Bank Saint Petersburg posts 9M 2010 net income of 2.3 billion roubles

Russian bank, Bank Saint Petersburg, has posted a 9M 2010 net income of 2.3 billion roubles under IFRS.

The bottom line is up 740.9% year on year, with net interest income rising 22.8% year on year to 9 billion roubles, net fee and commission income increasing 11.5% year on year to 1.2 billion roubles, and assets rising 5%from January 1 2010 to 247.4 billion roubles.The bank’s loan portfolio increased 12.9% in the reporting period to 196.5 billion roubles, with overdue loans falling to 5.8% of the loan portfolio, compared with7.1% as at July 1, 2010.Bank Saint Petersburg also added that the 3Q 2010 net income of 1.2 billion roubles marked a historic high quarterly result, up 50.9% quarter on quarter and 264% year on year, with Alexander Savelyev, Chairman of the Management Board, saying it was a clear sign of the recovery.“We are satisfied with the third quarter results. We restarted the growth with all key efficiency ratios moving closer to the target range. Moreover the third quarter was marked with the record quarterly result in the Bank’s history: 1.2 billion roubles. We believe that the worst is behind us and look positively into the future.”