For the first time, the Supervisory Board of Bank Saint Petersburg recommended allocating 50% of net income to dividends
Bank Saint Petersburg summed results for 1H 2024 according to International Financial Reporting Standards (IFRS).
Key results of Bank Saint Petersburg for 1H 2024:
in RUB bn | 1H 2024 | 1H 2023 | 1H 24 / | 2Q 2024 | 1Q 2024 | 2Q 2023 | 2Q 24 / | 2Q 24 / |
Net Interest Income | 33.9 | 22.1 | +53.3% | 16.7 | 17.2 | 10.9 | -3.1% | +53.1% |
Net Fee & Commission Income | 5.4 | 6.5 | -16.9% | 2.7 | 2.7 | 2.9 | +1.9% | -6.3% |
Net Trading Income | 4.8 | 7.7 | -37.5% | 2.6 | 2.2 | 1.8 | +17.3% | +44.7% |
Revenues | 44.6 | 36.7 | +21.5% | 22.3 | 22.3 | 15.8 | -0.1% | +41.0% |
OpEx | (11.4) | (12.0) | -4.3% | (5.5) | (6.0) | (5.9) | -8.5% | -8.0% |
Provisions on loans | (3.1) | 4.3 |
| (2.9) | (0.2) | 0.6 |
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Net Income | 24.3 | 28.4 | -14.3% | 11.3 | 13.0 | 13.7 | -13.3% | -17.8% |
Net Interest Margin (NIM) | 7.0% | 5.5% |
| 7.0% | 6.9% | 5.5% |
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Cost-to-Income Ratio (CIR) | 25.7% | 32.6% |
| 24.5% | 26.8% | 37.6% |
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Cost of Risk (CoR) | 0.9% | (1.5%) |
| 1.6% | 0.1% | (0.4%) |
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Return on Equity (ROE) | 27.0% | 37.2% |
| 24.2% | 29.0% | 34.2% |
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Earnings per Ordinary Share, RUB | 55 | 63 |
| 25 | 29 | 31 |
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Book Value per Ordinary Share, RUB | 421 | 362 |
| 421 | 419 | 362 |
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• Net Interest Income amounted to RUB 33.9 bn (+53.3% compared to 1H 2023); incl. RUB 16.7 bn in 2Q 2024 (+53.1% compared to 2Q 2023). Net Interest Margin (NIM) for 1H 2024 stood at 7.0%; incl. 7.0% for 2Q 2024.
• Net Fee & Commission Income amounted to RUB 5.4 bn (-16.9% compared to 1H 2023); incl. RUB 2.7 bn in 2Q 2024 (-6.3% compared to 2Q 2023).
• Net Trading Income amounted to RUB 4.8 bn (-37.5% compared to 1H 2023); incl. RUB 2.6 bn in 2Q 2024 (+44.7% compared to 2Q 2023).
• Revenues amounted to RUB 44.6 bn (+21.5% compared to 1H 2023); incl. RUB 22.3 bn in 2Q 2024 (+41.0% compared to 2Q 2023).
• OpEx amounted to RUB 11.4 bn (-4.3% compared to 1H 2023); incl. RUB 5.5 bn in 2Q 2024 (-8.0% compared to 2Q 2023). Cost-to-Income Ratio (CIR) for 1H 2024 stood at 25.7%; incl. 24.5% for 2Q 2024.
• Net Income amounted to RUB 24.3 bn (-14.3% compared to 1H 2023); incl. RUB 11.3 bn in 2Q 2024 (-17.8% compared to 2Q 2023).
• Return on Equity (ROE) for 1H 2024 stood at 27.0%; incl. 24.2% for 2Q 2024.
In RUB bn | 01.07.2024 | 01.04.2024 | 01.01.2024 | QTD | YTD |
Total Loan Portfolio | 716.3 | 705.8 | 686.3 | +1.5% | +4.4% |
Corporate Loan Portfolio | 557.0 | 548.3 | 527.4 | +1.6% | +5.6% |
Retail Loan Portfolio | 158.4 | 156.3 | 155.9 | +1.3% | +1.6% |
Customer Deposits | 654.4 | 648.4 | 651.1 | +0.9% | +0.5% |
Corporate Customer Deposits | 260.1 | 248.0 | 255.5 | +4.9% | +1.8% |
Retail Customer Deposits | 394.3 | 400.4 | 395.6 | -1.5% | -0.3% |
• As of July 1, 2024, Total Loan Portfolio amounted to RUB 716.3 bn (+4.4% compared to January 1, 2024). Since January 1, 2024, Corporate Loan Portfolio increased by +5.6% and amounted to RUB 557.0 bn. Retail Loan Portfolio increased since the beginning of the year by +1.6% and amounted to RUB 158.4 bn.
