing lending is also associated with new technical capabilities that the Bank has acquired and made it possible to simplify the lending process. Thus, within the framework of Federal Law 259-FZ dated July 13, 2015, the Bank completed an order for extracts from the Unified State Register of Rights to Real Estate and Transactions with It, as well as from the State Real Estate Cadastre - through access to the information resource of Rosreestr. Such interaction with government agencies greatly facilitates the lending process for the client.
Consumer lending Consumer loans, despite the portfolio shrinkage, are still the flagship in terms of interest income, outstripping other retail products. In 2015, against the backdrop of worsening retail risks, Sberbank kept maintaining the quality of its loan portfolio as a priority, focusing on attracting only high-quality borrowers. For the year, the portfolio of consumer loans and credit cards decreased by 7.6%.
According to FGKU "Rosvoenipoteka"
Retail business Sberbank's share in the consumer lending market increased from 32.6% to 33.2%.
The Bank resumed accepting applications for the provision of "Loans to individuals who run their own subsidiary plots." To stimulate demand, the Bank reduced interest rates three times on newly accepted applications for “Consumer loan without collateral”, “Consumer loan secured by individuals” and “Consumer loan for refinancing external loans” and twice for “Consumer loan for military personnel - NIS15 participants” and "Loans to individuals who run their own subsidiary plots." Promotions were held in conjunction with the academic year and New Year's holidays.
In the first half of 2015, a technology was implemented that allows obtaining approval for loan applications in 15 minutes.
Introduced in October in all regions new technology on the provision of "Trust loan for borrowers of the Bank - individuals with valid credit agreements." The technology assumes an increase in the number of refinanced customer loans to five, automatic check of overdue debts on existing loans and repayment of existing loans when a new product is issued.
Credit Cards Credit cards remain one of the important elements of the Bank's product line, successfully used for cross-selling to existing customers. During the year, the Bank increased the volume of outstanding credit cards from 410 to 441 billion rubles.
and strengthened its position as the leader of this market in Russia: the share of the credit card market increased from 29.9% to 33.4%. The number of valid credit cards reached 15.6 million.
In 2015, as part of its response to the market situation, Sberbank increased interest rates on debt on newly issued credit cards.
The commission for cash withdrawals from credit cards has been increased.
In April, the Bank introduced a temporary procedure to reduce credit limits on existing credit cards. The procedure affected customers who are late in payments. The calculation of new limits is based on a scoring model. Since April, the limits have been reduced by a total of 28 billion rubles, which freed the Bank 3.2 billion rubles. reserves.
The bank issues credit cards without PIN-envelopes: the client independently assigns a PIN-code to his card at the time of its receipt. Since September, Sberbank customers can order a credit card with an approved limit of 50,000 ATMs where the Sirius platform is installed: a Classic card can be obtained immediately at the nearest branch, and a Gold premium card - in a few days.
Car loans Sberbank transferred the partner car loan channel to its subsidiary bank Cetelem. In 2015, Cetelem Bank held the 1st place in terms of loans in the car lending segment. Sberbank Group retained the 1st place in terms of the size of its auto loan portfolio. Despite a 35.7% reduction in the new car sales market in Russia in 2015, the volume of Cetelem Bank's loan portfolio remained at the level of the previous year and amounted to RUB 80 billion. Cetelem Bank continued cooperation with 23 car brands and entered into a number of agreements to strengthen it.
NIS - accumulative mortgage system Retail business Attracting funds from private clients Attracting funds from private clients and ensuring their safety remain the core of the Bank's business. Sberbank attracts funds in time deposits, demand deposits, including bank cards, savings certificates, promissory notes and accounts in precious metals.
The volume of funds attracted from individuals, including time deposits, demand accounts and bank cards, as well as funds in precious metals, increased by 2.2 trillion rubles in 2015. and by January 1, 2016 exceeded RUB 10.3 trillion. The growth rate at the end of the reporting year (27.2%) exceeded the growth rate of individuals' funds at the end of the previous year (4.9%). The main increase was due to time deposits in rubles. The volume of foreign currency deposits also increased in dollar terms.
Some of the deposits are open in remote channels.
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During 2015, with the general market trend towards a decrease in deposit rates and the existing dynamics of the key rate of the Bank of Russia, Sberbank lowered interest rates on deposits in rubles and foreign currency six times, including savings certificates of individuals.
Promotions for ruble products, maintaining a competitive level of rates for foreign currency deposits and new deposits for wealthy clients allowed Sberbank to retain its market share in term deposits in rubles and significantly increase its share in foreign currency deposits.
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As of January 1, 2016, more than 170 thousand clients have signed up for the Sberbank Premier service package and more than 22 thousand VIP clients use the Sberbank First service package. As part of these packages, customers receive premium debit cards for themselves and their loved ones, Priority Pass cards for access to business lounges at the world's largest airports, they have the opportunity to take advantage of preferential exchange rates for currencies and precious metals, as well as a discount on payment for using safe deposit boxes. Each package has a special line of deposits with an increased interest rate, as well as increased rates on savings accounts.
Retail business For clients of the upper mass segment, from October 1, 2015, the “Golden” service package was launched, which includes gold debit cards and travel insurance for the whole family.
Interaction with the Pension Fund of the Russian Federation Within the framework of agreements on the procedure for interaction between a branch of Sberbank and a branch of the Pension Fund of the Russian Federation16 upon delivery of pensions paid by the Pension Fund of the Russian Federation, concluded at the level of constituent entities of the Russian Federation, Sberbank offers a service for pensioners and privileged categories of citizens: obtaining a certificate free of charge on the types and amounts of pensions and other social payments by the Pension Fund of the Russian Federation, credited to an account with Sberbank. A certificate is issued at any Sberbank office or using the Sberbank Online service, as well as at ATMs and other self-service devices of the Bank. A certificate on the types and amounts of pensions allows pensioners to quickly receive detailed information about all types of payments due to them by the Pension Fund and their amounts for the required period.
The share of pensioners receiving their pension through the Bank is constantly growing. The number of Russians who have entrusted the payment of their pensions to Sberbank has reached 24.8 million.
1 Jan'16 1 Jan'15 The number of social pensioners receiving pensions through 24 789 919 23 291 132 Sberbank, people
The share of pensioners receiving pensions through Sberbank in the total 59.0 56.2 of the number of social pensioners in the Russian Federation,% (excluding the number of pensioners in Crimea) Sberbank has a separate work with the “Social” segment. The level of protection of the interests of pensioners regarding the safety of their deposits from the encroachments of third parties has been increased. A memo has been developed for employees of departments to protect the savings of pensioners and disabled people from fraudulent actions of third parties. Now, by performing simple actions, branch employees can stop fraudsters, prevent them from using gullibility and trick customers into making debit transactions on accounts.
Simplified registration of receiving a pension to accounts in the Bank: an application for the delivery of a pension is automatically printed out when opening an account, which frees up 15 minutes of clients' time and eliminates the time-consuming manual filling of details.
Work is underway so that pensioners can draw up documents for the delivery of pensions remotely through their personal account at Single portal government services.
Sources of non-interest income The main driver of non-interest income growth in the retail business in the past few years has been: operations with bank cards, acquiring, payments and transfers.
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The growth in the issue of bank cards continues to accelerate the growth in the volume of transactions on card accounts.
