Bank St Petersburg posts 1Q 2010 net profit of 349.8 million roubles

Bank St Petersburg posts 1Q 2010 net profit of 349.8 million roubles
Russian bank, Bank St Petersburg, has posted a 1Q 2010 net profit of 349.8 million roubles under IFRS.

The bottom line is up 45.5% year on year, but down 4.6% on 4Q 2009, with net interest income rising 33.8% year on year to 3.1 billion roubles, and Bank St Petersburg’s loan portfolio rising 2.3% from January 1 2010 to 178.1 billion roubles, as loan provisions increased from 9.1% to 10.4%.

Bank St Petersburg Board Chairman, Alexander Savelyev, said the results reflected a continuation of trends which began in late 2009.

“In 1Q 2010, we have observed the major trends of the year-end 2009 to remain in place. The Bank’s income is still on the pretty high level; the loan portfolio increased slightly. At the same time we are still conservative about creating provisions. I would also like to emphasize, that the net interest margin stabilized at the level of around 5.6%.”