• Loan portfolio quality. As of July 1, 2024, Problem Loan Ratio (NPL Ratio) amounted to 4.6% (5.2% as of January 1, 2024). The rate of provisions for loan impairment amounted to 4.1% (5.0% as of January 1, 2024). NPL Coverage Ratio amounted to 88.8% (96.8% as of January 1, 2024).
Provisions on Loans amounted to RUB 3.1 bn; incl. RUB 2.9 bn for 2Q 2024. Cost of Risk (CoR) for 1H 2024 amounted to 0.9% and is within the guidance announced by the Bank (about 1%). The growth of Cost of Risk in 2Q 2024 is associated with the repayment of a large corporate loan at a discount.
• As of July 1, 2024, Customer Deposits amounted to RUB 654.4 bn (+0.5% compared to January 1, 2024). Since January 1, 2024, Corporate Customer Deposits increased by +1.8% and amounted to RUB 260.1 bn. Retail Customer Deposits decreased since the beginning of the year by -0.3% and amounted to RUB 394.3 bn.
In RUB bn | 01.07.2024 | 01.04.2024 | 01.01.2024 | QTD | YTD |
Tier 1 Capital | 146.1 | 156.6 | 156.3 | -6.7% | -6.6% |
Total Capital | 180.2 | 181.9 | 171.2 | -1.0% | +5.2% |
Tier 1 Capital Adequacy Ratio | 17.0% | 18.3% | 18.6% |
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Total Capital Adequacy Ratio | 20.9% | 21.2% | 20.3% |
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• As of July 1, 2024, the Bank's Total Capital calculated under the CBR regulations (Basel III) amounted to RUB 180.2 bn (+5.2% compared to January 1, 2024). The Bank's Tier 1 Capital amounted to RUB 146.1 bn (-6.6% compared to January 1, 2024). As a result, the Tier 1 capital adequacy ratio (N1.2) as of July 1, 2024, amounted to 17.0% (18.6% as of January 1, 2024); and the total capital adequacy ratio (N1.0) as of July 1, 2024, amounted to 20.9% (20.3% as of January 1, 2024).
Before the audit, the Bank’s Tier 1 Capital and the Bank's Tier 1 Capital Adequacy Ratio do not include the Bank’s Net Income for 1H 2024. The estimated impact of the 1H 2024 Net Income on Tier 1 Capital Adequacy Ratio is +2.9 p.p.
On August 22, 2024, a regular meeting of the Supervisory Board of Bank Saint Petersburg was held.
Taking into account the strong results for 1H 2024 and strong capital buffer, the Supervisory Board recommended to the Extraordinary General Meeting of Shareholders, scheduled for September 18, 2024, to pay dividends in the amount of: RUB 27.26 per 1 ordinary share and RUB 0.22 per 1 preferred share. The dividend record date is September 30, 2024.
The payment of 1H 2024 dividends in the amount of RUB 12.2 bn (50% payout ratio) would have an approximately 1.4 pp effect on the Bank's Tier 1 Capital Adequacy Ratio (N1.2). After payment of dividends, Tier 1 Capital Adequacy Ratio would continue to significantly exceed the minimum level of 12% established in the Bank's Strategy.
1H 2024 IFRS Financial Statements are available at the following link:
https://cloud.bspb.ru/index.php/s/A6eA4Zbnp3qcATw
or on the Bank’s website: https://www.bspb.ru/en/investors/financial-statements/IFRS
The Presentation on Financial Results under IFRS for 1H 2024 is available at the following link: https://cloud.bspb.ru/index.php/s/3ETgnLm57AdWD7S
Press Release on Financial Results for 1H 2024 under IFRS is available at the following link:
For the first time, the Supervisory Board of Bank Saint Petersburg recommended allocating 50% of net income to dividends
Bank Saint Petersburg summed results for 1H 2024 according to International Financial Reporting Standards (IFRS).
