Sberbank announces "adapted" IFRS format

Sberbank will return to publishing financial results under international standards in March 2023 after a one-year break.But the report will be published in abbreviated form.

Sberbank plans to start publishing financial statements in accordance with international standards (IFRS) in early March, but in a reduced form. This was told to journalists by a representative of Sberbank, RBC correspondent reports.

“The reporting format, the disclosure format is exactly what the bank is currently working on. Financial results under RAS are now published in abbreviated form. IFRS reporting will also be in a certain adapted format, but how exactly it will look like will become clear a little later, ”explained a representative of Sberbank. He added that the disclosure date is currently set for March 9.

Sberbank is under blocking Western sanctions that were imposed against it in 2022 in response to RUSSIA launching a special military operation in Ukraine. The last time the bank published IFRS statements at the beginning of March 2022 was the financial results for 2021.

Sberbank's net profit for the year amounted to ₽300 billion Finance

At the beginning of March 2022, the Bank of Russia banned credit institutions from disclosing on their websites and on the website of the regulator the main forms of reporting under RAS to limit sanctions risks (data are transmitted only to the Central Bank). According to the government decree, banks may not disclose all or part of corporate information until July 1, 2023. Credit institutions also stopped the publication of IFRS. Sberbank returned to the disclosure of RAS indicators in November, but in a limited form.

According to the latest financial statements under RAS, Sberbank's net profit in January 2023 increased by 9.8% compared to the first month of 2022 and amounted to 110.1 billion rubles. Net interest income increased by 16.4% to RUB 173.8 billion, net fee and commission income increased by 14.9% to RUB 45.6 billion. Operating expenses increased by 2.4% and amounted to RUB 50.3 billion.

At the end of 2022, the HEAD of the Central Bank, Elvira Nabiullina, announced that the Bank of Russia could expand the list of information that issuers could not disclose in their financial statements after July 1, 2023. “In general, our position is that it is necessary to move on to a more complete disclosure of information, with the possible exception of sensitive information, its list should not be very large, because obtaining information is fundamentally important for investors,” the Central Bank chairman emphasized.

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As Alexander Danilov, head of the banking regulation and analytics department, noted, the truncated reporting that the Central Bank proposes to disclose may include a balance sheet, income statement, capital flow statement, and cash flow statement. It can be excluded from it “some notes to IFRS”, as well as information about risks, geographical and currency breakdowns of assets, the composition of shareholders and the structure of the banking group.