Acquiring Sberbank's share in the merchant acquiring market has grown significantly over the year - by 7.2 percentage points. up to 54.7%. Such a noticeable breakthrough became possible due to the restructuring of the business line: independent merchant acquiring divisions were created at the level of regional banks. During the year, Sberbank attracted 27 new federal key partners of various segments for acquiring services: clothing, auto goods, pharmacies, electrical goods, and services. The number of active retail and service outlets attracted for acquiring services increased 1.2 times and reached 552 thousand by the end of the year.
In August, a project began on special acquiring conditions for car dealers - for the first time in Russia, customers were provided with the service of paying for a car with a bank card.
The program operates in 546 car dealerships in the country. Thanks to her, Sberbank attracted 8 largest Russian car dealers for acquiring services.
The bank is actively developing internet acquiring and attracted 1,590 new partners in a year, a 5-fold increase. The turnover of bank cards on the Internet amounted to 85 billion rubles, an increase of 1.8 times. Implemented payment for air tickets via the phone with bank cards, replenishment of cards school meals"Lados". The total number of organizations using Sberbank's Internet acquiring service exceeds 2.2 thousand.
The growth in the business of acquiring services is accompanied by new technologies in this area. The Bank introduced a unified standard for technical support of the retail and service network for all regions, began accepting calls through the centralized support service 8-800 24/7. The "LightCabinet" operates, through which the speed of fulfilling partners' requests has increased many times over, issues are resolved within the system without using mail and telephone. Service standardization will strengthen Sberbank's competitive position in the acquiring market and optimize technical support costs.
Development continues cashless payment in public transport.
Launched at the Kotelniki metro station in Moscow, a pilot for accepting contactless bank cards at turnstiles has been expanded to four more stations, where cash desks and ticket machines are also equipped with acquiring equipment, and customers can pay for tickets with bank cards.
Debit Cards In 2015, Sberbank expanded the capabilities of customers with debit cards. The issue of international bank cards with the function of the Troika retail business ticket has been implemented. In addition to the usual functionality debit card Sberbank, new card serves as a fare payment tool in transport infrastructure Moscow.
A new service has been launched: holders of any Sberbank debit cards can make transfers from their cards to any Visa cards of other Russian banks through the Sberbank Online system, ATMs and mobile applications.
Since July, on the Sberbank website, it has become possible to order a card using your own photos from Instagram. In the future, it is planned to expand the integration with social networks.
In 2015, more than 90 projects for the issue of cards with an individual design for salary clients were implemented, of which 44 projects were with universities. More than 370 thousand
clients will receive salary cards with individual design. This makes Sberbank's salary projects more attractive.
Throughout Russia, salaries are paid to employees of enterprises using a technology that is convenient for customers: the enterprise provides a register for crediting funds to its employees through the Sberbank Business Online system, the Bank credits salaries to employees' cards online, information on transfers instantly becomes available to the enterprise. The process is automated and the probability of operational errors is excluded.
A new technology of salary payments to employees of federal companies with branches in different cities and regions of the country has been successfully introduced. According to the unified register, which indicates the company's employees who have accounts in different branches of Sberbank, and due to them wage The Bank independently transfers funds from the company's current account to the salary accounts of its employees.
Sberbank optimizes card processes. According to the new technology of conversion operations for individuals, the conversion between cards within Sberbank, as well as from a card to a deposit, occurs instantly at the rate fixed at the time of the transaction. This eliminates the occurrence of foreign exchange risk and customer complaints.
Processing of international payment transactions MasterCard systems and VISA has been completely transferred to service through the National Payment Card System.
In April, Sberbank launched the Piggy Bank service as part of the Sberbank Online service.
This is an automatic transfer of client funds from a debit card to a deposit according to the algorithm specified by the client. The service is very popular: 150 thousand connections per year.
Payments and transfers
In 2015, there was an increase in payments by individuals in favor of legal entities:
their average number increased by 17% and amounted to 13 million per day. The growth took place in all types of payments. The number of payments for housing and communal services amounted to 2.8 million transactions per day (+ 20%), for cellular communication- 8.2 million per day (+ 18%). The stable growth in payments allowed Sberbank to strengthen its leadership in the market of payments for housing and communal services with a 39% share. Sberbank is the leader in the mobile payments market with a share of over 44%. This result was achieved thanks to the active development of payments through Autopayment, Mobile bank and Sberbank Online.
The number of subscriptions to the Auto Payment service was 31.4 million. Auto payment for housing and communal services is available in more than 100 cities of Russia. In 2015, active promotion of non-cash payments at the checkout began: the share of payments accepted at the checkout using a card reached 7%. The share of payments accepted using bar-coding among receipts was 81%.
Retail business The total volume of transfers in 2015 exceeded RUB 9 trillion, which is 1.5 times more than in the previous year.
Insurance and Wealth Management 2015 was characterized for Sberbank by a number of significant results in terms of the business of welfare, despite negative trends. During the year, the client base grew from 7.5 to 13.2 million clients, the amount of assets under the management of the Group increased from 221 to 450 billion rubles. In 2015, the Bank sold more than 9.5 million wealth products for individuals (insurance, pension and investment products) in the Bank's network, and 137 thousand insurance policies were issued to corporate clients.
IC Sberbank Life Insurance has once again confirmed its leadership in the life insurance market with a 34% share. The total amount of insurance premiums amounted to RUB 44 billion. By the end of 2015, the total number of the company's clients exceeded 5 million people. The company brought to the market a number of product innovations for VIP clients - an investment product with annuities and an international health insurance product. In addition, in the reporting year, the Company made a special focus on the quality of customer service, which resulted in a victory in the "Best Contact Center" nomination in the insurance market, including life and non-life companies. The Bank of Russia has included Sberbank Life Insurance IC in the list of systemically important insurance organizations.
In 2015, the Sberbank Non-State Pension Fund received pension savings of 2 million customers. NPF Sberbank became the leader in the compulsory pension insurance market in terms of the number of clients and the amount of assets; the fund's assets amounted to 260 billion rubles. At the end of the year, savings of another 1.4 million people will be transferred to the NPF of Sberbank. In total, over 4 million Russians have become clients of NPF Sberbank.
LLC IC Sberbank Insurance is the fastest growing company in the Russian insurance market.
The company's premiums amounted to RUB 3.7 billion, of which 75% is the share of non-credit insurance; more than 30 products launched. More than 1.5 million people have become the Company's clients throughout Russia. In the first year of active development, the Company entered the TOP-10 insurers in Russia for insuring the property of individuals and in the TOP-15 for online sales in Russia. Thus, over the year, the Company moved from the 119th place to the 34th place in terms of the total amount of fees, and also took the 13th place in the number of sold insurance policies.
Another growth leader was Sberbank Insurance Broker. It is important to note that the company has become profitable in the first year of operation on the market and, following the results of 12 months, has shown a steady increase in profits and the number of customers. At the end of 2015, the company's net profit amounted to RUB 108 million, 15% of customers are market customers attracted from outside.
Sberbank Asset Management JSC strengthened its leadership in the open-ended mutual fund market: its share exceeded 25% of the market. The company took 1st place in terms of revenue among all management companies, demonstrating good results in managing investment funds: flagship equity funds (OPIF Active Management Fund: + 42%), bonds (OPIF Ilya Muromets: + 35%) and mixed investments (OPIF Balanced: + 38%) took first places among competitors at the end of the year.
At the end of 2015, the specialized depository entered the TOP-5 leaders in the market of depositary services for mortgage-backed securities.
Retail business In 2015, the implementation of a project unique in scale for the Russian insurance market was launched - 8 thousand branches of Sberbank became points for receiving applications for the settlement of insurance claims from the Bank's clients.
