Bank St. Petersburg 2009 earnings to fall 75% - consensus forecast
MOSCOW. April 6 (Interfax) - Bank St. Petersburg will see net profit in 2009 decline 75% to 694 million rubles under International Financial Reporting Standards (IFRS), down from 2.774 billion rubles in 2008, analysts said in a consensus forecast.
Net interest income will rise 7.5% to 10.212 billion rubles, up from 9.502 billion rubles in 2008, they said. Operating income will fall 41% to 4.538 billion rubles.
Bank assets will total 233.138 billion rubles as of the end of 2009, an increase of 8% for the year.
The loan portfolio increased 9.9% to 165.581 billion rubles.
The bank added 2.129 billion rubles to reserves in the fourth quarter, according to the forecast, 7.7% less than in the third quarter last year, 2.307 billion rubles.
Bank St. Petersburg will publish IFRS results for 2009 on Wednesday, April 7.
The analyst forecasts for Bank St. Petersburg in 2009 are presented in the table below (mln rubles):
| Investment bank | Net profit | Net interest income | Operating income | Assets | Loan portfolio | Reserves* |
| JP Morgan | 645 | 10201 | 4370 | 229988 | 163864 | 2218 |
| Deutsche Bank | 527 | 10349 | - | 240100 | 179000 | 3288 |
| Metropol | 664 | 10268 | 4398 | 237480 | 161031 | 2209 |
| Alfa Bank | 727 | 10272 | 5485 | 226049 | 166914 | 1789 |
| VTB Capital | 642 | 10119 | 4270 | 212496 | 159276 | 1827 |
| Sovlink | 886 | 10534 | 4668 | 227595 | 162782 | 1850 |
| Bank of Moscow | 620 | 9679 | 4463 | 240000 | 162449 | 2514 |
| Troika Dialog | 612 | 10232 | 4331 | 237074 | 164856 | 2249 |
| Renaissance Capital | 630 | 10309 | - | 250086 | 176258 | 2296 |
| Uralsib | 1071 | 10253 | - | - | - | 1650 |
| KIT Finance | 614 | 10114 | 4317 | 230514 | 159380 | 1526 |
| Consensus | 694 | 10212 | 4538 | 233138 | 165581 | 2129 |
| 2008, actual | 2774 | 9503 | 7697 | 215715 | 150724 | 2307 |
| Change,% | -75% | +7.5% | -41% | +8% | +9.9% | -7.7% |
* The increase in the loan loss reserves is for the fourth quarter compared with the third quarter.
Bank St. Petersburg posted a net profit of 273.5 million rubles in the first nine months of 2009 under IFRS, a decline of over 85%. The total includes a profit of 322.2 million rubles in the third quarter.
Net interest income rose 11% year-on-year to 7.364 billion rubles in the nine months.
Bank assets totaled 217.466 billion rubles as of October 1, 2009, an increase of 0.8% compared with the beginning of the year.
Bank St. Petersburg was the 17th biggest Russian bank by assets according to the Interfax-100 list as of the end of 2009.
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