Bank Saint Petersburg discussed the first results of Strategy implementation
On October 23, 2019, the Supervisory Board of Bank Saint Petersburg approved 9M 2019 RAS financial results, reviewed the first results of the Digitalization Strategy 2022, and considered other issues.
Besides that, the Strategy Committee of the Supervisory Board reviewed the first year results of Moscow branch’s new team.
Net Income for 9M 2019 according to RAS amounted to RUB 3.6 bn and increased by 14.4% compared with 9M 2018. Net Fee and Commission Income for 9M 2019 increased by 24.0% compared with 9M 2018 and amounted to RUB 4.9 bn. Net Interest Income for 9M 2019 amounted to RUB 16.3 bn (+2.8% compared with 9M 2018).
According to the Digitalization Strategy approved in 2018, the main goals by 2022 are defined as:
- 90% digital customer transactions;
- 90% automated credit decisions;
- 90% online sales.
As the first results of the Digitalization Strategy the Bank posted the growth of online customer contacts from 95% to 98% and the growth of online sales from 36% to 53%.
In accordance with the Strategy amendment, Bank Saint Petersburg is transforming the business model in Moscow which was focused on the large corporates, to a universal bank model, providing SMEs and individuals in Moscow with a full range of both classical banking services and unique EXIM solutions. A Moscow branch team is headed by Kirill Kuznetsov, Senior Vice President of the Bank. Among the first year’s results of the new Moscow team are 90% year-on-year Fees and Commissions growth and ROE increase to 16%.
The Supervisory Board also considered the application of Vladimir Reutov, Deputy Chairman of the Management Board, to leave the Bank and made a decision to exclude him from the Management Board. After many years of working in Bank Saint Petersburg, Vladimir Reutov decided to change the scope of his activities. He will focus on the implementation of his own projects in asset management, and will continue to advise the Bank's investment project management team.