Russia’s Bank Saint Petersburg shows 29% ROE in 1Q24

By bne IntelliNews May 21, 2024

Russia’s Bank Saint Petersburg posted RUB13bn ($144mn) net profit in 1Q24 (down 11% year on year, but up 13% quarter on quarter), making a return on equity (ROE) of 29%.

As followed by bne IntelliNews, the bank's profit for 2023 overall amounted to RUB47.3bn, flat y/y, and making an ROE of 30%. In May 2024 the bank announced dividend of RUB23.37 per common share and RUB0.22 per preferred share for 2023.

Renaissance Capital wrote on May 20 that the bank estimates the impact of the dividend payment on capital adequacy at 1.2 percentage points. Total capital adequacy increased by 0.7 pp to 21.2% as of end of 1Q24. 

Bank St Petersburg also updated its 2024 outlook, forecasting loan portfolio growth of 10% (due to the corporate segment mostly), operating expenses/income ratio of 31% and return on equity above 20%.

In 1Q24 the loan book grew by 3%. Net interest income was up by 53% y/y and net fee and commission income declined by 25% y/y on lower volume of currency transactions.

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