General trends

Net profit under IFRS earned by Sberbank Group in 2013 increased to RUB 362 bn, up 4% y-o-y. Excluding the impact of DenizBank acquired by the Group in Q4 2012, the net profit decreased in 2013 by 1.6%.

The Group’s net operating income before provisions increased in 2013 by 19.9% up to RUB 1.1 trillion driven mostly by net interest income and net fee income from the core banking business and acquisition of DenizBank. Excluding the impact of this acquisition, net operating income before provisions increased by 13.5%.

Operating expenses for 2013 slowed y-o-y and increased by 14% to RUB 514.6 bn. Excluding the impact of DenizBank, operating expenses for 2013 grew 8%.

In 2013, the provision charge for loan impairment rose to RUB 133.5 bn as compared to RUB 21.5 bn in 2012, of which RUB 16.9 bn were contributed by DenizBank. The significant increase in the provision charge was mainly driven by a gradual rise in the level of loan portfolio provisioning resulting from the completion of the post-crisis recovery.

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