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1

BANK SAINT PETERSBURG1H 2011 IFRS Results

September 13, 2011



2

Summary –Bank Saint Petersburg at a glance

22

Regional leaderRegional leader

Focused on North-West

Focused on North-West

Selected financial and operational

results

Selected financial and operational

results

� A leading privately-owned universal bank in St. Petersburg and the Leningrad region� St. Petersburg market share as at July 1, 2011*:

• Assets: 12.3%• Loans: 15.6% - corporate, 4.5% - retail• Deposits: 11.4% - corporate, 8.0% - retail

As at September 1, 2011� Client base: over 1.1 million retail and 35 thousand corporate customers� 36 branches and outlets (primarily in St. Petersburg), 485 ATMs

As at July 1, 2011:

�16th largest bank by assets and 16th by retail deposits among the Russian banks**� Ratings: Moody’s Ba3 (Stable outlook)� Total assets: RUB 292.1 bn (USD 10.5 bn)� Total capital: RUB 39.1 bn (USD 1.4 bn)� Net income: RUB 4.5 bn (USD 161.3 mln)� Cost/Income ratio: 28.8%� ROAE: 29.8%� Total capital adequacy: 12.5%� 2,584 employees

* Association of North-West banks, Bank Saint Petersburg own estimates** Interfax



3

Overview of Key Financials

+29.0%+1.1%4.314.273.34+11.9%8.587.67Revenues**

+17.2%+13.8%0.500.440.43+23.0%0.940.76Net Fee and Commission Income

+2.03 PP

+3.94 PP

+21 BP

q-o-q

+15.1%

+7.7%

q-o-q

+4.5%

+6.1%

+2.4%

+3.4%

q-o-q

30.66%

30.15%

5.21%

2Q 2011

2.41

3.52

2Q 2011

39.14

212.23

217.96

292.06

July 1, 2011

28.63%

26.21%

5.00%

1Q 2011

2.09

3.27

1Q 2011

37.43

200.01

212.75

282.43

Apr. 1, 2011

12.17%

35.52%

5.38%

2Q 2010

0.78

2.99

2Q 2010

33.53

175.23

177.21

239.46

Jul. 1, 2010

+18.49 PP+20.86 PP29.80%8.94%ROAE

25.38%

5.54%

1H 2010

1.13

6.01

1H 2010

35.87

202.17

202.25

272.61

Jan. 1, 2011

28.78%

5.07%

1H 2011

4.50

6.79

1H 2011

39.14

212.23

217.96

292.06

July 1, 2011

+3.40 PP

-47 BP

y-o-y

+298.9%

+11.7%

y-o-y

+9.1%

+5.0%

+7.8%

+7.1%

YTD

-5.37 PP

-17 BP

y-o-y

+209.4%

+17.6%

y-o-y

+16.7%

+21.1%

+23.0%

+22.0%

y-o-yIn RUB bn

Total assets

Gross Loans

Customer Deposits*

Total Capital

Net Interest Income

Net Income

Net Interest Margin

Cost/Income Ratio

33* Customer accounts are calculated as a sum of customer deposits and promissory notes and bills of exchange (other debt securities in issue)

** 1H 2011 and 2Q 2011 revenues calculation: gains from investment securities available for sale in the amount of RUB 879.3 mln are excluded from revenues as one-off



4

Table of contents

44

I. Bank’s market position

II. Financial highlights and business overview

III. Recent developments and prospects



5

12,9%

16,1% 15,6%13,9%

15,7%

11,8% 11,9%11,5% 10,7% 11,4%

YE 2007 YE 2008 YE 2009 YE 2010 1H 2011

Corporate loans Corporate deposits

Sberbank; 19,5%

VTB Group; 14,6%

CIT Finance; 4,6%

International Bank of Saint Petersburg;

3,6%

Baltinvestbank; 3,4%

Others (ca. 140 banks); 31,8%

Bank "Russia"; 9,8%

Bank Saint Petersburg;

12,7%

Strong Franchise

Client base, thouClient base, thou Market share in St. Petersburg as at April 1, 2011: Retail banking*Market share in St. Petersburg as at April 1, 2011: Retail banking*

