Bank Saint Petersburg sees IFRS net profit plunge 95% to 237 mln rubles in H1
MOSCOW. Sept 6 (Interfax) - Bank Saint Petersburg saw its net profit to International Financial Reporting Standards (IFRS) plunge 95% to 237.4 million rubles in the first half of 2012, compared to 4.495 billion rubles in the same period of 2011.
Analysts polled by Interfax had expected the bank to see its net earnings plummet about 94% to 261 million rubles.
Net interest income decreased 12.2% year-on-year to RUB 6.0 billion. Net interest margin (NIM) for 2Q 2012 amounted to 3.82% compared to 3.75% for 1Q 2012. NIM for 1H 2012 is 3.84%.
Net fee and commission income increased by 10.3% compared with 1H 2011 to RUB 1.036 billion. Net fee and commission income for 2Q 2012 amounted to RUB 553.7 million (+14.9% compared with 1Q 2012; +10.8% compared with 2Q 2011). This growth was primarily driven by increase in commissions on guarantees and letters of credit as well as commissions on settlements and plastic cards transactions.
The aggregate result from financial markets operations amounted to RUB 116.0 million in H1. The result is attributed to the gains from operations with foreign currencies in the amount of RUB 316.5 million and losses from operations with securities in the amount of RUB 200.5 million.
Income before provisions and taxes for 1H 2012 decreased by 16.2% compared with 1H 2011 amounting to RUB 7.0 billion.
The bank's operational expenses for 1H 2012 increased by 27.0% compared with 1H 2011 to RUB 3.4 billion; operational expenses for 2Q 2012 amounted to RUB 1.7 billion (+1.9% compared with 1Q 2012; +9.9% compared with 2Q 2011). The bank's cost-to-Income ratio for 1H 2012 amounted to 48.2%, while 2Q 2012 cost-to-income ratio amounted to 49.9%.
Net income for 1H 2012 amounted to RUB 237.4 million; net income for 2Q 2012 amounted to RUB 114.1 million. Net income decrease is mostly attributed to high provisioning in 1H 2012. The bank's return on average equity (ROAE) for 1H 2012 amounted to 1.2%. ROAE for 2Q 2012 is 1.2% as well.
As at July 1, 2012, the bank's assets reached RUB 340.6 billion (+3.2% compared with January 1, 2012; no change compared with April 1, 2012).
Customer accounts totaled to RUB 226.9 billion (-3.9% compared with January 1, 2012; +1.1% compared with April 1, 2012). As at July 1, 2012, 57.3% of customer accounts belonged to corporate customers and 42.7% to individuals. During 1H 2012, the volume of retail customer accounts increased by 10.8%; the volume of corporate customer accounts decreased by 12.5%. As at July 1, 2012, the share of wholesale funding in total amount of liabilities and shareholders' equity was 7.0% (7.2% as at January 1, 2012).
As at July 1, 2012, the shareholders' equity amounted to RUB 39.5 billion (-1.3% compared with January 1, 2012). The bank's total capital amounted to RUB 46.7 billion (-0.9% compared with January 1, 2012; +0.4% compared with April 1, 2012). As at July 1, 2012, the Bank's Tier 1 and total capital adequacy ratios were 9.3% and 12.9% respectively. The change in the Bank's capital is primarily attributed to dividends payment in 1H 2012 (RUB 817.8 million).
As at July 1, 2012, the loan portfolio before provisions amounted to RUB 244.1 billion (+5.5% compared to January 1, 2012; +5.2% compared with April 1, 2012). The corporate loans portfolio constituted 92.8% of the loan book and amounted to RUB 226.6 billion, during 1H 2012 its volume increased by 5.3%, during 2Q 2012 - by 5.0%. The retail loan portfolio totaled to RUB 17.5 billion as at July 1, 2012. Its 1H 2012 growth rate amounted to 9.1% which is almost twice as fast as the corporate loan portfolio growth rate.
As at July 1, 2012, the share of overdue loans in the bank's portfolio amounted to 5.3% of the total volume of loans (5.7% as at January 1, 2012; 6.0% as at April 1, 2012). The share of corporate overdue loans amounted to 5.3% of the total corporate loans (5.7% as at January 1, 2012; 5.9% as at April 1, 2012); the share of the retail overdue loans amounted to 5.5% of the total retail loans (6.2% as at January 1, 2012; 6.6% as at April 1, 2012).
As at July 1, 2012, impaired not past due loans constituted 7.9% of the total volume of loans (6.6% as at January 1, 2012; 8.4% as at April 1, 2012). The rate of provisions for loan impairment decreased to 9.1% from 9.2% as at January 1, 2012. Provision charge for 2Q 2012 decreased by 12.9% to RUB 1.5 billion compared with 1Q 2012.
The bank was Russia's 15th largest by assets, according to the Interfax-100 ranking at the end of H1 2012.
