bank saint petersburg 1h 2010 ifrs resultsstrong franchise client baseclient base market share in...
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BANK SAINT PETERSBURG1H 2010 IFRS Results
September 13, 2010
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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 private universal bank in St. Petersburg and the Leningrad region� St. Petersburg market share as at July 1, 2010*:
• Assets: 12.5%• Loans: 15.1% - corporate, 5.7% - retail• Deposits: 11.2% - corporate, 9.3% - retail
As at September 1, 2010� Client base: over 987,000 retail and 34,900 corporate customers� 36 branches and outlets (primarily in St. Petersburg), 472 ATMs
As at July 1, 2010:
�16th largest bank by assets and 14th by retail deposits among the Russian banks**� Ratings: Moody’s Ba3 (Negative outlook)� Total assets: RUB 239.5 bn (USD 7.7 bn)� Total capital: RUB 33.5 bn (USD 1.1 bn)� Net income: RUB 1.1 bn (USD 36.1 mln)� Gross loans: RUB 177.2 bn (USD 5.7 bn)� Customer accounts: RUB 175.2 bn (USD 5.6 bn)� Cost/Income ratio: 25.4%� Total capital adequacy: 14.9%� 2,308 employees
* Association of North-West banks, Bank Saint Petersburg own estimates** Interfax
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RUB 1.1 bn (USD 36.1 mln) versusRUB - 48.7 mln for 1H 2009 (USD -1.6 mln)
July 1, 2010 – January 1, 2010 July 1, 2010 – July 1, 2009
Net IncomeNet Income
AssetsAssets
Total capitalTotal capital
Loan portfolioLoan portfolio
Customer accounts*Customer accounts*
Cost/Income Ratio – 25.4%Capital Adequacy – 14.9%
Key ratiosKey ratios
RUB 177.2 bn (USD 5.7 bn)+ 1.8% compared with Jan 1, 2010 + 14.2% compared with July 1, 2009- 0.5% compared with Apr 1, 2010
RUB 175.2 bn (USD 5.2 bn)- 3.3% compared with Jan 1, 2010 + 20.7% compared with July 1, 2009+ 1.3% compared with Apr 1, 2010
* Customer accounts are calculated as a sum of customer deposits and promissory notes and bills of exchange (other debt securities in issue)
RUB 239.5 bn (USD 7.9 bn)+ 1.6% compared with Jan 1, 2010 + 11.9% compared wit h July 1, 2009+ 3.2% compared with Apr 1, 2010
RUB 33.5 bn (USD 1.1 bn)+ 0.9% compared with Jan 1, 2010 + 35.0% compared wit h July 1, 2009+ 7.7% compared with Apr 1, 2010
Key indicators
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Strong Franchise
Client baseClient base Market share in St. Petersburg: Retail banking*Market share in St. Petersburg: Retail banking*
Market share in St. Petersburg: Corporate banking*Market share in St. Petersburg: Corporate banking*
* Central Bank of Russia, Association of North-West banks, Bank Saint Petersburg own estimates44
Loans: market share as at July 1, 2010*Loans: market share as at July 1, 2010*
451581
774900
26
31
35
35
987
35
2006 2007 2008 2009 September 1,2010
Retail Corporate
9,7%
12,9%
15,7% 15,1%13,9%
11,2%11,5%11,9%11,8%
8,9%
YE 2006 YE 2007 YE 2008 YE 2009 July 1, 2010
Corporate loans Corporate deposits
3,5%
6,3%7,1%
6,1% 5,7%6,0%
7,8%
9,5% 9,7% 9,3%
YE 2006 YE 2007 YE 2008 YE 2009 July 1, 2010
Retail loans Retail deposits
Sberbank20,6%
VTB Group14,0%
Others39,5%
Bank "Russia"6,0%
Bank Saint Petersburg
13,5%CIT Finance
6,4%
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Financial Highlights
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
55
4 222
2 889
3 590
4 491 4 326
3 343
823 847 9091194
859
3 086
2 384 2 3052 737 2 780
