Download - Bank Saint Petersburg 1H2011 IFRS Results
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BANK SAINT PETERSBURG
1H 2011 IFRS Results
September 13, 2011
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Summary –
Bank Saint Petersburg at a glance
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Regional leader
Focused on
North-West
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
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Overview of Key Financials
In RUB bn Jan. 1, 2011 July 1, 2011 YTD Jul. 1, 2010 Apr. 1, 2011 July 1, 2011 q-o-q y-o-y
Total assets 272.61 292.06 +7.1% 239.46 282.43 292.06 +3.4% +22.0%
Gross Loans 202.25 217.96 +7.8% 177.21 212.75 217.96 +2.4% +23.0%
Customer Deposits* 202.17 212.23 +5.0% 175.23 200.01 212.23 +6.1% +21.1%
Total Capital 35.87 39.14 +9.1% 33.53 37.43 39.14 +4.5% +16.7%
1H 2010 1H 2011 y-o-y 2Q 2010 1Q 2011 2Q 2011 q-o-q y-o-y
Net Interest Income 6.01 6.79 +11.7% 2.99 3.27 3.52 +7.7% +17.6%
Net Fee and Commission
Income 0.76 0.94 +23.0% 0.43 0.44 0.50 +13.8% +17.2%
Revenues** 7.67 8.58 +11.9% 3.34 4.27 4.31 +1.1% +29.0%
Net Income 1.13 4.50 +298.9% 0.78 2.09 2.41 +15.1% +209.4%
1H 2010 1H 2011 y-o-y 2Q 2010 1Q 2011 2Q 2011 q-o-q y-o-y
Net Interest Margin 5.54% 5.07% -47 BP 5.38% 5.00% 5.21% +21 BP -17 BP
Cost/Income Ratio 25.38% 28.78% +3.40 PP 35.52% 26.21% 30.15% +3.94 PP -5.37 PP
ROAE 8.94% 29.80% +20.86 PP 12.17% 28.63% 30.66% +2.03 PP +18.49 PP
3 * 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
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Table of contents
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I. Bank’s market position
II. Financial highlights and business overview
III. Recent developments and prospects
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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, thou Market share in St. Petersburg as at April 1, 2011: Retail 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 estimates
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Loans, market share as at July 1, 2011*
581
774900
1 000
31
35
35
35
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 Retail deposits
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Table of contents
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I. Bank’s market position
II. Financial highlights and business overview
III. Recent developments and prospects
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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
272,6
292,1
January 1, 2008 January 1, 2009 January 1, 2010 January 1, 2011 July 1, 2011
Financial Highlights, 2010 – 1H 2011
Assets, RUB, bn
Income dynamics, RUB, mln Income and expenses data*, RUB, mln
Capital, RUB, bn
7
+ 7.1% + 9.1%
* Results calculation: the expenses from recognition of loans granted at below market rates are included in provisions
951 939
6 078 5 947
6 788
763736
167541
1H 2010 2H 2010 1H 2011
Net Interest Income Net Fee and Commision Income Net Trading Income
7 6687 082
8 580
1 944
3 9652 6842 506
9661 046
1H 2010 2H 2010 1H 2011
Revenues Operating expenses Provisions
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Financial Highlights, 2Q 2010 – 2Q 2011
Assets, RUB, bn
Income dynamics, RUB, mln Income and expenses data*, RUB, mln
Capital, RUB, bn
8 * 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 34,535,9
37,439,1
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 0851 185
1 202 1 304
1 119
1 565
998
48
673293
2Q 10 3Q 10 4Q 10 1Q 11 2Q 11
Revenues Operating expenses Provisions
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Results for 1H 2011
Cost/income and NIM Operating expenses, RUB, mln
Comments Net income dynamics, RUB, mln
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● Net Income well above the FY 2010 result
● NIM stable
● ROAE well above the target
9621 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
1 944 2 506
2 684
640
4 495
4 115
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
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Results for 2Q 2011
Cost/income and NIM Operating expenses, RUB, mln
Comments Net income dynamics, RUB, mln
10
502638 554 633
768
441420 588 318
611142143
162
168
186
2Q 10 3Q 10 4Q 10 1Q 11 2Q 11
Staff costs Other administrative and operating expenses
Expenses related to premises and equipment
1 085 1 201
1 304 1 119
1 565
1 815
2 405
2 090
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 insurance
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
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Average interest rates on the assets side**
