Sberbank issues 2016 financial highlights

Sberbank has released its financial highlights for 2016, excluding the effect of subsequent events .

Depty chair Alexander Morozov said enhanced efficiency was Sberbank's most important result for 2016.

This had improved its cost-to-income ratio to 35.7% and increased the net fee and commission income to operating costs ratio to 62%.

"Taken together, this significantly reduces the Bank's sensitivity to a possible reduction in margins of the banking business and allows us to positively look towards 2017," Morozov said in a statement.

KEY HIGHLIGHTS:

- The Bank lent RUB1.43 trln in December, loan issues in 2016 exceeded RUB10.6 trln, which was a third greater than in 2015

- The Bank issued RUB86 bn of mortgage loans, RUB722 bn from the beginning of 2016. Total mortgage portfolio came at RUB2.47 trln by the end of 2016

- Retail funds increased by RUB348 bn (by RUB505 bn in real terms) in December

- The Bank reduced overdue loans by RUB67 bn in December