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SBERBANK [SAVINGS BANK OF THE RUSSIAN FEDERATION] THE LEADING BANK IN RUSSIA, CENTRAL AND EASTERN EUROPE. BACK
Statements of Income for the Years Ended 31 December
(Thousands of Russian Roubles, unless otherwise indicated)
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2003 2002
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Interest income on loans 102,637,027 94,794,887
Interest income on securities 25,872,758 36,785,503
Interest expense (79,642,994) (58,729,018)
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Net interest income 48,866,791 72,851,372
Impairment of interest earning assets (16,509,860) (13,651,554)
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Net interest income after impairment of interest earning assets 32,356,931 59,199,818
Gains less losses arising from securities and derivatives 40,979,241 19,344,898
Gains less losses arising from dealing in foreign currencies 4,274,093 2,886,561
Foreign exchange translation gains less losses (6,300,889) 3,579,901
Fee and commission income 22,096,989 16,929,637
Fee and commission expense (644,722) (480,229)
Other operating income 2,604,506 2,220,310
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Net operating income 95,366,149 103,680,896
Payroll and other staff expense (50,193,457) (43,462,154)
Operating expenses (28,981,804) (24,380,268)
Provision for credit related commitments (30,993) (16,659)
Monetary loss - (7,922,164)
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Profit before taxation 16,159,895 27,899,651
Income tax (2,226,382) (7,641,373)
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Net profit 13,933,513 20,258,278
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Earnings per share (in Russian Roubles per share) 727 1,063
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