Interest Rates and Assets/Liabilities Ratios
Average interest rates on the liabilities side*
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Comments Average 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 deposits
Average interest on IBL
161,7
178,7
201,8
231,2
253,0265,2
271,2
197,4
216,4
189,0
141,9
173,7
216,3 223,4224,5
246,7254,4
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 2Q11
80,0%
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
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Main Factors affected NIM in 2Q 2011
1Q 2011 NIM – 5.00%
12 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
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Financial Summary (RUB), 2Q 2010 – 2Q 2011
RUB bn 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011
Loans and Advances to Customers 157.62 176.25 182.82 192.58 198.35
Total Assets 239.46 247.43 272.61 282.43 292.06
Customer Deposits 175.23 179.04 202.17 200.01 212.23
Total Liabilities 213.88 220.68 244.04 251.78 259.79
Total Shareholders’ Equity 25.58 26.75 28.56 30.66 32.27
Total Capital 33.53 34.50 35.87 37.43 39.14
Net profit 0.77 1.17 1.82 2.09 2.41
Net Interest margin 5.38% 5.09% 4.67% 5.00% 5.21%
Capital Adequacy 14.35% 13.73% 12.96% 12.65% 12.54%
Cost-to-Income ratio 32.52% 34.21% 35.80% 26.21% 30.15%
Allowance for loan imp. / Gross loans 11.05% 10.30% 9.61% 9.48% 9.00%
Loans / Deposits 92.29% 98.44% 90.43% 96.29% 93.46%
ROAA 1.32% 1.91% 2.77% 3.05% 3.36%
ROAE 12.08% 17.78% 26.03% 28.63% 30.66%
13
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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%
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Financial Summary (RUB), 2007 – 2H 2011
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Loan portfolio and quality
Loan portfolio and allowance for loan impairment Loan portfolio by sector, July 1, 2011
Comments
Provision charge (RUB mln)* and problem loans**, %
15
Loan portfolio growth in 1H 2011:
Before provisions: +7.8% compared with January 1, 2011
After provisions: +8.5% compared with January 1, 2011
As at July 1, 2011:
- Corporate overdue loans – 4.37% (4.80% as at January 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%
218,0212,8
202,3196,5
155,2 159,4
174,1 178,1 177,2
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
293673
48998
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, 11
0
5
10
15
Provision charge Overdue loans / Gross loans
Impaired not past due* / Gross loans
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Assets and liabilities structure
Assets structure, July 1, 2011 Liabilities structure, July 1, 2011
16
Loans and advances
to customers
67,9%
Securities portfolio
17,2%
Cash & cash
equivalents
4,8%
Amounts receivable
under reverse
repurchase
agreements
1,6%
Due from other banks
1,2%
Fixed and other
assets
7,3% 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%
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Corporate bonds
60,6%Municipal bonds
12,6%
Corporate Eurobonds
11,1%
Federal local bonds
10,0%
Corporate shares
5,6%
Trading securities portfolio
Securities portfolio*, July 1, 2011 Securities portfolio*, January 1, 2011
17
● Conservative approach to risk:
- 90%+ of the debt securities belong to the CBR Lombard list;
- 90% of the debt securities portfolio is rated on par 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
Comments
Corporate bonds
61,6%Municipal bonds
13,8%
Federal local bonds
11,5%
Corporate Eurobonds
8,3%
Corporate shares
2,7%
Russian Federation
Eurobonds
2,2%
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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
162,0 177,0
222,8
26,9
33,6
206,99,7
5,2
55,7
43,0
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*, % Repayment schedule for 2011-2014, USD, mln
Comments
18
Risk-weighted assets (RWA)*, RUB, bn
112,7
171,2
218,6
276,8
Additional ordinary shares issue in the pipeline; expected
capital adequacy after the placement:
Tier 1: 11.1-11.4%
Total capital adequacy: 13.1-13.4%
Further revaluation of c. 3% stake in the MICEX is a factor
312,1
263
436
147
78
2011 2012 2013 2014
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Table of contents
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I. Bank’s market position
II. Financial highlights
III. Recent developments and prospects
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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
20
Recent developments and prospects
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22 21