The Savings Bank has shown historical profitResults of work of the Savings Bank for the first half of the year of this year under the international standards of the financial reporting have justified expectations of analysts. However events in bank sector for last two months do the reporting of banks for the first half of the year unrepresentative. Analysts Citi and Credit Suisse have already lowered yesterday a fair stock value of the Savings Bank three times, and the management of the credit organisation admitted what to execute the planned plans on net profit by the end of the year it will not be possible.
According to the financial results of work of the Savings Bank published yesterday for the first half of the year of this year on MSFO, its net profit has made 67 mlrd rbl. that on 39,6 % above results of the similar period of last year. Thus the net profit for the second quarter of this year has grown to record for bank 35,9 mlrd rbl. Savings Bank Actives for July, 1st have made 5604,3 mlrd rbl. Besides, if in the first quarter profitability of actives of the Savings Bank was 2,4 % following the results of a half-year she has grown to 2,5 %. Profitability of the capital in the second quarter of this year has made 21,1 % against 19,1 % in the first, and following the results of a half-year has made 20,2 %.
experts connect the Basic successes of the largest bank of the country with delay of growth of operational expenses. To contain their growth a new command of managers of the Savings Bank promised even in the winter. According to a deputy head of analytical department of the company “ Sovlink “ Olga Belenkoj, rates of increase of incomes of the Savings Bank for January - June have considerably outstripped rates of increase of its expenses. As a result the relation of expenses to bank incomes has decreased to 50,9 % against 58 % in the first half of the year 2007 and 53,5 % in the first quarter of this year. And a principal cause of growth of incomes of bank (the pure percentage income of the Savings Bank has grown on 44 % to 84,1 mlrd rbl., commission - on 30 % to 20,2 mlrd rbl.) As the vice-president of board of the Savings Bank Anton Karamzin has told, is connected with substantial growth of a credit portfolio - to 4612,4 mlrd rbl. At the same time along with growth of net profit following the results of the first half of the year the Savings Bank has reduced incomes of operations to 61 % with securities - with 21 mlrd rbl. first six months of last year prior to 15,1 mlrd rbl. for January - June of this year.
however events in bank sector last two months have actually brought to nothing results of work of the Savings Bank in the first half of the year, experts are assured. “ that has occurred in the first half of the year, is interesting, probably, now only to bookkeepers of the Savings Bank, - the senior analyst " considers; Junikredit Atona “ Rustam Botashev. - In this time the world has turned over, and the semi-annual reporting has disappeared “. “ the Situation changes every day to the worst, - the madam White agrees with it. - And forecasts of indicators of activity can influence today`s quotations of bank actions following the results of a year “. Earlier official representatives of the Savings Bank specified that by the end of the year the bank plans to earn not less than 130 mlrd net profit rbl. Yesterday Anton Karamzin has corrected this forecast to “ 130 mlrd rbl. plus - a minus 5 mlrd “ having referred to distinctions in reflexion “ some financial operations “ under standards of the Russian and international reporting.
experts of foreign banks did not begin to wait performance of the planned plans and already yesterday have lowered an estimation of actions of the Savings Bank. Analysts Citi, referring to negative influence of deficiency of liquidity in bank sector of the country, rouble easing, estimate now one paper of the Savings Bank in $1,49, the former estimation was $4,6. Experts Credit Suisse have noticed that to all Russian credit organisations prefer the Savings Bank, highly appreciating stability of its client base and competitive advantages. But also these factors have not prevented them to lower a fair estimation of actions of the Savings Bank from $4,3 to $1,7 for a paper. Yesterday at growth of an index of the Moscow Interbank Stock Exchange on 4,47 % of stock quote of the Savings Bank have grown on 1,26 % to 26,51 rbl. ($1,01) for a paper.