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  • In April, the outflow of funds in foreign currency in terms of dollars was replaced by an influx-plus $126.2 million in foreign currency deposits of the population against the outflow of $1.5 billion in March. The inflow of funds in rubles amounted to 373 billion rubles, according to Frank RG data based on the Bank's reports. "According to our data, in April there was an outflow of foreign currency deposits of individuals and an influx of funds in rubles. Excluding currency revaluation, the increase in customer funds for the month was 2.5%, " the Bank's press service told Forbes. On may 1, the Bank had 14.2 trillion rubles of funds from individuals.
  • In April, the Bank's net profit amounted to 11.5 billion rubles and fell by 6.5 times compared to the same period last year. This is mainly due to the lack of reserves due to the deterioration of the macroeconomic situation, the Bank's press service said in its response. For four months, the Bank's net profit fell by 21.6% in annual terms, to 230.15 billion rubles.
  • In April, the Bank issued 166 billion rubles of loans to individuals, compared to 315 billion rubles a month earlier. Issuance in April is 42% less than the average for the first quarter of 2020, which is due to the self-isolation regime, the Bank said in a release. Issuance of consumer loans declined the most-by 59%, while mortgage lending declined by 9%.
  • Companies received 834 billion rubles of loans from the Bank in April, compared to 1.15 trillion rubles a month earlier.
  • As of the end of April, Sberbank has restructured 80 billion rubles of loans to corporate clients and approved restructuring of loans to individuals in the amount of more than 70 billion rubles.
  • The volume of repaid loans exceeded the volume of disbursements for the first time in three years, the Bank said, without providing specific figures. The retail portfolio in April fell by 0.4% to 14.3 trillion rubles.
  • The savings Bank was forced to increase spending on loan loss provisions. Expenses on credit risk, including reserves and revaluation of loans, amounted to 63.3 billion rubles in April. For 4 months --- 242.1 billion rubles against 9.9 billion rubles a year earlier. In reporting, the Bank took into account the deterioration of macro forecasts against the background of the global shock from the pandemic, the Bank said in a release.

Why this is important. Sberbank is the largest Bank in Russia. According to its own estimates, as of April 1, its share in the total volume of deposits of individuals was 43.5%, legal entities-22.5%. Sberbank's reporting allows us to judge how the population and companies survived the" non-working " April and whether they recovered from the difficult March.

What the reporting says. According to analysts of Gazprombank, in April, Sberbank had the strongest monthly drop in profits in recent years "against the background of continuing high deductions to reserves, the beginning of a negative effect on revenue metrics from the weakening of economic activity." But this was not a "big revelation" for the market, as Sberbank previously indicated a likely peak in pressure in the second quarter, according to an analytical note from the Bank.

One of the reasons for the fall in profit in April is the accrual of reserves. It was in April that the most stringent quarantine measures were applied, and customers massively applied for loan restructuring due to job losses or reduced income, Mikhail Doronkin, head of the Bank ratings Department of the NKR Agency, told Forbes. Earlier, Sberbank named the increase in the cost of risk for the loan portfolio as the main reason for the reduction in net profit under IFRS in the first quarter, he recalls.

Sberbank's data suggests that deleveraging is beginning in the consumer lending segment (i.e., a decrease in the level of creditworthiness), Kirill Tremasov, Director of the analytical Department of Loco-invest, writes in his Telegram channel. "Falling income always leads to the fact that the demand for credit is reduced. Banks also always tighten lending standards in times of crisis, " he wrote.

What will happen next. Goldman Sachs in its research note indicated that it lowered its forecast for earnings per share of Sberbank by 8% due to the increase in the cost of risk. But the target price for 12 months remained unchanged-300 rubles per share. Analysts at Goldman Sachs write that the key risks for Sberbank will be a decline in net profit margins due to lower rates, lower lending growth and Commission income, as well as rising costs and deteriorating asset quality.

Asset growth rate: 11.7%

Capital adequacy: 13.7%

Instant liquidity ratio: 114%

Share of deposits in liabilities: 37.1%

Asset growth rate: - 13.4%

Capital adequacy: 17.8%

Instant liquidity ratio: 196.4%

Share of deposits in liabilities: 21.8%

The rate of growth in assets of 8.7%

Capital adequacy: 13%

Instant liquidity ratio: 125.7%

Share of deposits in liabilities: 25.9%

Asset growth rate: 0.2%

Capital adequacy: 14.5%

Instant liquidity ratio: 162.6%

Share of deposits in liabilities: 48.39%

Asset growth rate: 1.3%

Capital adequacy: 14.2%

Instant liquidity ratio: 204.2%

Share of deposits in liabilities: 25.5%

The assets growth rate of 7.2%

Capital adequacy: 38.6%

Instant liquidity ratio: 215.6%

Share of deposits in liabilities: 1,1%

The growth rate of assets is 9.2%

Capital adequacy: 52.7%

Instant liquidity ratio: 272.2%

Share of deposits in liabilities: 0.3%

Asset growth rate: - 1.1%

Capital adequacy: 22.6%

Instant liquidity ratio: 372.5%

Share of deposits in liabilities: n/a

The growth rate of assets is 5.5%

Capital adequacy: 61.3%

Instant liquidity ratio: 114.6%

Share of deposits in liabilities: 0%

Asset growth rate: 9.2%

Capital adequacy: 34.1%

Instant liquidity ratio: 63.2%

Share of deposits in liabilities: 5.5%

Asset growth rate: - 0.8%

Capital adequacy ratio: 11,2%

Instant liquidity ratio: 142.3%

Share of deposits in liabilities: 31.7%

Asset growth rate: 0.4%

Capital adequacy: 11.9%

The norm of instant liquidity of 144.7%

Share of deposits in liabilities: 18.5%

Asset growth rate: - 6.5%

Capital adequacy: 15.1%

Instant liquidity ratio: 133.9%

Share of deposits in liabilities: 36.5%

Asset growth rate: 3.1%

Capital adequacy: 15.9%

Instant liquidity ratio: 56.9%

Share of deposits in liabilities: 24%

The growth rate of assets: --- 22,1%

Capital adequacy: 46.6%

Instant liquidity ratio: 49.9%

Share of deposits in liabilities: n/a

Asset growth rate: 11.7%

Capital adequacy: 13.7%

Instant liquidity ratio: 114%

Share of deposits in liabilities: 37.1%

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