Bank St. Petersburg increases net profit 49% to 2.1 bln rubles in 2010
MOSCOW. Jan 28 (Interfax) - Bank St. Petersburg posted a net profit of 2.097 billion rubles in 2010 under Russian accounting standards, an increase of 49% over the net profit of 1.407 billion rubles in 2009, the bank said in its earnings report.
The net profit in the fourth quarter was 1.915 billion rubles, compared with a net loss of 82.2 million rubles in the third quarter.
The bank said the profit was due to higher interest income, rising revenue on forex operations, higher commission income and a smaller loan provisioning expense.
Bank chief Alexander Savelyev owns 29.9% of ordinary shares. He also has a 19.36% stake in System Technologies, which owns 19.36% of Bank St. Petersburg shares. The free float is 25.54%.
Bank St. Petersburg was the 17th biggest Russian bank by assets according to the Interfax-100 list as of the end of the third quarter of 2010.
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