Investor Presentaiton
financial results
SBERBANK
170 YEARS. BY YOUR SIDE
GROUP IFRS INCOME STATEMENT
ANNUAL REPORT
2011
FINANCIAL RESULT FROM
OPERATIONS WITH SECURITIES
RUB million
2011
2010
Result recorded in the income statement
operations with foreign currency derivatives is primarily due to the
Group using derivatives to manage liquidity, being mainly the result
of transacting in foreign currency swaps. The above transactions are
treated collectively with foreign exchange translation gains. In the
reporting period, the Group also increased the volume of derivative
transactions as part of customer business expansion.
Trading portfolio
(1,397)
4,770
Other securities designated at fair value through profit or loss
(2,810)
9,642
Securities available for sale
12,109
9,597
OPERATING EXPENSES
Impairment of securities available for sale
(1,095)
(39)
RUB million
2011
2010
Change, %
Total
6,807
23,970
Staff costs
203,802
161,180
26.4
Result recorded in the consolidated statement of comprehensive income
Securities available for sale
Depreciation of premises and equipment and other costs
related to premises and equipment
78,849
60,792
29.7
(39,830)
31,265
Administrative and information services expenses
Total
(33,023)
55,235
Taxes other than on income
84
Λ
33,271
22,414
48.4
11,712
12,586
-6.9
85
20,709
8,929
131.9
Λ
348,343
265,901
31.0
RUB million
Total losses from securities transactions were RUB 33.0 billion in 2011
(including the negative financial result on securities available for
sale recorded in the consolidated statement of comprehensive income
in the amount of RUB 39.8 billion). The result of 2010 is an income
of RUB 55.2 billion (RUB 31.3 is the positive financial result on securi-
ties available for sale recorded in the consolidated statement of com-
prehensive income). Income from trading and revaluation of securities
dropped due to the high volatility of the Russian securities market
amid economic instability in Europe and the United States in 2011.
GAINS FROM FOREIGN CURRENCY
TRANSACTIONS
2011
2010
Change, %
Net gains from trading in foreign currencies
5,503
8,081
(31.9)
Net gains/(net losses) from operations with foreign currency
derivatives
2,612
(9,175)
(128.5)
Net foreign exchange translation gains
Total
1,411
15,166
(90.7)
9,526
14,072
(32.3)
Other
Total operating expenses
The Group's operating expenses grew 31.0% to RUB 348.3 billion
in 2011. Staff costs, which account for 58.5% of operating expenses
in 2011, represent the main item of operating expenses. Staff costs
increased 26.4% to RUB 203.8 billion, driven by the planned imple-
mentation of a programme to bring salaries into conformity with the
current market level, as well as by increased investments in staff
professional development and skills training and higher bonuses
resulting from the Group's strong performance in 2011. Detailed
information on investments in the Group's personnel can be found
in chapter 17 of this report - Investing in Human Capital.
The combined increase in other items of operating expenses was 38%.
Depreciation and maintenance charges on premises and equipment
and administrative and information services expenses showed the
strongest growth due to investments in IT infrastructure and the
reformatting of network of outlets in accordance with the Group's
development strategy. Detailed information on the development
of our IT infrastructure and the Group's branch network can be found
in chapters 5 and 16 of this report - Bank Development and Ensuring
Accessibility of Banking Services.
Total gains from foreign currency transactions amounted to RUB 9.5
billion in 2011 (RUB 14.1 billion in 2010). The financial result from
170 YEARS. IT'S JUST THE BEGINNING
WWW.SBERBANK.RU
financial resultsView entire presentation