The shareholders of Bank Saint Petersburg approved a 1H24 dividend of RUB27.26 per ordinary share and RUB0.22 per preference share.
The total amount of funds earmarked for dividends is a record RUB12.2 bn (50% of 1H24 IFRS net profit), and making a dividend yield of 7.2% to the current price, according to the estimates by Renaissance Capital.
The payment could lead to a reduction in capital adequacy of about 1.4 percentage points, which is not critical as the indicator was at “an impressive” 21.4% on N1.0 basis as of end-July.
As followed by bne IntelliNews, the bank's profit for 2023 overall amounted to RUB47.3bn, flat year on year and making an ROE of 30%. BSPB posted net profit under Russian Accounting Standards (RAS) in 2Q24 and 1H24 of RUB10.5bn and RUB24.9bn respectively, down by 22% y/y and 12% y/y and implying returns on equity of 23% and 28%.
RenCap also reminds that BSBP is a beneficiary of key rate hikes in July and September due to its balance sheet structure (emphasis on corporate lending at floating rates and a high share of current accounts).
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