Bank Saint Petersburg – no negotiations on acquisition

In conjunction with media appearances stating the fact of negotiations between the Bank Saint Petersburg’s management and other parties on the possible sale of a stake in the Bank, the Bank informs that no negotiations on this issue are currently in progress.

Alexander Savelyev, Chairman of the Management Board, commented: “During the last several years our Bank has been growing ahead of the market being profitable even in the crisis. We continue to develop and 1H 2011 IFRS results published yesterday are a best evidence for it. Every successful company is a subject for mass media discussions on the market interest in it. We understand that Bank Saint Petersburg is an attractive asset, but there are no negotiations on this issue. We are targeted to further development and have a lot of plans and goals which are to be fulfilled in accordance with our existing strategy”.

Yesterday the Bank published its 1H 2011 results:

  • Net income for 1H 2011 increased 4 times compared with 1H 2010 to RUB 4.5 billion (USD 161.3 million);
  • Loan portfolio increased by 7.8% compared with January 1, 2011 to RUB 218.0 billion (USD 7.8 billion);
  • Net interest margin (NIM) stabilized at 5.1% for 1H 2011;
  • 1H 2011 Return on equity (ROAE) amounted to 29.8%