In 2015, Sberbank's depository was recognized as the leader in the Russian depository services market, ranked among the best depositories in emerging markets, and received the Category Outperformer, Market Outperformer and Global Outperformer awards.
The depository of Sberbank serves 443 thousand custody accounts. The market value of client assets in custody in 2015 increased from 3.5 to 4.2 trillion rubles. In the reporting year, a depository service was launched for individual investment securities accounts. As of January 1, 2016, 49.2 thousand such accounts were opened.
The provision of specialized depository services for insurance companies has begun. Contracts were concluded with 25 insurance companies, the total value of controlled assets is 238 billion rubles.
The places of storage of securities were optimized, which made it possible to avoid reserving RUB 21.2 billion. for investments of Sberbank in securities.
The International Bank-Issuer of Depositary Receipts carried out an annual online certification of the Depository as the custodian of Russian shares, under which ADR / GDR were issued and traded in Western markets.
A procedure has been implemented for daily debiting of the depositary commission for changing the balance of securities on trading sections from personal brokerage accounts of investors, including those using the service for making unsecured transactions.
Rules and forms have been introduced to identify Custodian clients (legal entities and credit institutions) for FATCA purposes.
Development of remote service channels Sberbank continues to improve its remote service channels. Over the year, in accordance with the Bank's strategy, the network of self-service devices decreased by 4 thousand devices and amounted to 52 thousand ATMs with a cash dispensing function, 34 thousand
without cash dispensing function 17. The network of self-service devices has expanded with new software that provides customers with a single space to complete transactions. In these devices (more than 53 thousand pieces), the client sees his operations carried out in the Internet bank Sberbank Online, can print a confirmation check on them and repeat the payment using the template created earlier in the Internet bank.
The rate of technical availability of devices for customers increased from 93.2% to 95.1%. The share of ineffective self-service devices decreased from 14.7% to 2.7%.
The number of active users of the web version of Sberbank Online increased from 17.9 to 24.6 million.
Sberbank has released a new, market-unique version of the Sberbank Online mobile application for the Android platform. The version has a built-in protection package with antivirus software that protects not only the application, but also the phone itself. This allowed us to provide customers with new functionality for payments and transfers. Significant changes have affected the design, which is built on the principles. In accordance with Federal Law No. 54-FZ "On the use of cash registers when making cash settlements and (or) payments using payment cards", all payment terminals of Sberbank are considered ATMs.
Retail Business Material Design: 3D surfaces, realistic touch animations.
Focusing on the design concept from Google, Sberbank has made an application that matches the graphic style familiar to Android users.
The mobile application of the Internet bank Sberbank Online for iPhone took 1st place in the rating of mobile banking applications for the iPhone in terms of ease of use, published by UsabilityLab.
The bank has updated Sberbank Online applications for all platforms: iOS, Android and WinPhone. Now, to register in the application, you do not need an ATM or the web version of the Internet bank - you just need to enter the card number and confirm the authorization using the code from the SMS. In the new version of the mobile application, you can quickly transfer money not only to a client of Sberbank, but also to Visa and MasterCard cards of other Russian banks. For an instant transfer, it is enough to indicate the recipient's card number. In the cost analysis service, you can create your own expense categories and transfer completed transactions to them, which allows you to better control your daily expenses.
The number of active users of Sberbank Online mobile applications has reached 10.5 million people. The number of payments made through mobile applications increased 3.7 times and averaged 24.3 million transactions per month. The number of transfers increased 4.7 times and averaged 20.9 million transactions per month. The number of connections to the Mobile Bank SMS service reached 89.2 million, the number of active users exceeded 26.8 million.
New service model in VSP In the second half of 2015, Sberbank implemented a major project to reorganize work in offices serving individuals - VSP 3.0. The new model has significantly changed the principle of operation, the main tool in which is the Intelligent Control System18. This automated system is based on the consolidation and analysis of big data from more than 10 different systems of the Bank. IMS determines deviations at all management levels down to each employee of the office and then sets targeted tasks to managers to eliminate deviations. Thus, front-line managers are freed from independent analytical work to collect reports and search for deviations. At the moment, the ISU has 13.4 thousand active users, through it 1.3 million targeted tasks are submitted to the heads of the VSP every month. The perimeter of the IMS tasks includes deviations in 29 performance indicators, knowledge of banking products, converting customer traffic into banking products, eliminating fraud and adapting newcomers.
The priorities of the head in 2015 were sales management, mentoring, and work with clients. The model has increased the operational quality in offices, since the cash operations, prevention of risk events, and processing of complaints have become the tasks of the dedicated deputy heads of the VSP. The model made it possible to free 6,000 staff positions for VSP employees and 1,380 staff positions for managers, which reduced the Bank's expenses by 4.6 billion rubles. in year.
For the most efficient pre-claim settlement of customer issues, service managers have been allocated in 700 business offices19. About 85% of the questions Next - ISU The largest offices, which account for more than 60% of all customer inquiries registered in the GSP.
The retail business is handled by service managers on the spot, most of them at the time of the client's request. The rest of the questions are forwarded to the claim service.
The efficiency of the sales managers has increased. Over the year, the number of products per day per manager increased from 8.5 to 11.3.
The institute of consultants in VSP is successfully developing. For example, at the end of 2015, complex sales of remote services to customers began. The total volume of products sold through consultants in December increased by 21% compared to October.
Within the framework of the new model, there is a transition to the concept of "atmosphere" in the office - for employees and clients. It is an integral measure of the climate. For employees, this is the share of open vacancies due to which they have to work with increased workload, the share of overtime, the intensity of service, meeting performance standards and the number of errors that affect the level of income of employees. For clients, this is the number of re-formatted offices, operational windows, the presence of "electronic queues", a convenient mode of operation.
The atmosphere in the departments is measured, and tasks are set to eliminate deviations.
In 2015, there was a decrease in the turnover of employees in the branches by 21%.
Employee engagement rates increased from 68% to 75%. For comparison: the best indicator for global financial companies is 78%.
Retail sales model In the first half of 2015, the Bank focused on promoting commission products and raising funds from the public in active sales. In 2015, over 154 million communications were sent with proposals for deposits and savings certificates. An additional increase in funds raised due to active sales campaigns amounted to RUB 100 billion.
Active promotion of credit products resumed in the second half of the year. At the same time, throughout the year, work was carried out on the mass personalization of active sales campaigns. Thanks to campaigns on consumer loans, resumed on a massive scale in June, an additional 99 billion rubles were disbursed.
Active sales ensured additional issuance of 556 thousand credit cards. In June, for the first time, 500,000 Sberbank customers received a personal video message by email with a credit card offer.
The most important achievement was the launch in August of individual pricing in campaigns for active sales of consumer loans. Based on the model, each client is assigned a personal interest rate that is optimal for him.
The bank began to use a new message delivery channel - the Viber messenger.
A welcome newsletter with the option to go to Sberbank's promo page showed that 12 million customers were registered with Viber. The new communication method allows to reduce the cost of messages by 5 times compared to SMS and to deliver content containing graphics and video to the client.
Retail business
At the end of 2015, the number of active clients20 of the Bank increased by 5.8% to 79.7 million people. As a result of working with the customer base, the number of products per customer increased over the year from 2.33 to 2.62. This suggests that clients are more likely to choose Sberbank as their "main" bank.
Service quality For operational monitoring and continuous improvement of customer satisfaction, Sberbank continues to calculate key metrics of customer experience:
NPS21 - based on the entire experience of the client's interaction with the Bank, the client is asked to assess the willingness to recommend Sberbank to friends and acquaintances. Sberbank's current NPS is 55%.
