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.
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