10851 185
1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010
Income before tax, provisions and operating expenses Operating expenses Provisions
3 085 2 993
326 373 359 430 337 426
1 283
319641 699 886
2 305 2 285
2 7743 057
-155
1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010
Net Interest Income Net Fee and Commision Income Net Trading Income
214,0217,5
235,6232,1
239,5
July 1, 2009 October 1, 2009 January 1, 2010 April 1, 2010 July 1, 2010
26,4 27,4
33,2 33,1 33,5
July 1, 2009 October 1, 2009 January 1, 2010 April 1, 2010 July 1, 2010
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Results for 2Q 2010
Cost/income and NIMCost/income and NIM Operating expenses, RUB mlnOperating expenses, RUB mln
Net income dynamics, RUB mlnNet income dynamics, RUB mln
66
367
771
350
-289
322
12,1%
5,6%6,6%6,8%
-6,2%
-300
700
1700
2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010-10,0%
0,0%
10,0%
20,0%
Net Income ROAE
323 435 539 460 502
395346
519
280441128 128142
119
136
2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010
Expenses related to premises and equipment
Other administrative and operating expenses
Staff costs
846 9091 194
8591 08519,9%
32,5%
27,5%25,3%29,3%
5,5%
4,9%
5,6% 5,6%
5,4%
0,0
10,0
20,0
30,0
40,0
2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010
4,5%
5,0%
5,5%
6,0%
Cost/Income NIM
CommentsComments
● NIM stable
● Provision charge decreased from RUB 2.8 bn in 1Q 201 0 to RUB 1.2 bn in 2Q 2010
● Trading income is down due to the volatile markets
● ROAE recovering gradually
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Results for 1H 2010
Cost/income and NIMCost/income and NIM Operating expenses, RUB mlnOperating expenses, RUB mln
CommentsCommentsNet income dynamics, RUB mlnNet income dynamics, RUB mln
77
● Strong revenues generation – RUB 7.7 bn for 1H 2010
● Net interest income is a key source of income
● Cost/income ratio consistently low
25,4%
42,7% 40,2%
34,7%
25,1%
5,5%5,2%6,5%
5,5%6,7%
FY 2006 FY 2007 FY 2008 FY 2009 1H 2010
-2,0%
3,0%
8,0%
13,0%
Cost/Income NIM
2 0001 190
640
1 122
2 77330,5%
20,6%16,4%
2,9%8,9%
0
1000
2000
3000
FY 2006 FY 2007 FY 2008 FY 2009 1H 2010
0,0%
10,0%
20,0%
30,0%
40,0%
Net Income ROAE
732 974 962
668866 721
269
264261
1H 2009 2H 2009 1H 2010
Expenses related to premises and equipment
Other administrative and operating expensesStaff costs
1 6692 104
1 945
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Interest Rates and Assets/Liabilities Ratios
Average interest rates on the liabilities side*Average interest rates on the liabilities side* Average interest rates on the assets side**Average interest rates on the assets side**
88
CommentsCommentsAverage IEA and IBL (RUB bn) Average IEA and 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
� Pre-crisis level of interest rates on the asset and liabilities side reached
� Interest rate on retail deposits flat due to struct ure change (RUB / FX shift)
� Loans / Deposits Ratio leaves room for more leverag e
141,9
173,7
189,0
221,4
197,9211,3
178,7
123,8
161,7
201,8
224,5216,3
116,7
207,6203,7196,5
155,8
135,3
179,7
197,4
92,3%92,3%
87,4%
99,7%99,2%99,0%100,5%102,8%
94,9%
102,4%
0,0
50,0
100,0
150,0
200,0
1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010
80,0%
Average IEA Average IBL Loans/Deposits Ratio
12,3%
14,2% 14,1%
15,0%
15,9%
13,1%
14,5%14,8%14,8%
12,0%