CSI22 - immediately after completing a product or solving a problem in a branch, calling the Sberbank contact center, receiving a response to the request, the Bank asks the client to assess satisfaction with the quality of service in these channels. Over the year, more than 960 thousand customer responses were received. All low marks have been worked out, the identified customer problems have been resolved.
Customer satisfaction surveys were carried out for 7 product processes.
Based on the opinions of customers, recommendations were prepared for changing 84 processes.
Working with customer requests remains one of the key priorities. More than 700 service managers work in offices and help clients in solving their problems “here and now”.
The "Customer Care Center" was created, which is designed to optimize the work with appeals, to create a team of highly qualified specialists. The main advantage of the Center is the systematic and timely identification of the root causes of customer requests, transferring them to specialized departments for solution.
Separately, work is underway with resonant appeals received by the Bank's management and through social networks - 150 such problems have been resolved in a year.
The Pulse system is aimed at searching the Internet for reviews of the work of Sberbank branches23. More than 37 thousand responses were revealed, 1.5 thousand complaints relate to servicing in the Bank. All negative reviews were taken to work, customers were provided with answers.
A new service for employees, "My Client", has been launched in test mode. In the event that an employee becomes aware of a client problem from friends and family, he can transfer information to solve it to the right department.
As examples, when negative customer experience helped the Bank to understand the problem and find its process solution, there is a new technology for working with bank cards Smart Box. VSPs are equipped with special containers for storing cards. An active client is a client who has used a banking product NPS (Net Promoter score) in the previous 3 months - the index of a client's readiness to recommend Sberbank to his friends and acquaintances. It is accepted in world practice as a key indicator of customer loyalty.
CSI (Customer Satisfaction Index) is an index of customer satisfaction based on a list of parameters at points of contact. The key diagnostic question: how satisfied were you in general with your visit to the bank today?
The search is carried out in four social networks: Foursquare, Instagram, VKontakte and Flamp. The retail business is creating an electronic file for placing cards in containers. The technology reduces the time for issuing a card to a client by 1.5 times and labor costs for working with cards by 2 times.
Another example is a project that will allow real-time verification of notarial powers of attorney when a client contacts the Bank's offices. The implementation of the project will start from the 1st quarter of 2016.
Sberbank is implementing the Paperless Front Office project in all regions: over 70% of deposit transactions, transfers, and transactions with savings certificates are carried out using paperless technology. In 2015, 90 million documents were signed electronically, 7,245 trees were preserved. "Paperless front office" eliminates operational errors, reconciliation of documents at the close of the transaction day, reduce paper consumption in offices by 15% and the need for storage space by 20%.
Sberbank continues to work on cutting queues. In 2015, in 6,481 offices, the waiting time for customers in a queue is measured in an automated mode using a queue management system. At the end of the year, 95% of customers who used the Bank's services waited in line no more than the time established by the standard (10 minutes on a normal day and 14 minutes during peak hours). This indicator is met in 97% of offices equipped with a queue management system.
Unified Distributed Contact Center24 The main priorities for the development of the Contact Center remain: leadership in customer satisfaction, expanding the range of services, efficiency.
The average waiting time for an operator's response remains at a high level - 31 seconds at the end of 2015, a year earlier - 35 seconds. The service satisfaction index in the ERCC remained at the same level and amounted to 80%. The volume of calls increased by 22% compared to the previous year and amounted to 95 million calls.
Subscribers of mobile operators Beeline, MTS and Megafon were able to dial free of charge to the Sberbank Contact Center at 900 in their home network.
The new service “Client Code” has become available to the Bank's clients. Using this code in the automated system, you can find out the balance, the last five transactions, get the Sberbank Online identifier and block the card.
A new, sixth, contact center platform was opened in Samara. Currently, 200 workplaces have been organized, target placement - 730 places.
In order to increase employee engagement, a new motivation system was introduced. A project to improve working conditions for employees of the Contact Center in Omsk was completed; employee satisfaction with the internal space increased by 11 pp. to 96%, employee churn decreased by 9 p.p. up to 36%.
In March 2015, within the framework of the Call Center World Forum business forum,
The Crystal Headset Award Ceremony is the central event in the world of call centers. Representatives of the ERKTs of Sberbank won in three nominations:
Para-Operator of the Year, Best Monitoring Team and Best Small Team.
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In 2015, the securities portfolio increased by 221 billion rubles. The most significant change was in the portfolio of securities available for sale.
This portfolio increased by RUB 571 billion due to:
the acquisition of sovereign bonds and Eurobonds to increase the volume of highly liquid assets for the purposes of managing the short-term liquidity ratio, effective from January 1, 2016;
positive foreign exchange revaluation of previously purchased Eurobonds;
acquisition of ECP / CD of foreign banks with a rating higher than A with maturity less than 6 months for the purpose of placing excess foreign exchange liquidity;
an increase in investments due to additional capitalization of subsidiaries.
Management of risks
7. Risk management Integrated risk management of the Group The risk management system is part of the overall management system of the Group and is aimed at ensuring sustainable development as part of the implementation of the Development Strategy approved by the Bank's Supervisory Board. The risk management system of the Group25 complies with the requirements of the Bank of Russia and the regulations of the Russian Federation and takes into account the recommendations of the Basel Committee on Banking Supervision.
The following types of risks are recognized as significant in the Group: credit risks of corporate and retail clients, country risk, credit risks of financial institutions, market risks of operations in financial markets, ALM risks, risk of losses due to changes in value real estate, operational risk, legal risk, liquidity risk, compliance risk, tax risk, strategic risk, regulatory risk, risk of models, risk of loss of business reputation.
Risks are identified and their materiality assessed by the Group on an annual basis. For each risk recognized as significant, a management system is formed. Management functions for all significant risks are distributed among the Bank's committees. Risk management at the integrated level is carried out by the Group Risk Committee, the Management Board and the Supervisory Board of the Bank.
The Group is implementing a project to develop a risk culture. The goal of the project is to develop the behavior of employees in which they openly discuss and respond to existing and potential risks, and the formation of an internal mental attitude of intolerance to ignoring, hushing up risks and risky behavior of others. The risk culture complements the existing formal mechanisms and is an integral part of the integrated risk management system. The Group pays special attention to employee behavior as a practical manifestation of the risk culture.
Credit risks Credit risk is the risk of losses associated with the loss of the value of a financial asset (loan, debt security held to maturity) due to default or deterioration in the credit quality of the counterparty / issuer.
Counterparty risk for operations in financial markets is the risk associated with unwillingness / impossibility of full and timely fulfillment of obligations under a transaction by the counterparty.
Concentration risk (in terms of credit risk) is associated with the provision of large loans to an individual borrower / group of related borrowers; concentration of debt in certain sectors of the economy, segments, portfolios, geographic regions; the same applies to investments in securities.
Residual risk is the risk that risk mitigation measures may not give the expected effect in connection with the implementation in relation to ensuring legal risk, liquidity risk.
The risk management system is implemented at the level of the Group as a whole; Since Sberbank is the parent organization of the Group, some of the risk management information is presented in relation to the Group.
Risk management General description of credit risk management The purpose of credit risk management is to determine and ensure the level of risk required to ensure the sustainable development of the Group, as determined by the Group's development strategy and macroeconomic parameters.
The Group's objectives in credit risk management:
to realize systems approach, optimize the sectoral, regional and product structure of the portfolio in order to limit the level of credit risk;
increase the competitive advantages of the Group through a more accurate assessment of accepted risks and implementation of risk management measures, including reducing the level of realized credit risks;
maintain stability when introducing new, including more complex, products.