Key results of Bank Saint Petersburg for 1H 2024:
in RUB bn | 1H 2024 | 1H 2023 | 1H 24 / | 2Q 2024 | 1Q 2024 | 2Q 2023 | 2Q 24 / | 2Q 24 / |
Net Interest Income | 33.9 | 22.1 | +53.3% | 16.7 | 17.2 | 10.9 | -3.1% | +53.1% |
Net Fee & Commission Income | 5.4 | 6.5 | -16.9% | 2.7 | 2.7 | 2.9 | +1.9% | -6.3% |
Net Trading Income | 4.8 | 7.7 | -37.5% | 2.6 | 2.2 | 1.8 | +17.3% | +44.7% |
Revenues | 44.6 | 36.7 | +21.5% | 22.3 | 22.3 | 15.8 | -0.1% | +41.0% |
OpEx | (11.4) | (12.0) | -4.3% | (5.5) | (6.0) | (5.9) | -8.5% | -8.0% |
Provisions on loans | (3.1) | 4.3 |
| (2.9) | (0.2) | 0.6 |
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Net Income | 24.3 | 28.4 | -14.3% | 11.3 | 13.0 | 13.7 | -13.3% | -17.8% |
Net Interest Margin (NIM) | 7.0% | 5.5% |
| 7.0% | 6.9% | 5.5% |
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Cost-to-Income Ratio (CIR) | 25.7% | 32.6% |
| 24.5% | 26.8% | 37.6% |
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Cost of Risk (CoR) | 0.9% | (1.5%) |
| 1.6% | 0.1% | (0.4%) |
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Return on Equity (ROE) | 27.0% | 37.2% |
| 24.2% | 29.0% | 34.2% |
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Earnings per Ordinary Share, RUB | 55 | 63 |
| 25 | 29 | 31 |
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Book Value per Ordinary Share, RUB | 421 | 362 |
| 421 | 419 | 362 |
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• Net Interest Income amounted to RUB 33.9 bn (+53.3% compared to 1H 2023); incl. RUB 16.7 bn in 2Q 2024 (+53.1% compared to 2Q 2023). Net Interest Margin (NIM) for 1H 2024 stood at 7.0%; incl. 7.0% for 2Q 2024.
• Net Fee & Commission Income amounted to RUB 5.4 bn (-16.9% compared to 1H 2023); incl. RUB 2.7 bn in 2Q 2024 (-6.3% compared to 2Q 2023).
• Net Trading Income amounted to RUB 4.8 bn (-37.5% compared to 1H 2023); incl. RUB 2.6 bn in 2Q 2024 (+44.7% compared to 2Q 2023).
• Revenues amounted to RUB 44.6 bn (+21.5% compared to 1H 2023); incl. RUB 22.3 bn in 2Q 2024 (+41.0% compared to 2Q 2023).
• OpEx amounted to RUB 11.4 bn (-4.3% compared to 1H 2023); incl. RUB 5.5 bn in 2Q 2024 (-8.0% compared to 2Q 2023). Cost-to-Income Ratio (CIR) for 1H 2024 stood at 25.7%; incl. 24.5% for 2Q 2024.
• Net Income amounted to RUB 24.3 bn (-14.3% compared to 1H 2023); incl. RUB 11.3 bn in 2Q 2024 (-17.8% compared to 2Q 2023).
• Return on Equity (ROE) for 1H 2024 stood at 27.0%; incl. 24.2% for 2Q 2024.
In RUB bn | 01.07.2024 | 01.04.2024 | 01.01.2024 | QTD | YTD |
Total Loan Portfolio | 716.3 | 705.8 | 686.3 | +1.5% | +4.4% |
Corporate Loan Portfolio | 557.0 | 548.3 | 527.4 | +1.6% | +5.6% |
Retail Loan Portfolio | 158.4 | 156.3 | 155.9 | +1.3% | +1.6% |
Customer Deposits | 654.4 | 648.4 | 651.1 | +0.9% | +0.5% |
Corporate Customer Deposits | 260.1 | 248.0 | 255.5 | +4.9% | +1.8% |
Retail Customer Deposits | 394.3 | 400.4 | 395.6 | -1.5% | -0.3% |
• As of July 1, 2024, Total Loan Portfolio amounted to RUB 716.3 bn (+4.4% compared to January 1, 2024). Since January 1, 2024, Corporate Loan Portfolio increased by +5.6% and amounted to RUB 557.0 bn. Retail Loan Portfolio increased since the beginning of the year by +1.6% and amounted to RUB 158.4 bn.
