Investor Presentaiton
financial results
SBERBANK
170 YEARS. BY YOUR SIDE
STRUCTURE OF SBERBANK
GROUP'S ASSETS UNDER IFRS
ANNUAL REPORT
2011
94
RUB million
As of 31 December 2011
As of 31 December 2010
Change, %
Amount
% of amount
Amount
% of amount
Debt securities
1,456,499
89.6
1,708,345
93.7
(14.7)
Equity securities
169,351
10.4
115,303
6.3
46.9
Total securities
1,625,850
100.0 1,823,648
100.0
(10.8)
Structure of investments in debt securities
The Group's investments in debt securities mostly consist of Russian
government bonds, which make up 53.5% of the Group's investments
in debt securities as of 31 December 2011. The share of corporate
bonds and other securities increased from 21.9% as of the beginning
of the year to 37.3% as of 31 December 2011. The portfolio of corporate
bonds and other securities in absolute terms amounted to RUB 543.1
billion as of 31 December 2011, with the increase primarily driven by
purchase of corporate bonds issued by Russian companies.
The portfolio of investment securities held to maturity includes debt
securities with maturities from 1 year to 11 years. As of 31 December
2011, the Group's investments in this portfolio amounted to RUB 423.7
billion or 26.1% of the Group's securities portfolio. OFZ bonds account
for the largest share of the portfolio of investment securities held
to maturity (RUB 211.1 billion or 49.8%). Corporate bonds make up
another substantial share of 30.9%.
The Group's investments in securities designated at fair value through
profit or loss amount to RUB 61.3 billion or 3.8% of the Group's invest-
ments in securities. OFZ bonds account for more than half (62.8%)
of this portfolio. Their share decreased by 8.9 p.p. from 2010. Invest-
ments in corporate shares amounted to RUB 22.5 billion as of 31 De-
cember 2011, with their proportion rising by 14.2 p.p. year-on-year.
Shares are mainly represented by “blue chip” equity securities.
The Group's trading portfolio includes investments that are essentially
short-term. Investments in this portfolio account for 9.2% of the
Group's securities portfolio.
INVESTMENTS IN DEBT SECURITIES AT YEAR-END
RUB billion
1 500
149.4
67.1
1 000
1,023.2
443.6
-227.7-
105.7
79.4
221.1
500
339.3
RUB million
95
A
As of 31 December 2011
As of 31 December 2010
Change, %
Amount
% of amount
Amount
% of amount
990,638
60.9
1,280,264
70.2
(22.6)
1,708.3
Investment securities
available for sale
373.9
1,456.5
Investment securities held
to maturity
423,694
26.1
358,191
19.6
18.3
543.1
Securities designated at fair value
through profit or loss
61,335
3.8
106,875
5.9
(42.6)
-134.5
66.3
Trading securities
150,183
9.2
78,318
4.3
91.8
712.6
684.4
Total
1,625,850
100.0
1,823,648
100.0
(10.8)
2009
OFZ Board
2010
Central Bank of Russia bonds
2011
Russian Federation Eurobonds and state domestic loan bonds (OVGVZ)
Subfederal bonds
Corporate and other debt securities
Breakdown of investments in securities by portfolio
Investment securities available for sale make up 60.9% of the Group's
investments in securities as of 31 December 2011. The portfolio de-
creased by 22.6% over the year, which is primarily due to the repay-
ment of Bank of Russia bonds. The portfolio of investment securities
available for sale comprises the following major components: OFZ
bonds 44.1%, and corporate bonds - 35.4%.
Fair value of securities
All securities held by the Group, except investment securities held
to maturity, are measured at fair (market) value. In most cases, fair
value is based on their market quotes effective as of the reporting
date. Where the market quotes were unavailable, the Group applied
appropriate valuation models using both observable market data and
judgment-based parameters.
Securities whose fair value was determined using valuation models
and professional judgment account for 4.3% of the portfolio as of 31 De-
cember 2011 (RUB 69.7 billion). These securities include unquoted
equity instruments issued by companies operating in the oil and gas,
transportation, telecommunications and construction industries.
170 YEARS. IT'S JUST THE BEGINNING
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