The Group uses the following credit risk management methods:
risk prevention before the operation;
planning the level of risk through assessing the level of expected losses;
limiting credit risk by setting limits;
formation of reserves to cover possible losses on loans granted;
structuring transactions;
management of the collateral for transactions;
application of the system of powers when making decisions;
monitoring and control of the level of risk.
Credit risk is assessed for the Bank as a whole and for individual asset portfolios, as well as for individual counterparties, countries, regions and industries. The assessment is based on statistical models for quantitative assessment of credit risk.
In 2015, Sberbank became the first bank in the Russian Federation to apply to the Bank of Russia for the use of internal rating approaches for assessing credit risk in order to calculate capital adequacy ratios.
In 2016, the Bank will continue to develop internal risk assessment models, it is planned to use elements of artificial intelligence - self-training of scoring models and automatic adaptation to new situations in real time.
The assessment of individual risks of counterparties for transactions is carried out:
for corporate clients, banks, small businesses, countries, constituent entities of the Russian Federation, municipalities, insurance and leasing companies: based on a system of credit ratings, as well as by building predictive models cash flows or other important indicators;
Management of risks
for individuals and microbusiness entities: based on a scoring assessment of the counterparty's solvency in accordance with the Bank's rules and express assessment.
Limitation of risk and control of expected losses due to default of the counterparty are carried out using a system of limits, which limits transactions with credit risk. The amount of the limit is determined by the level of the counterparty's risk, which depends on its financial position and other indicators: external influence, quality of management, assessment of business reputation. Country limits are highlighted separately.
In order to improve the quality of the loan portfolio in 2015, industry strategies were developed and approved.
Based on the principle of prudence and prudence to cover the losses expected from the realization of credit risk on assets exposed to credit risk, the Bank and the Group form provisions for possible losses on loans and other possible losses. Reserves are formed in accordance with the requirements of the Bank of Russia, banking regulators, international standards financial statements and internal regulatory documents of the Bank and the Group as a whole, providing for regular valuation of credit risk (expected in the event of credit risk of losses) taking into account internal credit ratings of counterparties.
In order to ensure the proper adequacy of the procedures for assessing the level of credit risks and determining the amount of provisions for possible losses on loans, as well as reducing material and labor costs, when classifying loans provided by the Bank and the Group as a whole, portfolios of homogeneous loans are allocated for which the provision is formed without making a professional judgment about the level of credit risk for each loan separately.
The Group controls the concentration of major credit risks, compliance with prudential requirements, and predicts the level of credit risks. For this, a list of groups of related borrowers is maintained at the level of a member of the Group, limits on borrowers are set, the portfolio is analyzed by segment and product.
Collateral is the main instrument for reducing credit risk.
The need to accept collateral and the amount of collateral accepted depends on the risk of the borrower / transaction and is fixed in the terms of loan products.
To hedge credit risks, a collateral policy has been developed and applied, which defines the basic principles and elements of organizing work with collateral in lending. The collateral policy is aimed at improving the quality of the loan portfolio in terms of collateral. The quality of the collateral is determined by the probability of receiving funds in the amount of the estimated collateral value when foreclosure on the subject of the collateral or its sale. The quality of collateral is indirectly characterized by the list and significance of the risks associated with the collateral and is determined by a number of factors: liquidity, reliability of value determination, risk of impairment, exposure to risks of loss and damage, risks arising from legal reasons, and others.
The appraisal of the value of the collateral is made on the basis of an internal expert assessment of the Bank's specialists, the appraisal of independent appraisers, or on the basis of the value of the collateral in the borrower's financial statements using a discount.
The use of a surety of solvent legal entities as property security requires the same risk assessment of the guarantor as of the borrower. The Bank regularly monitors pledged assets in order to ensure control over Risk Management by quantitative, qualitative and cost parameters of pledged items, their legal affiliation, storage and maintenance conditions. The frequency of monitoring is determined by: the requirements of regulations of the Bank of Russia, the terms of the loan product, the type of collateral.
The existing systems of limits and authorities allow to optimize the credit process and properly manage credit risk. Each territorial division and member bank of the Group is assigned a risk profile that determines the authority to make decisions depending on the risk category of the application. In turn, the risk category of the application depends on the risk of the borrower, the aggregate limit for the borrower / group of related borrowers, and the risk of the transaction.
In 2016, it is planned to optimize the decision-making process for corporate clients and CIB clients, including the construction of systems that allow for certain categories of clients to make decisions in 1 day in real time.
With regard to work with bad debts, in 2015, behavioral scoring was introduced into the process of remote collection of overdue debt on loans to individuals. In 2016, it is planned to introduce a unified centralized system of retail collection, which provides for the whole range of instruments for resolving problem debts - remote, contact, outsourcing.
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Restructured loans As of January 1, 2016, the volume of restructured loans to legal entities is RUB 2,907.5 billion, their share in assets is 12.8% (January 1, 2015:
RUB 2,212.0 billion and 10.2%, respectively). Restructuring - making changes to the initial material terms of the loan agreement concluded with the debtor in a more favorable direction for him, not provided for by the initial material terms of the loan agreement.
As of January 1, 2016, the volume of restructured loans to individuals in the loan portfolio amounted to RUB 149.2 billion, their share in assets - 0.7% (January 1, 2015: RUB 72.5 billion and 0.3%, respectively). Typical restructuring options imply an increase in the term of use of a loan, a change in the repayment procedure. Risk management of debt on a loan, refusal to collect penalties in whole or in part, and a change in the currency of the loan.
Level of concentration of large credit risks The Bank pays close attention to control of the level of concentration of large credit risks. According to internal regulatory documents The Bank has implemented a procedure for daily monitoring of large credit risks and forecasting compliance with the requirements established by the Bank of Russia in terms of ratios26 N6 (maximum exposure per borrower or a group of related borrowers) and N7 (maximum exposure to large credit risks). For this purpose, the Bank maintains support and monitoring of the List of large and related borrowers of the Bank.
The share of loans from the 20 largest borrowers (groups of borrowers) 27 in 2015 changed from 24.5% to 27.8% of the customer loan portfolio. Among the largest borrowers of the Bank are representatives of various sectors of the economy, thus, the credit risk is sufficiently diversified.
Detailed information on the structure of the Bank's loan debt and its quality is given in the explanatory information included in the annual accounting (financial) statements of Sberbank for 2015, drawn up in accordance with the requirements of the Bank of Russia and posted on the Sberbank website at www.sberbank.com ...
Liquidity risk The purpose of liquidity risk management is to ensure the Bank's ability to unconditionally and timely fulfill all its obligations to customers and counterparties, while complying with the regulatory requirements of the Bank of Russia in the area of liquidity risk management both in normal business conditions and in crisis situations. The key document on the basis of which the assessment, control and management of liquidity risk takes place is Sberbank's Liquidity Risk Management Policy. When managing liquidity risk, the Bank identifies the risks of regulatory, physical and structural liquidity.
Regulatory liquidity risk - violation of regulatory restrictions on values mandatory standards liquidity established by the Bank of Russia (N2, N3, N4 and NKL). In order to manage the regulatory liquidity risk, the Bank carries out weekly monitoring and forecasting of mandatory liquidity ratios for various time horizons. In addition, Sberbank has established a system of limits on the values of mandatory ratios and liquidity ratios, which guarantees compliance with the restrictions of the Bank of Russia both for reporting and intra-month dates, taking into account possible fluctuations in individual balance sheet items.
