Top dividend payer in the Russian banking sector Bank Saint Petersburg posted a 19% year-on-year increase in net IFRS profit to RUB15.5bn ($214.3mn) for 1Q25, supported by a robust net interest margin and accelerating retail lending, according to the financial results released by the bank.
BSPB’s net interest margin remained high at 7.3%, aided by the unchanged key rate and an increased share of low-cost funding, including current accounts and equity, Renaissance Capital commented.
Commission income rose 4% year on year, while operating expenses fell 4% y/y, bringing the cost-to-income ratio down to 22%.
RenCap analysts expect dividends of RUB31.7 and RUB27.6 for 1H25 and 2H25 respectively, the forecasted total dividend yield at 16%.
As followed by bne IntelliNews, the bank posted a record net IFRS profit of RUB50.8bn ($570mn) in 2024, with a return on equity (RoE) of 27%.
Bank Saint Petersburg’s board has previously recommended a dividend of RUB29.72 per common share for 2H24, expected to reduce capital adequacy by 1.4 percentage points after the payout in May, Renaissance Capital analysts remind.
Related Articles
Russian bomber crashes in Mali amid escalating conflict
A Russian-built Su-24M bomber operated by the Africa Corps crashed into the Niger River near Gao, Mali, shortly after an armed confrontation with separatist forces, representing a significant setback ... more
Russia to deepen ties with Africa in defence and investment, says Putin's spokesman
Russia intends to expand its cooperation with African countries significantly, placing particular emphasis on economic investment and security collaboration, Presidential Press Secretary Dmitry ... more
Putin to visit Tehran soon as Russia plans $8bn Iran investment
Russian President Vladimir Putin will visit Tehran soon as Moscow commits to $8bn investment in Iranian gas projects, Iran's ambassador to Russia said. Kazem Jalali told Iranian and ... more