Bank Saint Petersburg's IFRS net profit falls 35% in 9M to 2.7 bln rubles
MOSCOW. Nov 27 (Interfax) - Bank Saint Petersburg in the 9M 2015 saw its net profit to International Financial Reporting Standards (IFRS) fall 35% to 2.688 billion rubles from 4.105 billion rubles a year earlier, the bank said in a report.
Analysts told Interfax in a consensus forecast that they expected the bank would post net profit of 2.302 billion rubles.
Net interest income fell 5% to 12.3 billion rubles and interest income rose 36.2%. Interest expenses grew 62.8%. Net interest margin rose 3.5% in the 9M and net commission grew 9.4% to 2.9 billion rubles.
Return on average equity was 6.7% in the 9M and comprehensive income grew 36.8% to 4.6 billion rubles.
Assets grew 1.1% to 527.6 billion rubles.
Deposits rose 1.1% to 328.4 billion rubles, of which 52.2% were retail deposits and 47.8% corporate. Retail deposits grew 9.8% but corporate deposits fell 7%.
Shareholders equity rose 8.7% to 55.7 billion rubles. Total capital amounted to 79.9 billion rubles, up 27.5% from January 1. The capital growth was mainly driven by funds attracted from the Deposit Insurance Agency in the amount of 14.6 billion rubles. As at October 1, 2015, the Bank's Tier 1 and total capital adequacy ratios were 10.3% and 16.3% respectively.
Loan portfolio before provisions rose 2.6% in 9M to 352.7 billion rubles, Loans to corporate customers represented 85.0% of the loan portfolio, and loans to individuals - 15.0%. During 9M 2015, the corporate loan portfolio increased by 2.7% to 299.7 billion rubles and the retail loan portfolio by 5.7% to 46.8 billion rubles.
As at October 1, 2015, the share of problem loans in the Bank's portfolio (total share of overdue loans and impaired not past due loans) amounted to 11.3%, up from 10% on January 1. The share of overdue loans in the bank's portfolio amounted to 4.9% of the total volume of loans. The share of the corporate overdue loans amounted to 4.9% of the total corporate loans, and the share of the retail overdue loans amounted to 4.8% of the total retail loans. As at October 1, 2015, impaired not past due loans constituted 6.5% of the total volume of loans.
The rate of provisions for loan impairment amounted to 9.0%, up from 8.3% on January 1. Provision charge for 9M 2015 amounted to 8.9 billion rubles. In 9M 2015, loans in the amount of 5.6 billion rubles were written off.
Bank Saint Petersburg was Russia's 18th largest bank by assets, according to the Interfax-100 ranking at the end of Q3 2015.