Instruction of the Bank of Russia "On obligatory bank ratios" (as revised on 25.10.2013) dated 03.12.2012 No. 139-I The indicator is calculated as follows: the outstanding debt of the 20 largest borrowing companies (groups of companies) refers to the balance of the loan portfolio of legal entities and individuals ; both the numerator and the denominator include urgent, overdue and assignment agreements; the debt of 20 companies includes the debt of subsidiaries of Sberbank, and the debt of banks is not taken into account.
Risk management Physical liquidity risk - the Bank's inability to fulfill its obligations to the counterparty in any currency due to a physical lack of funds:
impossibility of making a payment, issuing a loan, etc. The tools for managing the risk of physical liquidity in the short term are a model for forecasting the dynamics of the main balance sheet items in the context of major currencies, control of available liquidity reserves. To cover a possible liquidity deficit in excess of the available stock of funds, the Bank has access to instruments to attract additional liquidity, which include direct repo transactions with the Bank of Russia, the Federal Treasury and market counterparties secured by securities, deposits of the Federal Treasury, currency swaps and swap with precious metals, as well as attraction from the Bank of Russia secured by non-marketable assets and guarantees of credit institutions.
Structural liquidity risk (concentration risk) - the possibility of a significant deterioration in physical or regulatory liquidity due to imbalances in the structure of assets and liabilities, including the high dependence of the bank's liabilities base on one / several clients or funding sources in a certain currency or for a certain period.
The approach to liquidity management throughout 2015 was largely determined by the current macroeconomic situation and the state of the Russian financial sector (EU and US sanctions against Russia, the volatility of the ruble exchange rate, and other factors). Nevertheless, thanks to a flexible interest rate policy and effective management of the active and passive base, in 2015 the Bank managed to reduce the volume of borrowings from the Bank of Russia and federal budget by 3.0 trillion rubles. up to 0.8 trillion rubles. mainly due to the attraction of customer funds, as well as as a result of a reduction in the volume of cash in the framework of optimizing the management of cash balances. As of January 1, 2016, the Bank maintains the volume of reserves both in rubles and in foreign currencies at a level sufficient to respond in the event of a deteriorating liquidity situation.
In 2015, the Bank of Russia announced the establishment of the Basel III (NKL, N26) short-term liquidity ratio as a prudential norm effective January 1, 2016. The minimum allowable value of the standard for 2016 is 70% with a subsequent annual increase of 10 percentage points until reaching 100% from January 1, 2019. The calculation of the standard for Sberbank will be carried out at the level of the Sberbank Group. Sberbank's business plan provides for unconditional compliance with the liquidity ratio throughout 2016.
As of January 1, 2016, Sberbank is in full compliance with the limit values of mandatory liquidity ratios established by the Bank of Russia.
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Risk management Analysis of the Bank's assets and liabilities by maturity Securities at fair value through profit or loss, as well as the most liquid share of securities available for sale, are considered liquid assets, since they can be easily converted into cash in for a short period of time. Such assets in the table below are placed in the category “On demand and less than 1 month”. Overdue assets are categorized as “not identified” in the amount actually overdue.
up to vostr. and from 1 to 6 months from 1 year over not set RUB. less than 1 month 6 months up to 1 year up to 3 years 3 years new total
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In 2015, there was a reduction in the liquidity gap for periods of up to 6 months, caused by a reduction in the volume of funds raised by the Bank of Russia on direct repo transactions and within the framework of Bank of Russia Regulation No. 312-P. The urgency of such operations generally does not exceed 6 months. This decrease was offset by attracting customer funds for various periods and selling cash. It is also worth noting an increase in the liquidity gap over the horizon of more than 3 years, mainly due to a reduction in the residual maturity of outstanding loans.
Country risk Transfer risk - the risk of losses due to the inability of counterparties of a certain country (except for sovereign counterparties) to meet their obligations in a currency other than the counterparty's country, for reasons other than standard risks (for reasons that depend on the government of the country, and not on the counterparty ).
Risk national economies- the risk of losses due to the inability or unwillingness of the sovereign counterparties of a certain country and the inability of other counterparties of this country to meet their obligations in the national currency for reasons other than standard risks (for reasons that depend on the government of the country, and not on the counterparty).
To limit and manage the risks assumed by the Group in relation to individual countries, the bank has developed a system of country risk limits. These limits limit the aggregate concentration on transactions with counterparties of an individual country, including sovereign borrowers / issuers and government authorities.
Transfer risk is assessed and capitalized within the framework of the Bank's internal capital adequacy assessment procedures, thereby ensuring the availability of a sufficient amount of available financial resources of the Bank to cover possible losses in the event of this risk materialization.
Management of risks
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The countries of the "group of developed countries" include: Australia, the Austrian Republic, the Grand Duchy of Luxembourg, the Hellenic Republic, Ireland, the Italian Republic, Canada, the Kingdom of Belgium, the Kingdom of Denmark, the Kingdom of Spain, the Kingdom of the Netherlands, the Kingdom of Norway, the Kingdom of Sweden, New Zealand, Portuguese Republic of the United Kingdom of Great Britain and Northern Ireland, United States of America, Federal Republic of Germany, Republic of Finland, French Republic, Swiss Confederation, Japan Risk Management
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Market risks of transactions in financial markets
Interest rate risk on a portfolio of debt securities of a trading book is the risk arising from an unfavorable change in the levels of market rates.
Stock risk of a trading book is a risk arising from an unfavorable change in quotations of equity securities.
Management of risks
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The increase in the value of market risk as of January 1, 2016 compared to January 1, 2015 was caused by an increase in volatility caused by a shift in the historical window used to construct possible scenarios of changes in the prices of instruments in the portfolio. According to the methodology for assessing the magnitude of market risk, when constructing such scenarios, a historical window is used that corresponds to a two-year period preceding the calculation date. In addition, the increase in market risk is also explained by the expansion of the range of financial instruments covered in the VaR calculation.
The absence of stock risk is due to the liquidation of positions on shares in the trading portfolio on the balance sheet of Sberbank in accordance with the decision to approve the strategy for managing the stock portfolio.
Calculated based on the Bank's aggregate position in financial instruments, including the position of the Banking Book, as well as on the aggregate open foreign exchange position of the Bank.
Risk management Interest and foreign exchange risks in the banking book Interest and foreign exchange risks in the banking book are the risks of the bank incurring financial losses on positions in the banking book due to unfavorable changes in interest rates, foreign exchange rates and prices of precious metals.
The main objectives of managing these types of risk are:
minimization of potential losses due to the realization of interest rate and foreign exchange risks;
compliance with regulatory requirements;
optimization of the ratio of risk and return.
Interest rate risk of the banking book Definition and sources of risk. The Bank takes on interest rate risk arising from the effects of fluctuations in the prevailing levels of market interest rates on its cash flows.
The interest rate risk of the banking book includes:
interest rate risk arising from the maturity mismatch (revision of interest rates) of assets and liabilities sensitive to changes in interest rates, with a parallel shift, change in the slope and shape of the yield curve;
basis risk arising from the mismatch in the degree of change in interest rates on assets and liabilities that are sensitive to changes in interest rates, with a similar maturity (term of revision of interest rates);
the risk of early redemption (revision of interest rates) of assets and liabilities that are sensitive to changes in interest rates.
Interest rate risk management in 2015. In 2015, the Group reduced the interest rate risk in rubles as a result of the implementation of the anti-crisis measures package adopted by the Bank's management. As part of the Bank's interest rate risk management, starting from 2016, a target position on interest rate risk in rubles has been set, for the achievement of which monitoring indicators have been set for the volume and maturity structure of products, the implementation of which is regularly discussed at the Asset and Liability Management Committee.
