Bank Saint Petersburg, one of Russia's top 30 banks by assets, posted a first quarter IFRS net profit of 2.1 billion rubles ($75.81 million), up 500 percent on the same period last year.
That exceeded a forecast of analysts polled by RIA Novosti who expected the bank's Q1 net financial result to hit 1.734 billion rubles.
The bank's net interest income in the first quarter grew 5.9 percent to 3.3 billion rubles year-on-year, the bank said.
The bank's loan portfolio increased 5.2 percent compared with January 1, 2011, to 212.8 billion rubles, while first quarter return on equity totaled 28.6 percent.
"It was a good quarter for the bank. We managed to increase our loan portfolio, which is a rare case for the beginning of the year; our net interest margin improved. For the second quarter in a row we are breaking our earnings records. We are happy with the return on equity which looks comfortably above 20 percent meaning the business is back to normal," said Alexander Savelyev, chairman of the bank's management board.
MOSCOW, June 9 (RIA Novosti)