Market share in St. Petersburg as at April 1, 2011: Corporate banking*Market share in St. Petersburg as at April 1, 2011: Corporate banking*

* Central Bank of Russia, Association of North-West banks, Bank Saint Petersburg own estimates55

Loans, market share as at July 1, 2011*Loans, market share as at July 1, 2011*

581774

9001 000

31

35

3535

1 100

35

2007 2008 2009 2010 1H 2011

Retail Corporate

6,3%7,1%

6,1%5,2%

4,5%

7,8%

9,5% 9,7%8,7%

8,0%

YE 2007 YE 2008 YE 2009 YE 2010 1H 2011

Retail loans Retai l deposits



6

Table of contents

66


II. Financial highlights and business overview




7

18,5

24,2

33,2

39,135,9

January 1, 2008 January 1, 2009 January 1, 2010 January 1, 2011 July 1, 2011

126,7

215,7235,6

272,6292,1

January 1, 2008 January 1, 2009 January 1, 2010 January 1, 2011 July 1, 2011

Financial Highlights, 2010 – 1H 2011

Assets, RUB, bnAssets, RUB, bn

Income dynamics, RUB, mlnIncome dynamics, RUB, mln Income and expenses data*, RUB, mlnIncome and expenses data*, RUB, mln

Capital, RUB, bnCapital, RUB, bn

77

+ 7.1% + 9.1%

* Results calculation: the expenses from recognition of loans granted at below market rates are included in provisions

7 6687 082

8 580

1 944

3 9652 6842 506

1 0991 046

1H 2010 2H 2010 1H 2011

Revenues Operating expenses Provisions

951 939

6 078 5 9476 788

763736

167 541

1H 2010 2H 2010 1H 2011

Net Interest Income Net Fee and Commision Income Net Trading Income



8

Financial Highlights, 2Q 2010 – 2Q 2011

Assets, RUB, bnAssets, RUB, bn

Income dynamics, RUB, mlnIncome dynamics, RUB, mln Income and expenses data*, RUB, mlnIncome and expenses data*, RUB, mln

Capital, RUB, bnCapital, RUB, bn

88* Results calculation: the gains / losses from recognition of loans granted on below market rates are included in provisions

239,5 247,4272,6 282,4

292,1

July 1, 2010 October 1, 2010 January 1, 2011 April 1, 2011 July 1, 2011

33,5 34,5 35,937,4

39,1

July 1, 2010 October 1, 2010 January 1, 2011 April 1, 2011 July 1, 2011

3 520

417 535 439 500

3 2682 9782 9692 993

426 515

49118-150 26

2Q 10 3Q 10 4Q 10 1Q 11 2Q 11

Net Interest Income Net Fee and Commision Income Net Trading Income

3 343 3 513 3 569

4 267 4 312

1 085

1 202 1 3041 119

1 5651 185

998

48673

426

2Q 10 3Q 10 4Q 10 1Q 11 2Q 11

Revenues Operating expenses Provisions



9

Results for 1H 2011

Cost/income and NIMCost/income and NIM Operating expenses, RUB, mlnOperating expenses, RUB, mln

CommentsCommentsNet income dynamics, RUB, mlnNet income dynamics, RUB, mln

99

● Net Income well above the FY 2010 result

● NIM stable

● ROAE well above the target

962 1 192 1 401

721

1 009929261

305354

1H 10 2H 10 1H 11

Staff costs Other administrative and operating expenses

Expenses related to premises and equipment

1 9442 506

2 684

640

4 4954 115

2 009

2 774

29,8%15,3%

2,9%16,4%

20,6%

0

1000

2000

3000

4000

5000

FY 07 FY 08 FY 09 FY 10 1H 11

0,0%

10,0%

20,0%

30,0%

40,0%

Net Income ROAE

40,2%

34,7%

24,6%

30,0% 28,8%

5,1%4,9%

5,2%

6,5%

5,5%

FY 07 FY 08 FY 09 FY 10 1H 11

3,0%

8,0%

Cost/Income NIM



10

Results for 2Q 2011

Cost/income and NIMCost/income and NIM Operating expenses, RUB, mlnOperating expenses, RUB, mln

