Sovcombank collected commissions – Newspaper Kommersant No. 46 (7491) dated 03/20/2023
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According to the results of 2022, Sovcombank managed to make a profit, although it decreased by 3.2 times, to 14.2 billion rubles. The bank does not give a forecast for this year, but the result of January has already amounted to more than half of the profit for the entire last year.
Sovcombank published its RAS financials for 2022: the credit institution’s net profit decreased 3.2 times, to RUB 14.2 billion, which was about twice worse than expected about 30 billion rubles).
The bank explained the backlog by the fact that “a number of indulgences that had to be abandoned since January (rejection of the fixed exchange rate and securities quotes) were decided to be removed already in December.” A number of indulgences of the regulator Sovcombank, however, continues to use. “In 2023, it will be necessary to additionally create several billion reserves. At the same time, taking into account the work already done and planned activities, we hope to create reserves for ten years in a row (previously, the Central Bank gave an installment plan for creating reserves for blocked assets.— “b”) we won’t have to,” Sergei Khotimsky clarified.
Sovcombank came under US sanctions at the end of February 2022. He also has frozen assets in the EU. In general, on correspondent accounts in non-resident banks, according to reports, the bank had almost 6 billion rubles.
Due to the decrease in interest income of Sovcombank in 2022, it almost caught up with the commission, which, on the contrary, increased significantly – 88 billion rubles. and 86 billion rubles. “Non-interest income rose against the backdrop of overall business growth, the takeover of Vostochny Bank, and also due to a wide range of operations both in retail and in corporate business,” Mr. Khotimsky explained. At the same time, expenses on reserves increased by 7.9 billion rubles, to 55.3 billion rubles. (including 51.3 billion rubles for loans to individuals and legal entities).
The retail portfolio grew by 86 billion rubles over the year, to 601 billion rubles, the corporate portfolio grew by 65 billion rubles, to 970 billion rubles. But in January, the latter decreased by 51 billion rubles, while for individuals the volume did not change. In general, in the banking sector, the corporate portfolio in January decreased by 140 billion rubles, which the Central Bank explained by a “slowdown in business activity.”
The volume of funds of individuals on accounts and deposits increased over 2022 by 30.1%, to 721 billion rubles, and in January another 9 billion rubles were added to them. Funds of companies increased by 22.3% over the year, to 1.15 trillion rubles, but in January they decreased by 52 billion rubles.
The financial results of Sovcombank have already begun to improve: profit in January 2023 alone exceeded half of all in 2022, amounting to 8.6 billion rubles. Sergei Khotimsky explained that the month “was successful from all points of view: the regular business worked well, plus there was a number of positive one-time revaluations of currencies and securities.” The bank’s capital as of the end of January reached 234 billion rubles. by the end against 199 billion rubles. at the beginning of 2022. According to Mr. Khotimsky, the main contribution to capital growth was made by retained earnings.
Contrary to the widespread practice among banks of publishing reports on forms 806, 807, 808 (balance sheet, income statement, information on capital adequacy), 810 (statement of changes in equity) and 813 (information on mandatory ratios), Sovcombank disclosed only a summary reporting with a table with data on 15 rows. The bank promises to expand the information when publishing reports in accordance with international standards. “More detailed disclosure of RAS financial statements without IFRS may lead not to a better understanding, but to confusing investors,” Mr. Khotimsky believes.
“This is really the most abbreviated reporting of all that we have seen,” Denis Taradov, partner of the Unicon audit and consulting group, confirms. At the same time, he considers the bank’s early withdrawal from the Central Bank’s easing a good sign. According to the expert, this means that “the bank feels confident.”
RNKB received a net loss
Crimean RNCB, the sale of which to VTB may be closed in the first quarter, has published a report under RAS. The bank’s net interest income increased by 5.6 billion rubles, to almost 25 billion rubles. However, due to a large-scale increase in provisions for possible credit losses on loans, as well as funds placed on correspondent accounts, and other positions, in total by 25.5 billion rubles. (an increase of 2.4 times compared to 2021), the bank received a net interest loss in the amount of 526 million rubles.
Fee and commission income increased by RUB 1.3 billion to RUB 12.3 billion. The bank also reflected the accrual of a provision for “other losses” in the amount of 8.9 billion rubles, while last year they were released 20.6 million rubles. reserves. At the same time, the bank remained in profit, earning over 9 billion rubles. and increased it by almost 41%. The capital adequacy ratio (N1.0) increased over the year to 19.59% (+1.9 percentage points).
Net loan debt increased from 274.2 billion to 303.7 billion rubles, and client funds – from 243.3 billion to 269.8 billion rubles. The deposits of the population and individual entrepreneurs account for 184.8 billion rubles. The bank’s capital grew from 65.5 billion to 81.69 billion rubles. The market value of RNCB as of September 30, 2022, according to an independent appraiser, amounted to RUB 48.4 billion.
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