Net profit of bank "St.-Petersburg 'IFRS for the year grew by 38%

At the end of 2008 consolidated net profit of bank "St. Petersburg" by International Financial Reporting Standards (IFRS) amounted to almost 2.8 billion rubles. ($ 94.4 million - a rate of 29.39 rubles. For $ 1), an increase of 38% compared to 2007. This is evidenced by these consolidated financial statements under IFRS. The main factors were two-fold increase in profit growth in interest income and increased volumes of business. Bank assets grew by 70% and amounted to 215.7 billion rubles. ($ 7.3 billion), own funds rose by a quarter - to 18.8 billion rubles. ($ 639.8 million). Net interest income of bank "St.-Petersburg" has increased by 104% and amounted to 9.5 billion rubles. ($ 323.3 million). Net interest margin (NIM) for the bank in 2008 increased by percentage points to 6,5%, compared with 5.5% for 2007. The main factors of growth of net interest income and NIM was the increase in loan portfolio and rising interest rates on loans. In 2008, the Bank continued to develop as a universal bank and increase its market share in target regions - St. Petersburg and Leningrad region. The proportion of the bank in the market of corporate loans increased to 13.9% (from 12.9% in 2007), corporate deposits - up to 11,8% (from 10.5%) market share of retail loans increased to 7.1% (from 6.3%) in the market of retail deposits - up to 9.5% (from 7.8%). The ratio of costs to income has decreased by 5.5 percentage points from 40.2% to 34.7%. Operating expenses for 2008 increased by 59% to 3.9 billion rubles. As in previous years, most of the operating costs represent the costs of personnel - 54%. Customer for the year grew by 50% - up to 144.2 billion rubles. . At the end of 2008, 66% were corporate clients, 34% - means natural persons. Loans and advances to customers increased by 58% to 144.8 billion rubles. Loans to corporate clients account for 89% of the loan portfolio in 2008, they increased by 54% to 128.6 billion rubles. Credit natural persons increased by 96% to 16.3 billion rubles. At the end of 2008 the share of overdue loans stood at 0.73% of total loans (end of 2007 - 0.25%). Impairment of loans without the delay of the payment amount to 5.8% of the total loan portfolio. The amount of write-offs of bad debts in 2008 was insignificant - 121.8 million rubles., Representing 0.13% of the loan portfolio at the beginning of 2009. In response to the deteriorating economic situation and the negative forecasts for 2009, the Bank has increased the level of impairment provision of loans to 3.88% compared to 2.75% at December 31, 2007. Bank "Saint Petersburg" - the largest bank of North-West region of Russia - serves more than 774 thousand individuals, and 35 thousand companies in 36 branches and offices in St. Petersburg, Moscow, Kaliningrad and Nizhny Novgorod.