Assessment of interest rate risk. To assess interest rate risk, a standardized shock is used in accordance with the recommendations of the Basel Committee.
Forecasting of possible changes in interest rates is performed separately for the ruble position and is aggregated for the currency position. The shock of interest rates is calculated as 1% and 99% of the quantile of the distribution of the change in the average annual interest rate, obtained using the method of historical simulations based on data for at least the last 5 years. As the base rate for assessing the interest rate shock in rubles, the indicative rate for ruble interest rate swaps for a period of 2 years (RUB IRS 2Y) is used, as well as LIBOR 3M for the currency position.
The impact of the rise and fall in interest rates on the Group's profit before tax over a 1-year horizon as at 1 January 2016 compared to 1 January 201530 is shown below:
The data on the interest rate risk of the Banking Book in rubles for PJSC Sberbank, which constitutes the majority of the interest rate risk of the Banking Book of the Group in rubles. Data in foreign currencies is for the Group as of the latest available date (1 August 2015).
Management of risks
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The change in the interest rate risk of the banking book in Russian rubles as of January 1, 2016 in relation to January 1, 2015 is mainly caused by:
a decrease in the volume of short-term borrowings from the Bank of Russia;
growth in the portfolio of individuals' funds;
a decrease in the volatility of interest rates in Russian rubles.
The change in the interest rate risk of the banking book in Turkish Lira as of January 1, 2016 compared to January 1, 2015 was mainly caused by an increase in interest rates in Turkish Lira, as well as an increase in the Denizbank Group's balance sheet.
The change in the interest rate risk of the banking book in other foreign currencies as of January 1, 2016 in relation to January 1, 2015 is mainly caused by:
growing volatility of interest rates in US dollars;
the termination of attraction of state financing by Sberbank in US dollars;
reduction in the maturity of the portfolio of loans to legal entities.
Currency risk in the banking book The Bank is exposed to currency risk due to open currency positions (OCP). The main sources of the OCP of the banking book are: lending and attraction operations in foreign currencies and income received in foreign currencies.
Foreign exchange risk is realized due to unfavorable changes in exchange rates.
The Bank daily consolidates the total open exchange rate of the bank and manages the open currency position of the banking book in order to reduce the currency risk. The Bank uses exchange transactions with SPOT settlements, forward contracts, and futures contracts for the US dollar traded on the MICEX as the main instruments for managing currency risks.
In 2014-2015, the Bank closed foreign currency positions in the banking book, as a result of which the Bank did not incur losses due to a significant depreciation of the Russian ruble against foreign currencies in terms of banking book positions.
Management of risks
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Operational risk Operational risk is the risk of incurring losses for the Bank as a result of errors in the organization of processes, errors of employees or abuse of third parties, failures in functioning information systems as well as due to external events.
As part of operational risk management, the Bank has introduced processes for collecting internal data on operational risk incidents, self-assessment and scenario analysis. To monitor the level of risk, a reporting system is used for management and collegial bodies involved in risk management processes. Risk reporting is prepared on a daily, monthly and quarterly basis.
Data on risk assessments and incurred losses allow identifying areas of risk concentration for further development of a set of measures to reduce the level of the Bank's operational risk. The implemented measures to reduce risks are of a systemic nature and are aimed at improving the existing processes and technologies for performing transactions (the risk of employee errors during transactions is reduced, a number of risks associated with the issuance of credit cards, cards with overdraft, incorrect setting of exchange rates in the Bank's systems are completely eliminated) ... Regular monitoring of the status of implementation of measures and the level of residual risk is carried out, both on the part of structural divisions and on the part of operational risk divisions, as well as the management and collegial management bodies of the Bank and Group members. The Bank's awareness of risks is increasing: the level of concealment of information about incidents has dropped by almost three times.
The allocation of the amount of damage from major incidents of operational risk to the Bank's divisions is carried out on a regular basis. Damage data are taken into account as part of key performance indicators for members of the Management Board, supervisors of functional units of the central office and chairmen of regional banks. In addition, the Bank maintains a rating of internal structural divisions by the level of operational risks in order to minimize them.
For more information on risk management procedures, as well as on other key types of risk, such as the risk of losses due to changes in the value of property, legal risk, compliance risk, regulatory risk, tax risk, strategic risk and model risk, see the explanatory information. included in the annual accounting (financial) statements of Sberbank for 2015, drawn up in accordance with the requirements of the Bank of Russia and posted on the Sberbank website at www.sberbank.com.
The table shows, in aggregate, for the banking and trading book 3 the highest OCP values calculated in accordance with the instruction of the Bank of Russia 124-I.
Staff
8. Personnel General information on personnel In 2015, the actual number of Sberbank employees decreased by 4,492 employees to 271,231 employees. The reduction was mainly due to the reduction of the Operating, Retail and Corporate business units. A significant part of employees (46%) work directly with clients.
Personnel involvement Sberbank pays great attention to personnel involvement. For this, a large-scale employee survey is conducted every year. The feedback obtained from the results is used to prioritize work with personnel.
In 2015, the engagement survey was conducted entirely online for the first time, which increased the number of participants to 194 thousand people and expanded the survey geography to 346 cities. The engagement index for the second year in a row showed significant growth - by 6.7 p.p.
to the level of 75.6 p.p. The factors that have the greatest impact on the involvement of Sberbank employees are: the quality of change management in the Bank, including the quality of communications; top management - the level of their competence, openness in communication with employees, creation of conditions for effective interaction;
the ability to effectively perform work - the speed of decision making, the simplicity of the approval process, the ability to influence the decisions made, professionalism and compliance with the values of employees.
Based on the survey results, a set of practical recommendations for the development of the Bank's corporate culture was formed. In 2016, the quality of communications in the process of change management will be improved, assessments by values in all elements of the HR cycle will be used when making personnel decisions. Work will be carried out to develop a mentoring style of leadership in leaders in daily work, to increase the discipline of timely informing about problems and mistakes.
Selection and adaptation In 2015, as part of the selection procedures in 2015, 54,554 new specialists and managers were hired at Sberbank. According to the new standards of Sberbank, newly hired employees are provided with quick and high-quality induction, and assistance is provided in a new environment.
In 2015, more than 13,700 students underwent practical training and internship at Sberbank and the Bank's subsidiaries. The program for the recruitment and development of university graduates is implemented in the CIB block.
In cooperation with educational institutions more than 2,000 lectures from the Bank's employees took place, more than 100 different case competitions were held.
HR Cycle The Bank has a single annual cycle for setting goals, assessing performance and potential, planning a career, developing and promoting employees - the HR cycle.
At the beginning of the year, based on the strategic goals of the Bank, the goals of senior management for the quarters and the year are formed. The targets are then cascaded down the management levels and within the territory.
Personnel Evaluation of performance in relation to employees is carried out every quarter, in December the results of the work for the year are summed up. Feedback is given based on the results of the assessment. In 2015, in addition to performance assessment, an assessment of compliance with the Bank's values was also introduced. In 2015, 100% of employees passed the performance assessment.
With regard to the leaders of the Bank, an assessment tool is used - personnel commissions, at which the potential and success of the leader are collectively considered.
Based on the results, an action plan is developed for each employee, a list of employees recommended for participation in the personnel reserve for key positions of the Bank is determined, and a list of successors is agreed upon. In 2015, personnel commissions passed 20 thousand.
managers - 63% of their total. In 2016, 100% of managers will be covered.
