FY 2010 Presentation - bspb.ru · • Loans: 16.1% - corporate, 5.2% - retail • Deposits: 11.9% -...

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1

BANK SAINT PETERSBURGFY 2010 IFRS Results

March 24, 2011



2

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 privately-owned universal bank in St. Petersburg and the Leningrad region� St. Petersburg market share as at January 1, 2011*:

• Assets: 12.0%• Loans: 16.1% - corporate, 5.2% - retail• Deposits: 11.9% - corporate, 8.7% - retail

As at January 1, 2011� Client base: over 1 million retail and 35 thousand corporate customers� 36 branches and outlets (primarily in St. Petersburg), 468 ATMs

As at January 1, 2011:

�16th largest bank by assets and 14th by retail deposits among the Russian banks**� Ratings: Moody’s Ba3 (Stable outlook)� Total assets: RUB 272.6 bn (USD 9.0 bn)� Total capital: RUB 35.9 bn (USD 1.2 bn)� Net income: RUB 4.1 bn (USD 135.6 mln)� Cost/Income ratio: 30.0%� ROAE: 15.3%� Total capital adequacy: 13.0%� 2,432 employees

* Association of North-West banks, Bank Saint Petersburg own estimates** Interfax



3

RUB 1.8 bn (USD 59.8 mln) for 4Q10 RUB 4.1 bn (USD 135 .6 mln) for FY10+ 54.7% compared with 3Q 2010 + 542.6% compared wit h FY 2009+ 394.8% compared with 4Q09

Q-o-Q / Jan 1, 2011 – Oct 1, 2010 Y-o-Y

Net IncomeNet Income

AssetsAssets

Total capitalTotal capital

Loan portfolioLoan portfolio

Customer deposits*Customer deposits*

Cost/Income Ratio for 4Q10 – 35.8% Cost/Income Ratio for FY10 – 30.0%ROAE for 4Q10 – 26.0% ROAE for FY10 – 15.3% Capital Adequacy as at January 1, 2011 – 13.0%

Key ratiosKey ratios

RUB 202.3 bn (USD 6.7 bn)+ 2.9% compared with Oct 1, 2010 + 16.2% compared wit h Jan 1, 2010

RUB 202.2 bn (USD 6.7 bn)+ 12.9% compared with Oct 1, 2010 + 11.6% compared wi th Jan 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 272.6 bn (USD 9.0 bn)+ 10.2% compared with Oct 1, 2010 + 15.7% compared wi th Jan 1, 2010

RUB 35.9 bn (USD 1.2 bn)+ 4.0% compared with Oct 1, 2010 + 8.0% compared with Jan 1, 2010

Key indicators

33



4

FY 2010 Highlights

44

� Increased competition put pressure on margins:

Bank’s NIM decreased to 4.9% from 5.2%

� Asset quality turnaround point:

overdue loans decreased to 5.1% from 7.4%

� Strong revenues and record net profit: RUB 4.1 bn fo r FY 2010

� Impressive market capitalization growth in 2010: +1 05.6%

� Provisioning burden eased and ROAE is back to norma l



5

Table of contents

55

I. Bank’s market position

II. Financial highlights and business overview

III. Recent developments and prospects



6

Sberbank18,8%

Bank "Russia"10,5%

Baltinvestbank3,2%

CIT Finance5,2%

Others35,3% (ca. 140

banks)

Bank Saint Petersburg

14,2%

VTB Group12,8%

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 estimates66

Loans, market share as at January 1, 2011*Loans, market share as at January 1, 2011*

3,5%

6,3%7,1%

6,1%5,2%

6,0%

7,8%

9,5% 9,7%8,7%

YE 2006 YE 2007 YE 2008 YE 2009 YE 2010

Retail loans Retail deposits

9,7%

15,7% 16,1%

13,9%12,9%11,9%11,5%11,9%11,8%

8,9%

YE 2006 YE 2007 YE 2008 YE 2009 YE 2010

Corporate loans Corporate deposits

451581

774900

26

31

35

35

1 000

35

2006 2007 2008 2009 2010

Retail Corporate



7

Table of contents

77


II. Financial highlights and business overview




8

6,5

18,5

24,2

35,933,2

YE 2006 YE 2007 YE 2008 YE 2009 YE 2010

60,6

126,7

215,7235,6

272,6

YE 2006 YE 2007 YE 2008 YE 2009 YE 2010

Financial Highlights, 2006 - 2010

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

88

+ 15.7% + 8.0%

* FY 2010 results calculation: the loss on loans granted at below market rates in the amount of RUB 525 mln is included in provisions.

