Bank Saint-Petersburg boosts H1 IFRS earnings 4-fold to 4.5 bln rubles, above forecast
MOSCOW. Sept 13 (Interfax) - Bank Saint-Petersburg boosted net profit to International Financial Reporting Standards (IFRS) four-fold year-on-year in H1 2011 to 4.495 billion rubles, the bank said in a statement.
This was more than the 4.274 billion rubles that analysts predicted in a consensus forecast for Interfax.
The bank's shares were up 2.6% on the MICEX stock exchange by 10:23 a.m. at 112.8 rubles. They shot up 3.8% to 114.2 rubles at one stage following the better-than-expected report.
Net income for 2Q 2011 amounted to RUB 2.4 million (+15.1% compared with 1Q 2011; +209.4% compared with 2Q 2010), the bank said.
Net interest income for 1H 2011 increased by 11.7% compared with 1H 2010 to RUB 6.8 billion (USD 243.6 million); net interest income for 2Q 2011 amounted to RUB 3.5 million (+7.7% compared with 1Q 2011; +17.6% compared with 2Q 2010).
Loan portfolio increased by 7.8% compared with January 1, 2011 to RUB 218.0 billion (USD 7.8 billion).
As at July 1, 2011, the share of overdue loans decreased to 4.6% of the loan portfolio (5.1% as at January 1, 2011).
Net interest margin (NIM) stabilized at 5.1% for 1H 2011.
Return on equity (ROAE) amounted to 29.8% in H1 2011.
Net fee and commission income increased by 23.0% compared with 1H 2011 and amounted to RUB 938.8 million. Net fee and commission income for 2Q 2011 amounted to RUB 499.7 million (+13.8% compared with 1Q 2011; +17.2% compared with 2Q 2010).
In 1H 2011 the aggregate result from financial markets operations amounted to RUB 540.7 million (-26.5% compared with 1H 2010).
Income before provisions and taxes (excluding gains from investment securities available-for-sale) for 1H 2011 increased by 11.9% compared with 1H 2010 and amounted to RUB 8.6 billion.
Operational expenses increased by 38.0% to RUB 2.7 billion; operational expenses for 2Q 2011 amounted to RUB 1.6 billion (+39.9% compared with 1Q 2011; +44.2% compared with 2Q 2010). The increase was primarily due to higher staff costs as well as costs related to depreciation, repairing and maintaining fixed assets, and IT costs.
Customer accounts totaled RUB 212.2 billion (+5.0% compared with January 1, 2011; +6.1% compared with April 1, 2011). As at July 1, 2011, 64.8% of customer accounts belonged to corporate customers and 35.2% - to individuals. During 1H 2011, the volume of retail customer accounts increased by 3.0%; the volume of corporate customer accounts increased by 6.1%.
As at July 1, 2011, the shareholders equity increased by 13.0% to RUB 32.3 billion compared with January 1, 2011 due to retained earnings. The bank's total capital increased to RUB 39.1 billion (+9.1% compared with January 1, 2011; +4.5% compared with April 1, 2011). As at July 1, 2011, the Bank's Tier 1 and total capital adequacy ratios were 9.7% and 12.5% respectively.
As at July 1, 2011, the loan portfolio before provisions amounted to RUB 218.0 billion (+7.8% compared to January 1, 2011; +2.4% compared with April 1, 2011). Corporate loans constituted 93.5% of the loan book and amounted to RUB 203.7 billion, during 1H 2011 their volume increased by 8.2%, during 2Q 2011 - by 2.7%. Loans to retail customers amounted to RUB 14.3 billion (+1.3% compared with January 1, 2011; ?0.8% compared with April 1, 2011).
As at July 1, 2011, the share of overdue loans in the bank's portfolio amounted to 4.6% of the total volume of loans (5.1% as at January 1, 2011; 5.2% at April 1, 2011). The share of corporate overdue loans amounted to 4.4% of total corporate loans (4.8% as at January 1, 2011; 5.0% as at April 1, 2011); the share of the retail overdue loans amounted to 8.1% of the total retail loans (8.8% as at January 1, 2011; 8.3% as at April 1, 2011). As at April 1, 2011, impaired not past due loans constituted 6.2% of the total volume of loans (5.9% as at January 1, 2011; 6.3% as at April 1, 2011). The rate of provisions for loan impairment decreased to 9.0% from 9.6% as at January 1, 2011. Provision charge steadily declined: 2Q 2011 provision charge decreased by 70.2% to RUB 221 million compared with RUB 741 million for 1Q 2011.
The bank was Russia's 16th largest by assets, according to the Interfax-100 ranking at the end of H1 2011.