The auditor company «Ernst & Young Vneshaudit» has issued an unqualified Auditors' Report on Sberbank's 2002 Financial Statements in accordance with the International Financial Reporting Standards (IFRS). Net profit of the Bank made 30.5 billion rubles, the balance sheet total increased by 22% against 2001 figure to make 1 trillion rubles. Over the accounting period, allowance for loan impairment decreased to 9.12% from 9.21%.
 
 Core capital adequacy (Tier 1 capital) calculated in accordance with the Basle Capital Accord made 14.7% and total capital ratio (Tier 1 plus Tier 2) made 16.0% respectively (the minimum capital adequacy requirement is 8%). 

The Auditors' Report with the 2002 IFRS Financial Statements were presented by the auditor company «Ernst & Young Vneshaudit» to Sberbank on 16 July 2003.  

Full text of the document is available here (file in PDF 3,8Mb).

Sberbank Press Service