Bank Saint Petersburg boosts H1 IFRS earnings 1.7-fold to 3.3 bln rubles, above forecast
MOSCOW. Aug 29 (Interfax) - Bank Saint Petersburg boosted net profit to International Financial Reporting Standards (IFRS) 1.67-fold year-on-year to 3.3 billion rubles in H1 2017, the bank said in a statement.
However net profit fell 25.5% year-on-year in Q2 2017 to 1.8 billion rubles.
Profit for the quarter was below the 2 billion rubles that analysts predicted in a consensus forecast for Interfax but profit for the half was above a forecast 2.48 billion rubles.
The bank's shares were up 0.8% to 56.3 rubles each on the Moscow Exchange at 10:28 a.m., soon following the publication of the results.
The H1 profit was the bank's highest for six years.
"The bank's profit has been growing for four consecutive quarters and we are happy about it. The Bank has improved its capital position and broadened investor base through a new share issue, our credit rating was reaffirmed and ROE exceeded our guidance. As a result, both the bank and our customers can feel confident in the current volatile environment as well as look for new opportunities," said Alexander Savelyev, chairman of the management board.
The bank said net interest income (NII) amounted to 9.2 billion rubles for H1 2017, down 11.1% compared with H1 2016) and 4.6 billion rubles for Q2 2017, down 2.3% compared with Q1 2017). Net fee and commission income for H1 2017 increased 6.0% compared with H1 2016 and amounted to 2.4 billion rubles. Revenues amounted to 16.2 billion rubles for H1 2017, up 5.5% compared with H1 2016) and 8.6 billion rubles for Q2 2017, up 14.7% quarter-on-quarter.
As at July 1, 2017, the bank's assets amounted to 559.7 billion rubles, down 3.6% compared with January 1, 2017 but up 1.2% compared with April 1, 2017.
The loan portfolio before provisions totaled 355.1 billion rubles, up 0.2% compared with January 1, 2017 and up 2.2% compared with April 1, 2017. Loans to corporate customers represented 81.4% of the loan portfolio and loans to individuals - 18.6%. During H1 2017, the corporate loan portfolio decreased by 1.8% to 288.9 billion rubles and the retail loan portfolio increased by 12.9% to 61.4 billion rubles.
As at July 1, 2017, the share of problem loans in the bank's portfolio (total share of overdue loans and impaired not past due loans) amounted to 15.4% (15.2% as at January 1, 2017). The share of overdue loans in the bank's portfolio amounted to 7.8% of the total volume of loans.
Customer deposits totaled 322.8 billion rubles, down 9.8% compared with January 1, 2017 and down 1.7% compared with April 1, 2017.
Provision charge for H1 2017 amounted to 5.2 billion rubles. Loans in the amount of 0.8 billion rubles were written off.
As at July 1, 2017, shareholders equity amounted to 64.1 billion rubles, up 5.2% compared with January 1, 2017 and up 2.9% compared with April 1, 2017.
Bank Saint Petersburg was Russia's 18th largest bank by assets, according to the Interfax-100 ranking at the end of H1 2017.