2 715

4 668

9 50310 421

12 024

575 889 1386 1489103

1715903

247 393

2810

FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

Net Interest Income Net Fee and Commision Income Net Trading Income

3 581

6 040

11 112

15 192

4 450

14 750

3 7733 8522 429

1 529

5 010

10 512

3 3961 007

484

FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

Revenues Expenses Provisions



9

33,2 33,1 33,5 34,5 35,9

January 1, 2010 April 1, 2010 July 1, 2010 October 1, 2010 January 1, 2011

Financial Highlights – 2010, q-o-q

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

99

235,6 232,1 239,5 247,4

272,6

January 1, 2010 April 1, 2010 July 1, 2010 October 1, 2010 January 1, 2011

* 4Q 2010 results calculation: the loss on loans granted at below market rates in the amount of RUB 525 mln is included in provisions

2 978

337 426 417 535

3 057 3 085 2 993 2 969

430

49

702886

-150118

4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010

Net Interest Income Net Fee and Commision Income Net Trading Income

4 491 4 325

3 343 3 513 3 569

1 194859

2 737 2 780

1 3041 2021 085

48

9981 185

4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010

Revenues Operating expenses Provisions



10

1 7062 154

1 5341 730

533

566

FY 2009 FY 2010

Staff costs Other administrative and operating expenses

Expenses related to premises and equipment

Results for FY 2010

Cost/income and NIMCost/income and NIM Operating expenses, RUB, mlnOperating expenses, RUB, mln

CommentsCommentsNet income dynamics, RUB, mlnNet income dynamics, RUB, mln

1010

● Record FY Net Income

● Strong revenues generation

● Margins under pressure

4 4503 773

2 0001 190640

4 115

2 773

30,5%

20,6% 16,4%

2,9%

15,3%

0

1000

2000

3000

4000

5000

FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

0,0%

10,0%

20,0%

30,0%

40,0%

Net Income ROAE

30,0%

42,7% 40,2%

34,7%

24,6%

4,9%5,2%6,5%

5,5%6,7%

FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

-2,0%

3,0%

8,0%

13,0%

Cost/Income NIM



11

539 460 502638 554

519

280441

420

136

119 588

162143

142

4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010

Staff costs Other administrative and operating expenses

Expenses related to premises and equipment

Results for 4Q 2010

Cost/income and NIM, %Cost/income and NIM, % Operating expenses, RUB, mlnOperating expenses, RUB, mln

Net income dynamics, RUB, mlnNet income dynamics, RUB, mln

1111

1 3051 194

8591 085

1 201

CommentsComments

● Record quarterly net profit

● 4Q 2010 key ratios approach long term targets (ROAE -more than 20%; Cost/Income Ratio - around 30-35%)

771

1 816

1 173

367 350

12,20%

17,9%

26,0%

5,60%6,6%

-300

700

1700

2700

4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 0,0%

10,0%

20,0%

30,0%

Net Income ROAE

35,8%34,2%

19,9%32,5%25,8%

4,7%5,1%

5,4%5,6% 5,6%

0,0

10,0

20,0

30,0

40,0

4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010

4,0%

4,5%

5,0%

5,5%

6,0%

Cost/Income NIM



12

10,8%

14,8% 14,5%

13,1%

12,0%

14,8%

15,9%

15,0%

14,1%14,2%

10,3%

9,9%

11,0%11,7%

12,4%12,7%12,7% 13,0%13,7%

14,4%

13,2%

9,3%

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Average interest rate on loans Average interest rate on IEA