CommentsCommentsNet income dynamics, RUB, mlnNet income dynamics, RUB, mln

1010

502 638 554 633 768

441420 588 318

611142143

162168

186

2Q 10 3Q 10 4Q 10 1Q 11 2Q 11

Staff costs Other administrative and operating expenses

Expenses related to premises and equipment

1 0851 201 1 304

1 1191 565

1 815

2 4052 090

777

1 173

26,0%28,6% 30,7%

17,9%

12,2%

0,00

1000,00

2000,00

3000,00

2Q 10 3Q 10 4Q 10 1Q 11 2Q 11

0,0%

10,0%

20,0%

30,0%

40,0%

Net Income ROAE

● Key financials are stable for a number of quarters in a row

● Cost/Income Ratio is in line with the Bank’s target

● Deferred payment of RUB 70 mln for the deposit insur ance system is a major growth factor of the other OPEX

32,5%34,2% 35,8%

26,2%30,2%

5,2%5,0%4,7%

5,4%

5,1%

0,0

10,0

20,0

30,0

40,0

2Q 10 3Q 10 4Q 10 1Q 11 2Q 11

3,0%

Cost/Income NIM



11

Average interest rates on the assets side**Average interest rates on the assets side**

Interest Rates and Assets/Liabilities Ratios

Average interest rates on the liabilities side*Average interest rates on the liabilities side*

1111

CommentsCommentsAverage Interest Earning Assets (IEA) and Interest Bearing Liabilities (IBL), RUB, bnAverage Interest Earning Assets (IEA) and Interest Bearing Liabilities (IBL), RUB, bn

* Average liabilities: due to banks, customer accounts including current accounts, debt securities in issue

** Average assets: loans, due from banks, securities portfolio, correspondent accounts

� Interest rates stable on both sides

� Loans to deposits ratio is 93.5% - room for leverage is still in place

6,0%6,0%

11,3%

10,3%

8,7%9,1%

8,4% 9,8%9,0%

7,9% 8,1%5,6%

6,5%

6,1%6,5%8,1%

9,6%

9,8%9,3%9,3%

9,7%9,9% 9,8%

9,0%

7,9%7,2%

4,7%4,7%

8,1% 7,9%

6,9%6,9%

6,1%

7,2%7,4%6,7%

6,0%

5,1% 5,0%

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

Average interest on term corporate deposits Average interest on term retail depositsAverage interest on IBL

161,7178,7

201,8

231,2

253,0265,2 271,2

197,4

216,4

189,0

141,9

173,7

216,3 223,4224,5246,7

254,4

135,3

209,5207,6203,7

179,7

155,8

197,9 196,5

231,3

93,5%

96.3%98,4%

92,3%92,3%

87,4%

99,7%99,2%99,0%100,5%102,8%

94,9%

90,4%

0,0

50,0

100,0

150,0

200,0

250,0

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q1180,0%

Average IEA Average IBL Loans/Deposits Ratio

10,3%10,3%10,3%

14,2% 14,1%

15,0%15,9%

14,8%

12,0%

13,1%

14,5%14,8%

10,8%

9,6%9,4%9,3%

13,2%

14,4%13,7%

13,0%12,7% 12,7% 12,4%11,7%

11,0%

9,9%

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

Average interest rate on loans Average interest rate on IEA



12

Main Factors affected NIM in 2Q 2011

1Q 2011 NIM – 5.00%1Q 2011 NIM – 5.00%

12122Q 2011 NIM – 5.21%2Q 2011 NIM – 5.21%

Average interest rate

Contribution to NIM change:

Retail term deposits + 9 bp

+ 9 bp

Average balance

Contribution to NIM change:

