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Bank Saint Petersburg posts FY 2010 net income of 4.1 billion roubles

Bank Saint Petersburg posts FY 2010 net income of 4.1 billion roubles
Russian bank, Bank Saint Petersburg, has posted a FY 2010 net income of 4.1 billion roubles under IFRS.

The net result wasup 542.2% year on year, with net interest income increasing 15.4% year on year to 12 billion roubles, net fee and commission income rising 15.1% year on year to 1.7 billion roubles, and assets increasing 15.7 %from January 1 2010 to 272.6 billion roubles.

The bank’s loan portfolio increased 16.2% year on year to 202.3 billion roubles, with overdue loans falling to 5.1% of the loan portfolio, down from 7.4% a year earlier.

Alexander Savelyev, Chairman of the Management Board, was upbeat on the Bank’s FY 2010 results saying they managed to outperform the market and return to pre crisis key financials.

“2010 was marked by a dramatically increased competition and a corresponding slash in interest rates. On this background we are happy with our performance. We continued to grow ahead of the market, leaving the peak of provisions behind us. Even more important was the comeback to pre-crisis profitability levels later in the year. We are pleased to be back to normal healthy banking.”