In the Savings Bank delay
It was slowed down has shown profit for three quarters
the Savings Bank has earned for three quarters 2009 10,3 mlrd rbl. - almost on one billion less consensus - the forecast of analysts. At the same time the bank has shown essential delay of rates of increase of the delayed debts. Nevertheless ordinary actions of the Savings Bank have fallen in price yesterday on 1,1 %.
the Savings Bank Net profit for nine months of current year on MSFO has made 10,3 mlrd rbl. that on 88,5 % it is less in comparison with nine months 2008 when the bank has shown net profit at a rate of 90,2 mlrd rbl. As well as the last quarters, essential growth of deductions on formation of reserves under depreciation of a credit portfolio became a principal cause of decrease in profit, it is marked in the Savings Bank message. In the third quarter in comparison with the second growth has made 6,5 %. As a whole on September, 30th, 2009 reserves have reached 493,8 mlrd rbl., having increased for nine months on 301,3 mlrd rbl. (In 8,3 times above, than for nine months 2008).
At the same time rates of increase of the delayed debts began to be slowed down. In the third quarter delay has grown all on 24 %, while in the second quarter - on 82 %. By data for September, 30th, 2009 on MSFO, the volume of the delayed credits in a credit portfolio of the Savings Bank has made 436,7 mlrd rbl., or 7,9 %. Percentage incomes of the Savings Bank have reached 610,5 mlrd rbl., having increased in comparison with nine months 2008 by 38,3 %. Pure percentage incomes of the Savings Bank have reached 375,7 mlrd rbl., having increased in comparison with the similar period of 2008 by 40,4 %; pure commission incomes have made 71,9 mlrd rbl., having increased by 19,6 %. From operations with foreign currency the Savings Bank has received the income at a rate of 13,9 mlrd rbl. that in 2,7 times exceeds an indicator for the similar period of 2008. “ pure commission incomes have grown on 10 %. In the second quarter growth of commission incomes made 7 %. It means that volumes of business of the Savings Bank regarding crediting also it is settlement - cash operations increase “ - analyst IFK " marks; Metropol “ Mark Rubinshtejn.
it was possible to the Savings Bank and to earn 8,2 mlrd rbl. on trading operations and revaluation of securities thanks to situation improvement in the financial markets which has begun in the second quarter 2009. We will notice that for the similar period of last year losses of the Savings Bank from these operations have made 16,3 mlrd rbl.
Savings Bank Indicators have appeared hardly worse expectations of analysts, the consensus - which forecast on net profit was up to standard 11,4 mlrd rbl. “ As a whole results of the Savings Bank good, - are told by analyst IK “ the Three Dialogue “ Olga Veselov. - a delay gain not so high, the margin hardly has raised “. Nevertheless yesterday on the Moscow Interbank Stock Exchange ordinary actions of the Savings Bank have fallen in price on 1,1 %.
“ We show the best way to be profitable, despite formation of reserves, and successfully we struggle with the delayed debts, - the director of financial department of the Savings Bank Vladimir Morozov has informed daily. - on MSFO at us the result is better, than on RSBU (the net profit for nine months has made 9,1 mlrd rbl. - daily) “. By words g - on Morozova, the Savings Bank reserves does not dismiss and is not going to dismiss, yet will not see the crisis termination. “ the Savings Bank remains conservative regarding deduction of reserves, despite delay of growth of the delayed debts “ - analyst UniCredit Securities of Rustam Botashev speaks.