Loans and advances to customers + 16 bp

Trading securities portfolio + 5 bp

Corporate term deposits - 7 bp

+ 14 bp

Other factors - 2 bp



13

Financial Summary (RUB), 2Q 2010 – 2Q 2011

12.08%

1.32%

92.29%

11.05%

32.52%

14.35%

5.38%

0.77

33.53

25.58

213.88

175.23

239.46

157.62

2Q 2010

17.78%

1.91%

98.44%

10.30%

34.21%

13.73%

5.09%

1.17

34.50

26.75

220.68

179.04

247.43

176.25

3Q 2010

26.03%

2.77%

90.43%

9.61%

35.80%

12.96%

4.67%

1.82

35.87

28.56

244.04

202.17

272.61

182.82

4Q 2010

28.63%

3.05%

96.29%

9.48%

26.21%

12.65%

5.00%

2.09

37.43

30.66

251.78

200.01

282.43

192.58

1Q 2011RUB bn 2Q 2011

Loans and Advances to Customers 198.35

Total Assets 292.06

Customer Deposits 212.23

Total Liabilities 259.79

Total Shareholders’ Equity 32.27

Total Capital 39.14

Net profit 2.41

Net Interest margin 5.21%

Capital Adequacy 12.54%

Cost-to-Income ratio 30.15%

Allowance for loan imp. / Gross loans 9.00%

Loans / Deposits 93.46%

ROAA 3.36%

ROAE 30.66%

1313



14

RUB bn 2007 2008 2009 2010 1H 2011

Loans and Advances to Customers 91.73 144.88 158.20 182.82 198.35

Total Assets 126.66 215.72 235.61 272.61 292.06

Customer Deposits 96.15 144.16 181.14 202.17 212.23

Total Liabilities 111.65 196.91 210.32 244.04 259.79

Total Shareholders’ Equity 15.00 18.81 25.28 28.56 32.27

Total Capital 18.51 24.23 33.22 35.87 39.14

Net profit 2.00 2.77 0.64 4.11 4.50

Net Interest margin 5.46% 6.47% 5.22% 4.94% 5.07%

Capital Adequacy 16.41% 14.15% 15.19% 12.96% 12.54%

Cost-to-Income ratio 40.21% 34.66% 24.62% 30.03% 28.37%

Allowance for loan imp. / Gross loans 2.75% 3.88% 9.14% 9.61% 9.00%

Loans / Deposits 95.40% 100.51% 87.36% 90.43% 93.46%

ROAA 2.15% 1.62% 0.28% 1.62% 3.21%

ROAE 20.60% 16.41% 2.90% 15.28% 29.80%

1414

Financial Summary (RUB), 2007 – 2H 2011



15

Loan portfolio and quality

Loan portfolio and allowance for loan impairmentLoan portfolio and allowance for loan impairment Loan portfolio by sector, July 1, 2011Loan portfolio by sector, July 1, 2011

CommentsComments

Provision charge (RUB mln)* and problem loans**, %Provision charge (RUB mln)* and problem loans**, %

1515

� Loan portfolio growth in 1H 2011:Before provisions: +7.8% compared with January 1, 2 011After provisions: +8.5% compared with January 1, 20 11

� As at July 1, 2011:- Corporate overdue loans – 4.37% (4.80% as at Januar y 1, 2011)- Retail overdue loans – 8.12% (8.77% as at January 1 , 2011)

� RUB 776 mln of the loan portfolio written off in 1H 2011

* Provision charge calculation: the losses / gains on loans granted at below market rates are included in provision charge** Ratios for April 1, July 1, and October 1, 2009 are ratios for restructured loans; overdue loans include the whole principle of loan at least one day overdue

Construction

13,6%

Trade

12,9%

Financial serv ices

10,8%

Production and f ood

industry

5,2%

Transport

4,2%

Gov ernment

f inanced

4,6%

Indiv iduals

6,5%

Heav y machinery

and ship-building

15,1%

Real estate

9,3%

Oil and gas

6,7%

Other

8,2%Health and

entertainment

2,9%

218,0212,8202,3196,5

155,2 159,4174,1 178,1 177,2

9,0%9,5%9,6%10,3%

11,1%10,4%

9,1%

7,3%8,5%

0

30

60

90

120

150

180

210

Jul 1, 09 Oct. 1, 09 Jan 1, 09 Apr 1, 10 Jul 1, 10 Oct 1, 10 Jan 1, 11 Apr 1, 11 Jul 1, 11

RU

B b

n

0

2

4

6

8

10

12

14

(%)