• Loan portfolio quality. As of July 1, 2024, Problem Loan Ratio (NPL Ratio) amounted to 4.6% (5.2% as of January 1, 2024). The rate of provisions for loan impairment amounted to 4.1% (5.0% as of January 1, 2024). NPL Coverage Ratio amounted to 88.8% (96.8% as of January 1, 2024).
Provisions on Loans amounted to RUB 3.1 bn; incl. RUB 2.9 bn for 2Q 2024. Cost of Risk (CoR) for 1H 2024 amounted to 0.9% and is within the guidance announced by the Bank (about 1%). The growth of Cost of Risk in 2Q 2024 is associated with the repayment of a large corporate loan at a discount.
• As of July 1, 2024, Customer Deposits amounted to RUB 654.4 bn (+0.5% compared to January 1, 2024). Since January 1, 2024, Corporate Customer Deposits increased by +1.8% and amounted to RUB 260.1 bn. Retail Customer Deposits decreased since the beginning of the year by -0.3% and amounted to RUB 394.3 bn.
In RUB bn | 01.07.2024 | 01.04.2024 | 01.01.2024 | QTD | YTD |
Tier 1 Capital | 146.1 | 156.6 | 156.3 | -6.7% | -6.6% |
Total Capital | 180.2 | 181.9 | 171.2 | -1.0% | +5.2% |
Tier 1 Capital Adequacy Ratio | 17.0% | 18.3% | 18.6% |
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Total Capital Adequacy Ratio | 20.9% | 21.2% | 20.3% |
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• As of July 1, 2024, the Bank's Total Capital calculated under the CBR regulations (Basel III) amounted to RUB 180.2 bn (+5.2% compared to January 1, 2024). The Bank's Tier 1 Capital amounted to RUB 146.1 bn (-6.6% compared to January 1, 2024). As a result, the Tier 1 capital adequacy ratio (N1.2) as of July 1, 2024, amounted to 17.0% (18.6% as of January 1, 2024); and the total capital adequacy ratio (N1.0) as of July 1, 2024, amounted to 20.9% (20.3% as of January 1, 2024).
Before the audit, the Bank’s Tier 1 Capital and the Bank's Tier 1 Capital Adequacy Ratio do not include the Bank’s Net Income for 1H 2024. The estimated impact of the 1H 2024 Net Income on Tier 1 Capital Adequacy Ratio is +2.9 p.p.
On August 22, 2024, a regular meeting of the Supervisory Board of Bank Saint Petersburg was held.
Taking into account the strong results for 1H 2024 and strong capital buffer, the Supervisory Board recommended to the Extraordinary General Meeting of Shareholders, scheduled for September 18, 2024, to pay dividends in the amount of: RUB 27.26 per 1 ordinary share and RUB 0.22 per 1 preferred share. The dividend record date is September 30, 2024.
The payment of 1H 2024 dividends in the amount of RUB 12.2 bn (50% payout ratio) would have an approximately 1.4 pp effect on the Bank's Tier 1 Capital Adequacy Ratio (N1.2). After payment of dividends, Tier 1 Capital Adequacy Ratio would continue to significantly exceed the minimum level of 12% established in the Bank's Strategy.
1H 2024 IFRS Financial Statements are available at the following link:
https://cloud.bspb.ru/index.php/s/A6eA4Zbnp3qcATw
or on the Bank’s website: https://www.bspb.ru/en/investors/financial-statements/IFRS
The Presentation on Financial Results under IFRS for 1H 2024 is available at the following link: https://cloud.bspb.ru/index.php/s/3ETgnLm57AdWD7S
Press Release on Financial Results for 1H 2024 under IFRS is available at the following link:
