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13 Sep, 2010 07:41

Bank Saint Petersburg posts 1H 2010 net income of 1.1 billion roubles

Bank Saint Petersburg posts 1H 2010 net income of 1.1 billion roubles

Russian bank, Bank Saint Petersburg, has posted a 1H 2020 net income of 1.1 billion roubles under IFRS.

The bottom line compared with a 1H 2009 net loss of 48.7 million roubles, with net interest income rising 32.4% year on year to 6.1 billion roubles, net fee and commission income rising 9.1% year on year to 763 million roubles, and assets rising 1.6% from the start of 2010 to 239.5 billion roubles.

Bank Saint Petersburg added that its loan portfolio had increased by 1.8% from the start of the year, with overdue loans falling to 7.1% of the loan portfolio at July 1, from 7.4% at January 1. Board Chairman Alexander Savelyev said the results reflected generally improving conditions with the improving loan environment underpinning a more positive outlook.

“1H 2010 results generally fall in line with our previous guidance. The income is consistently solid, margins and efficiency ratios are stable even in a more competitive environment. The new factor is the positive changes within our loan portfolio as we finally see distinct signs of asset quality becoming less of a problem. Accordingly, we expect it to have much lower influence on our financials going forward as we are heading to normal healthy banking”.