Loan portfolio Allowance for impairment / Gross loans

3 086

2 384 2 305

2 737 2 780

42667348998

1 185 4,6%5,2%5,1%

5,8%

8,6%7,4%

6,9%

7,5%

4,5%

7,1% 6,2%6,3%5,9%5,9%

6,3%7,1%

7,9%

6,6%

6,7%

6,9%

0

1000

2000

3000

Apr 1, 09 Jul 1, 09 Oct. 1, 09 Jan 1, 09 Apr 1, 10 Jul 1, 10 Oct 1, 10 Jan 1, 11 Apr 1, 11 Jul 1, 110

5

10

15

Provision charge Overdue loans / Gross loans

Impaired not past due* / Gross loans



16

Assets and liabilities structure

Assets structure, July 1, 2011Assets structure, July 1, 2011 Liabilities structure, July 1, 2011Liabilities structure, July 1, 2011

1616

Loans and advances to customers

67,9%

Securities portfolio17,2%

Cash & cash equivalents

4,8%

Amounts receivable under reverse repurchase agreements

1,6%

Due from other banks1,2%

Fixed and other assets7,3% Customer accounts

(corporates); 47,1%

Customer accounts (individuals);

25,6%

Shareholders' equity; 11,0%

Capital markets; 9,6%

Due to other banks; 6,2% Other; 0,5%



17

Corporate bonds60,6%Municipal bonds

12,6%

Corporate Eurobonds11,1%

Federal local bonds10,0%

Corporate shares5,6%

Trading securities portfolio

Securities portfolio*, July 1, 2011Securities portfolio*, July 1, 2011 Securities portfolio*, January 1, 2011Securities portfolio*, January 1, 2011

1717

● Conservative approach to risk:

- 90%+ of the debt securities belong to the CBR Lomb ard list;

- 90% of the debt securities portfolio is rated on p ar or above the Bank’s rating:

- 70% of the debt securities are BBB- and above rated

- 20% of the debt securities are BB- and above rated

● Average duration is 1.5 years

● No exposure to securities of foreign issuers

* Securities portfolio includes trading securities and trading securities pledged under sale and repurchase agreements

CommentsComments

Corporate bonds61,6%

Municipal bonds13,8%

Federal local bonds11,5%

Corporate Eurobonds8,3%

Corporate shares2,7%

Russian Federation Eurobonds

2,2%



18

16,4%

14,1%15,2%

13,0% 12,5%12,3%

9,7%10,7%

9,6% 9,7%

YE 2007 YE 2008 YE 2009 YE 2010 1H 2011

Total Capital ratio Tier 1 Capital ratio

97,9

162,0 177,0222,8

26,9

33,6

206,99,7

5,2

55,743,0

32,1

9,5

4,0

5,1

YE 2007 YE 2008 YE 2009 YE 2010 1H 2011

RWA - banking book RWA - trading book RWA - off-balance-sheet

Capital and funding

Capital adequacy*, %Capital adequacy*, % Repayment schedule for 2011-2014, USD, mlnRepayment schedule for 2011-2014, USD, mln

CommentsComments

1818

Risk-weighted assets (RWA)*, RUB, bnRisk-weighted assets (RWA)*, RUB, bn

112,7

171,2218,6

276,8

� Additional ordinary shares issue in the pipeline; e xpected capital adequacy after the placement:Tier 1: 11.1-11.4%Total capital adequacy: 13.4-13.1%

� Further revaluation of c. 3% stake in the MICEX is a factor

312,1

263

436

147

78

2011 2012 2013 2014



19

Table of contents

1919


II. Financial highlights




20

� New HQ launched

� New share issue – exactly as planned:- September 10 – the last day of pre-emptive rights execution- The issue is to be registered with the CBR in October 2011

2020

Recent developments and prospects



21

Presentation team

2121

All information for the investors is available on t he Bank’s web site: http://en.bspb.ru/204/Contact information:

E-mail: [email protected]: +7 (812) 332 78 36

Tatiana OreshkinaHead of IR

Konstantin NoskovDirector, International Finance and Financial Institutions

Konstantin BalandinDeputy Chairman of the Management Board

1h 2011 presentation - Банк Санкт-Петербург · strong franchise client base,...

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