Bank Saint-Petersburg increases IFRS net profit 50% to 6.3 bln rubles for 2011 - consensus forecast
MOSCOW. March 22 (Interfax) - Bank Saint-Petersburg's net profit according to international financial reporting standards (IFRS) for 2011, according to consensus forecast of analysts, increased by 50% to 6.323 billion rubles compared to 4.115 billion rubles for 2010.
Net interest revenue, according to forecasts, increased by 15% to 13.83 billion rubles in 2011.
The bank's assets stood at 320.06 billion rubles on December 31, 2011, up 17.4% from 272.609 billion rubles a year previous.
The bank's loan portfolio prior to subtraction of provisions in 2011 increased by 14.8% to 232.134 billion rubles from 202.254 billion rubles on December 31, 2010.
Transfer for the creation of provisions to cover devaluation of the loan portfolio in the fourth quarter came to 1.682 billion rubles, up 130% from 721 million rubles in the third quarter.
Bank Saint-Petersburg plans to publish its IFRS results for 2011 on March 26.
Analysts forecasts for Bank Saint-Petersburg's financial results for 2011 (in mlns of rubles):
| Investment bank | Net profit | Net interest revenue | Assets | Loan portfolio | provisions* |
| JP Morgan | 6637 | 13990 | 307728 | 228352 | -1974 |
| Goldman Sachs | 6195 | 13886 | 321500 | 235200 | -1952 |
| BofA Merrill Lynch | 6419 | 13940 | 327029 | 232649 | -1756 |
| Troika Dialog | 6332 | 13733 | 326725 | 230458 | -1719 |
| Metropol | 6207 | 13838 | 326309 | 231940 | -2074 |
| VTB Capital | 6310 | 13882 | 316679 | 234318 | -1586 |
| Uralsib Capital | 6310 | 13952 | 321209 | 234886 | -1917 |
| Renaissance Capital | 6151 | 13656 | 321678 | 229205 | -1650 |
| TCB Capital | 6010 | 13649 | 314142 | 228829 | -1953 |
| Alfa-Bank | 7036 | 14076 | 316011 | 238076 | - |
| Sovlink | 5946 | 13523 | 321675 | 229559 | -1843 |
| Consensus | 6323 | 13830 | 320062 | 232134 | -1682 |
| Results for 2010* | 4115 | 12024 | 272609 | 202254 | -721 |
| Change, % | +53.7% | +15% | +17.4% | +14.8% | +160% |
* Transfers to provisions for devaluation of the loan portfolio in Q4 compared to Q3
It was earlier reported that the bank increased IFRS net profit in January-September 2011 by 150% year-on-year to 5.638 billion rubles.
Bank Saint Petersburg was 16th biggest bank by assets in Russia for 2011 according to the Interfax-100 ranking, compiled by the Interfax Center for Economic Analysis.