14,4%
13,7%
13,0%12,7%
11,0%
13,2%12,7%
12,4%
11,7%
11,0%
1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010
Average interest rate on loans Average interest rate on IEA
10,3%
8,4%
7,8%
8,7%9,1%
11,3%
9,8%
9,0%
7,9% 8,1%
9,3%
8,1%
9,6%
9,3%9,2%9,8%9,8% 9,9% 9,7%
9,0%
6,9%
8,1%
6,9%
6,1%6,1%
7,4%7,9%
7,2%6,7%
6,0%
1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010
Average interest on term corporate deposits Average interest on term retail deposits
Average interest on liabilities
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Main Factors affected NIM in 2Q 2010
1Q 2010 NIM – 5.57%1Q 2010 NIM – 5.57%
992Q 2010 NIM – 5.38%2Q 2010 NIM – 5.38%
Average interest rate
Contribution to NIM change:
Loans - 84 bp
Due to banks + 55 bp
Retail term deposits + 17 bp
- 12 bp
Average balance
Contribution to NIM change:
Retail term deposits - 8 bp
Corporate customer accounts +38 bp
Other debt securities in issue - 8 bp
Bonds in issue - 14 bp
+ 8 bp
Other factors -15 bp
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Financial Summary (RUB), 2006 – 1H 2010
1010* Customer accounts are calculated as a sum of customer deposits and promissory notes and bills of exchange (other debt securities in issue)
RUB bn 2006 2007 2008 2009 1H 2010
Loans and Advances to Customers 39.73 91.73 144.88 158.20 157.62
Total Assets 60.58 126.66 215.72 235.61 239.46
Customer Accounts* 47.51 96.15 144.16 181.14 175.23
Total Liabilities 56.07 111.65 196.91 210.32 213.88
Total Shareholders’ Equity 4.51 15.00 18.81 25.28 25.58
Total Capital 6.51 18.51 24.23 33.22 33.53
Net profit 1.19 2.00 2.77 0.64 1.12
Net Interest margin 6.70% 5.46% 6.47% 5.22% 5.57%
Capital Adequacy 12.77% 16.41% 14.15% 15.19% 14.35%
Cost-to-Income ratio 42.60% 40.20% 34.66% 25.08% 19.86%
Provisions / Gross loans 3.88% 2.74% 3.88% 9.14% 11.05%
Loans / Deposits 83.62% 95.40% 100.51% 87.36% 92.29%
ROAA 2.61% 2.15% 1.62% 0.28% 0.95%
ROAE 30.50% 20.60% 16.41% 2.90% 8.89%
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Financial Summary (RUB), q-o-q, 2Q 2009 – 2Q 2010
-6.16%
-0.54%
99.16%
7.29%
29.31%
13.83%
4.90%
-0.29
26.39
18.61
195.43
145.22
214.00
143.90
2Q 2009
6.81%
0.59%
99.69%
8.54%
25.33%
14.08%
5.45%
0.32
27.35
18.93
198.53
146.23
217.47
145.77
3Q 2009
6.58%
0.64%
87.36%
9.14%
27.49%
15.19%
5.61%
0.37
33.22
25.28
210.32
181.14
235.61
158.20
4Q 2009
5.57%
0.61%
92.29%
10.37%
19.86%
14.35%
5.57%
0.35
33.15
25.63
206.44
172.95
232.08
159.61
1Q 2010RUB bn 2Q 2010
Loans and Advances to Customers 157.62
Total Assets 239.46
Customer Accounts* 175.23
Total Liabilities 213.88
Total Shareholders’ Equity 25.58
Total Capital 33.53
Net profit 0.77
Net Interest margin 5.38%
Capital Adequacy 14.35%
Cost-to-Income ratio 32.47%
Provisions / Gross loans 11.05%
Loans / Deposits 92.29%
ROAA 1.31%
ROAE 12.08%
1111* Customer accounts are calculated as a sum of customer deposits and promissory notes and bills of exchange (other debt securities in issue)
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Loan portfolio and quality
Loan portfolio and provisionsLoan portfolio and provisions Loan portfolio by sector, July 1, 2010Loan portfolio by sector, July 1, 2010
CommentsCommentsProvision charge (RUB mln) and problem loans, %Provision charge (RUB mln) and problem loans, %
1212
� Loan portfolio growth in 1H 2010:Before provisions: +1.8% compared with January 1, 2 010After provisions: -0.4% compared with January 1, 20 10
