01.08.2014

Bank Saint Petersburg announces 1H 2014 results under the Russian accounting standards (RAS)

Bank Saint Petersburg summarized its performance for 1H 2014 under RAS.

Financial highlights for 1H 2014 under RAS:

  • 1H 2014 Net Income increased 3 times compared with 1H 2013 and amounted to RUB 3.1 bn;
  • Net Interest Income for 1H 2014 increased by 48.4% compared with 1H 2013 and amounted to RUB 8.5 bn;
  • Net Fee and Commission Income for 1H 2014 increased by 14.6% compared with 1H 2013 and amounted to RUB 1.4 bn;
  • Retail customer deposits during 1H 2014 increased by 2.7% to RUB 120.3 bn;
  • Total capital as at July 1, 2014, amounted to RUB 49.3 bn.

Bank Saint Petersburg is ranked 15th in terms of assets and 16th in terms of retail deposits among the Russian banks (Interfax ranking). Today the Bank provides services to 1 400 000 individuals and over 54 000 corporates. As at July 1, 2014, the number of cards issued by the Bank is 840 000; the Bank’s card network comprised of 638 ATMs. At present Internet-Bank is actively used by 320 000 clients.

Net Interest Income for 1H 2014 increased by 48.4% compared with 1H 2013 and amounted to RUB 8.5 bn. Interest expenses are net of RUB 2.8 bn loss from fully impaired loans disposal. Net Fee and Commission Income for 1H 2014 increased by 14.6% compared with 1H 2013 and amounted to RUB 1.4 bn. Net Trading Loss for 1H 2014 amounted to RUB 521 mln. Profit before Tax for 1H 2014 amounted to RUB 3.0 bn. 1H 2014 Net Income increased 3 times compared with 1H 2013 and amounted to RUB 3.1 bn. The significant Net Income rise was primarily attributed to the introduction of deferred tax accounting by the Central Bank of Russia, resulting in a one-off gain of RUB 1.3 bn for the Bank.

Bank’s assets amounted to RUB 442.6 bn as at July 1, 2014 (+6.6% compared with January 1, 2014).

Liabilities. As at July 1, 2014, customer deposits totalled RUB 280.2 bn (-0.2% compared with January 1, 2014). The corporate customer deposits amounted to RUB 159.9 bn (-2.3% compared with January 1, 2014). Retail customer deposits amounted to RUB 120.3 bn (+2.7% compared with January 1, 2014).

As at July 1, 2014, the Bank’s total capital calculated under the CBR regulations (Basel III) amounted to RUB 49.3 bn. As a result, the Tier 1 capital adequacy ratio (N1.2) as at July 1, 2014 amounted to 9.2% (required regulatory minimum is 5.5%) and the total capital adequacy ratio (N1.0) as at July 1, 2014 amounted to 13.1% (required regulatory minimum is 10%).

Loan portfolio amounted to RUB 267.1 bn and remained at the January 1, 2014, level. Loans to individuals amounted to RUB 44.5 bn (+4.2% compared with January 1, 2014). Loans to legal entities amounted to RUB 222.6 bn (-0.6% compared with January 1, 2014).

As at July 1, 2014, provisions amounted to RUB 21.5 bn. Provisions-to-loans ratio amounted to 8.1%. As at July 1, 2014, the share of the overdue loans amounted to 3.2%; the level of coverage of the overdue loans by provisions amounted to 248%.

1H 2014 RAS Financial Statements are available on the Bank’s website:
https://www.bspb.ru/en/investors/financial-statements/RAS/

Tags: IR News