Bank Saint Petersburg hits record profit of 4.5 billion roubles

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Russian bank, Bank Saint Petersburg, has posted a 1H 2011 net income of 4.5 billion roubles under IFRS.

­The bottom line has increased almost four-fold from 1.1 billion roubles posted for 1H 2010, with a net interest income increase of 11.7% year on year to 6.8 billion roubles, net fee and commission income rising 23% year on year to 938.8 million roubles, and the bank’s assets totaling 292.1 billion roubles. The 1H 2011 results are underpinned by 2Q 2011 profits of 2.4 million roubles, which amounts to a 209.4% year-on-year change, with net interest income also up 17.6% year-on-year to 3.5 million roubles on the back of a 17.2% increase in net fee and commission in the 2Q 2011 with a provision charge decrease of 70.2% quarter on quarter to 221 million roubles from 741 million roubles in 1Q 2011.
Bank Saint Petersburg added that its loan portfolio had increased by 7.8% from the start of the year, with overdue loans falling to 4.6% of the loan portfolio as of July 1st, from 5.1% on January 1st.
Board Chairman Alexander Savelyev hailed the results, saying that the general improvement in conditions is supportive for the entire banking sector and loan growth.
“1H 2011 reflected our expectations of moderate loan growth against the background of banking sector stabilization. Sustainable performance of the bank and its 1H 2011 record profit are the best signs of the bank’s team efficiency and its successful work.”