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Business news, 14.12.2011 23:03

Bank Saint Petersburg Q3 net profit plummets 52.5 pct to $35.6 mln q/q

Bank Saint Petersburg

Bank Saint Petersburg, one of Russia's top 30 lenders, saw third quarter 2011 net profits fall 52.5 percent quarter-on-quarter to $35.6 million to IFRS, the bank said in a statement on Friday.
Net interest income in July-September 2011 stayed flat at 3.6 billion rubles ($112.5 million) compared with second quarter of 2011.
"The third quarter was not an easy one both for economy and the bank: the financial markets were significantly affected by the situation in Europe and our customers started to feel the financial environment getting worse," bank's Management Board Chairman Alexander Savelyev was quoted in the statement as saying.
Return on assets employed decreased to 13.3 percent in the third quarter of the year from 30.7 percent in the previous quarter as a result of trading losses and increased loan loss impairment charges in the period reported.
The bank's net profit in the first nine months of this year grew 145.1 percent to $175.6 million year-on-year. Net interest income in January-September 2011 stood at $321.9 million, a 14.2 percent increase compared with the same period in 2010.

News source: RIA Novosti

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