Based on the results of the assessment, employees form an individual development plan or an improvement plan if the employee is found to be ineffective. In 2015, the coverage of such plans increased 15 times compared to 2014.
The Bank has a personnel reserve for key positions. For the rest of the positions, a succession policy is implemented. The talent pool consists of high-potential executives who are ready to take key positions in the Sberbank system over the next two years.
At the end of the year, the employee receives 360-degree feedback from the manager, colleagues, subordinates, internal clients.
In 2015, a mentoring system was fully implemented throughout Sberbank, which allows an employee to develop on the experience of others. During the year, 12 thousand managers were trained in mentoring tools, and most of them successfully apply mentoring tools in practice.
The Corporate University of Sberbank, which was recognized as the best in the rating of Leaders in Corporate Education according to the RBC magazine, started operating at full capacity.
During the year, more than 25 thousand managers studied at the university. More than 200 leaders taught on CU programs within the framework of the Leaders Teach Leaders system.
In 2015, a new model of general banking professional competencies was developed. Programs have been created, according to which employees will be trained in 2016.
In 2015, 550 64732 specialists were trained. 254 centralized training programs for specialists have been developed. At the end of the year, the level of satisfaction with training programs was 9.4 points out of 10.
The Bank provides corporate benefits and privileges to all employees who have passed the probationary period, voluntary health insurance and insurance against accidents and serious illnesses.
| FEDERAL AGENCY FOR EDUCATION VLADIVOSTOK STATE UNIVERSITY OF ECONOMY AND SERVICE Pavlikov S.N. DEVICES FOR FORMATION AND GENERATION OF SIGNALS Basic definitions VLADIVOSTOK APCh (auth ... " |
«
Hello! People have different opinions 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
The question is: what will happen to the NIM of this bank and why? will it be somehow different if we consider the situation with regard to savings?
Thank you.»
Good morning, of course, there is a definite connection between the Central Bank rate cut and the NIM decline, but the change in the structure of loans has a much greater impact - from more marginal products (consumer loans) to less (mortgages). In addition, VTB has seen a more rapid growth in loans issued relative to the growth in attracted deposits, which has to be compensated for by more expensive funding (interbank lending and subordinated debt). The opposite situation is taking place in Sberbank. In general, our forecast for the NIM 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 sounds like this (page 5, clause 4.2): - The bank has placed ordinary shares and preferred shares of the same type - with the obligatory payment of a certain dividend in the amount of at least 15% of the par value of the preferred share. (punctuation retained) Is it considered that a clause about the "certainty" of payment on prefs has appeared or everything is the same as before - "not less than 15%" is not certain and that means they can pay less than usual?»
Yes, we also need the wording that the amount of the dividend paid on the preferred share cannot be less than the amount of the dividend paid on the ordinary shares.
« Hello. In the 1H 2018 results, BV per share indicated 175.8 rubles. 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 book price at the end of 2018 of RUB 175.8 was obtained by dividing the projected equity capital at the end of 2018 in the amount of RUB 3.971 trillion by the total number of ordinary and preferred shares.
« Good day! Why has capital adequacy declined so much?»
Good afternoon. Largely due to the payment of higher dividends for 2017.
« How significant can the additional profit of banks and Sberbank in particular be as a result of the entry into force 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 bank models associated with changes in housing finance.
« To be honest, we were very surprised by the initial premise of your question, Dmitry. Who is Sberbank and why?»
Artem, I heard this opinion from the speeches of many analysts at RBC. Of course, I don't 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 presenters of the programs as a matter of course.
« Good day!
Like paper you have in your portfolio since June? And in September you write that you can only apply ...?)) "
Good day, Andrey! Yes, in June we bought ordinary shares of Sberbank only in the "Arsagera - mixed investment fund", at the moment we have bought them in all portfolios.
« Sberbank had to sell its business in Ukraine for a penny even before the summer. Something didn’t see any more information on this. What is the transaction price, when and how will it be reflected in the bank's financial statements? She will be»
Good morning, Dmitriy! In the first quarter of 2017, the Bank signed a framework agreement for the sale of 100% of shares in PJSC SBERBANK (Ukraine). The implementation of this agreement presupposed preliminary 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 have no other information at the moment. With regard to the reporting of the bank, we believe that the corresponding allowance for impairment has already been created.
« Apparently, part of the cash of about 100 billion rubles was spent on the purchase 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 excess number of its branches. He couldn't buy himself real estate again for new offices ...
« Hello Dmitry! The question is not very clear. Could you explain in more detail what is meant?»
Elena, if you 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 possessed 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 capital (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 papers for sale, then it is fair to estimate the return on this capital by including the item "Other comprehensive income" in the indicators of the net profit received.
« Looked at hit parades five years ago. In them, preferred shares held positions lower than ordinary shares, although in those years Arsagera did not yet take into account the absence of a protective clause in the Sberbank Charter. What is the reason for this?»
Perhaps at that time, Sberbank prefs were trading above the fair discount.
« Sberbank does not use borrowed funds from the Central Bank of the Russian Federation. Are they profitable for Sberbank high stakes in the country? On the one hand, lower rates will increase lending volumes. On the other hand, with a decrease in rates, the bank's margin will also fall, and will its advantage over other banks in the form of cheap customer money be leveled?»
Historical data show that during the period of lower interest rates, Sberbank's net interest margin was higher than the indicators that the bank is demonstrating now.
« 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 preferred shares, for which the amount of dividend has not been determined, have the right to receive dividends on an equal basis with the owners of ordinary shares. In the case of Sberbank (unlike Transneft, for example), the amount of dividends of preferred shares is not defined in the charter, which means that clause 2 of article 32 of the law on joint-stock companies protects the owners of preferred shares, which is better than a "protective clause in the charter." So why did you still exclude Sberbank from the market types? Do you think that a clause in the charter protects more reliably an article of a federal law?»
Good evening, Eugene! According to our courts, the wording that is in the charter of Sberbank (at least 15% of the nominal value) is the definition of the amount of dividends on preferred shares. As a consequence, the provision of the law indicated by you does not apply.
« Hello Andrei! I thought so. But why is VTB there then? After all, you also excluded it from the market types.»
Alexander is really ordinary VTB shares are included in the market types. Could you provide a link to where we talk about their exclusion? Perhaps this 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! Why are there no Sberbank prefs 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 reads as follows "In this case, if the amount of dividends paid by the Company on each ordinary share in a certain year exceeds the amount to be paid as dividends on each preferred share, the amount of the dividend paid on the latter must be increased to the amount dividend payable on ordinary shares. "
« “Investors always appreciate the fact that the management of a joint-stock company is motivated to increase its value, as this is the most important component of shareholders' income.” Abalov Artem, December 11, 2015 at 12:57 Investors, of course, are of all kinds. I also consider myself an investor. But I do not approve of such management motivation. It is necessary to tie the salaries of managers to the growth of share capital and ROE, while meeting certain standards of the company's debt level and its leverage.»
We completely 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 intrinsic value achieved by the company. For example, in our company the management remuneration system is three-stage: 1. Availability of profit; 2. Excess ROE over the level of OFZ yield; 3. Excess of capitalization over the maximum of two: the size of the company's equity capital or the amount of profits multiplied by 7.
« Investors always appreciate the fact that the management of a joint-stock company is motivated to increase its value, since this is the most important component of shareholders' income.»
Investors, of course, are all sorts. I also consider myself an investor. But I do not approve of such management motivation. It is necessary to tie the salaries of managers to the growth of share capital and ROE, while meeting certain standards of the company's debt level and its leverage.