VTB Capital: Sberbank - 3Q19; decent, but outlook increasingly blurred

Today, Sberbank reported earnings from continuing operations of RUB 230.8bn (+6.3% YoY, ROE 22.4%), 5.6% ahead of the consensus and in line with VTBC. Earnings were affected by the earlier guided one-off loss of RUB 73bn for the disposal of DenizBank. The 3Q19 numbers were again distorted by restructuring oil refinery-related exposures, weighting on NIM (-7bp QoQ) and CoR (92bp). Underlying trends were decent, with fee growth reaccelerating to 15% and underlying CoR of just 70bp. We estimate t...