� As at July 1, 2010:- Corporate overdue loans – 6.82% (7.11% as at Januar y 1, 2010)- Retail overdue loans – 10.68% (10.07% as at January 1, 2010)
� 0.16% (RUB 286 mln) of the loan portfolio written o ff in 1H 2010
� Provision charge decreased from RUB 2.8 bn in 1Q 201 0 to RUB 1.2 bn in 2Q 2010
* Ratios for all dates except Jan 1, Apr 1, and Jul y 1, 2010 are ratios for restructured loans
177,2178,1174,1159,4155,2150,0
11,1%10,4%
9,1%8,5%
7,3%6,0%
0,00
30,00
60,00
90,00
120,00
150,00
180,00
1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010
RU
B b
ln
0,0
2,0
4,0
6,0
8,0
10,0
12,0
(%)
Loan portfolio Provisions / Gross loans
Other7,2%
Gov ernment f inanced
3,1%Transport
3,2%
Chemical industry4,0%
Sport4,2%
Oil and gas4,8%
Food industry5,2%
Financial serv ices
7,7%
Indiv iduals
8,2% Real estate9,9%
Construction
12,8%
Heav y machinery
and ship-building14,5%
Trade
15,2%
3 086
2 384 2 305
2 737 2 780
1 185
7,1%
4,5%
7,5%
6,9%
7,4%8,6%
6,9%
6,7%
6,6%
7,9%
7,1%6,3%
0
1000
2000
3000
1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 20100
5
10
15
Provisions Overdue loans / Gross loans Impaired not past due* / Gross loans
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Assets and liabilities structure
Assets structure, July 1, 2010Assets structure, July 1, 2010 Liabilities structure, July 1, 2010Liabilities structure, July 1, 2010
1313
Comments Comments
� Loans to deposit ratio - 92%
� Balance structure is back to the pre-crisis one
Loans and advances to
customers; 65,8%
Securities portfolio; 11,5%
Fixed and other assets; 11,6%
Cash & cash equivalents; 7,3%
Amounts receivable under reverse
repurchase agreements; 3,3%
Due to other banks; 8%
Capital markets; 8%
Shareholders' equity; 11%
Customer accounts
(individuals); 27%
Customer accounts
(corporates); 46%
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Capital and funding
Capital adequacy, %Capital adequacy, % Repayment schedule for 2010-2013, USD mlnRepayment schedule for 2010-2013, USD mln
CommentsComments
1414
12,8%
16,4%14,1%
15,2% 14,9%
10,5%10,7%9,7%
12,3%
7,9%
YE 2006 YE 2007 YE 2008 YE 2009 July 1, 2010
Total Capital ratio Tier 1 Capital ratio
8,638,5
254,1
54,2
2010 2011 2012 2013
Risk-weighted assets, RUB bnRisk-weighted assets, RUB bn
44,3
97,9
162,0178,8
9,5 11,2
177,0
5,2
32,1 35,0
9,7
4,91,8
5,1
4,0
YE 2006 YE 2007 YE 2008 YE 2009 1H 2010
Risk weighted assets - banking book Risk weighted assets - trading book
Risk weighted off-balance-sheet assets
51
113
171
219 225
� Capital adequacy comfortable
� Dividends for 2009:- dividends on the ordinary and preferred stock - in line with the
previous periods (RUB 33.2 mln);- dividends on the type A preferred stock – according to the Bank’s
Charter (RUB 829 mln)
� April, 2010 – RUB 5 bn bonds issue (coupon rate – 8.1 % annually)
� August, 2010 – USD 55 mln club syndicated loan attrac ted
� September 10, 2010: RUB bond book building started
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Presentation team
Konstantin BalandinDeputy Chairman of the Management Board
Konstantin NoskovDirector, International Finance and Financial Institutions
1515
All information for the investors is available on the Bank’s web site: http://en.bspb.ru/194/Contact information:E-mail: [email protected]: +7 (812) 332 78 36
Tatiana OreshkinaHead of IR