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**

1212

CommentsCommentsAverage Interest Earning Assets (IEA) and Interest Bearing Liabilities (IBL), RUB, bnAverage 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

� Downward trend on both sides of the balance sheet

� Loans to deposits ratio is 90%

11,3%

10,3%

8,7%9,1%

8,4% 9,8%9,0%

7,9% 8,1%6,6%

6,5%

8,1%

9,6% 9,8%9,3%9,3%

9,7%9,9% 9,8%9,0%

7,9%7,2%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

Average interest on term corporate deposits Average interest on term retail depositsAverage interest on liabilities

161,7178,7

201,8

231,2

253,0

197,4216,4

224,5 223,4216,3

173,7

141,9

189,0

231,3

196,5197,9

155,8

179,7

203,7207,6 209,5

135,3

90,4%

94,9%

102,8%100,5% 99,0% 99,2% 99,7%

87,4%

92,3% 92,3%

98,4%

0,0

50,0

100,0

150,0

200,0

250,0

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

80,0%

Average IEA Average IBL Loans/Deposits Ratio



13

Main Factors affected NIM in 4Q 2010

3Q 2010 NIM – 5.09%3Q 2010 NIM – 5.09%

13134Q 2010 NIM – 4.67%4Q 2010 NIM – 4.67%

Average interest rate

Contribution to NIM change:

Loans - 34 bp

Retail term deposits + 15 bp

- 19 bp

Average balance

Contribution to NIM change:

Loans + 30 bp

Corporate term deposits - 19 bp

Retail term deposits - 7 bp

Bonds in issue - 12 bp

- 8 bp

Other factors - 15 bp



14

Financial Summary, FY 2006 – FY 2010

RUB bn FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

Loans and Advances to Customers 39.73 91.73 144.88 158.20 182.82

Total Assets 60.58 126.66 215.72 235.61 272.61

Customer Deposits* 47.51 96.15 144.16 181.14 202.17

Total Liabilities 56.07 111.65 196.91 210.32 244.04

Total Shareholders’ Equity 4.51 15.00 18.81 25.28 28.56

Total Capital 6.51 18.51 24.23 33.22 35.87

Net profit 1.19 2.00 2.77 0.64 4.11

Net Interest margin 6.70% 5.46% 6.47% 5.22% 4.94%

Capital Adequacy 12.77% 16.41% 14.15% 15.19% 12.96%

Cost-to-Income ratio 42.60% 40.21% 34.66% 24.62% 30.03%

Allowance for loan imp. / Gross loans 3.88% 2.74% 3.88% 9.14% 9.61%

Loans / Deposits 83.62% 95.40% 100.51% 87.36% 90.43%

ROAA 2.61% 2.15% 1.62% 0.28% 1.62%

ROAE 30.50% 20.60% 16.41% 2.90% 15.28%

1414

Notes: Total capital: calculated as the sum of shareholders’ equity and subordinated loansNet Interest margin: calculated as net interest income divided by the average interest earning assets (loans, due from banks, nostro accounts and securities portfolio)Cost-to-Income: calculated as operating expenses divided by operating income (before provision charge)ROAA: calculated as net income divided by the average total assets (sum of opening and closing total assets divided by 2)ROAE: calculated as net income divided by the average equity (sum of opening and closing equity divided by 2)

* Customer accounts are calculated as a sum of customer deposits and promissory notes and bills of exchange (other debt securities in issue)



15

Financial Summary (RUB), q-o-q, 4Q 2009 – 4Q 2010

6.58%

0.64%

87.36%

9.14%

25.83%

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 2010

12.08%

1.32%

92.29%

11.05%

32.52%

14.35%

5.38%

0.77

33.53

25.58

213.88

175.23

239.46

157.62

2Q 2010

17.78%

1.91%

98.44%

10.30%

34.21%

13.73%

5.09%

1.173

34.50

26.75

220.68

179.04

247.43

176.25

3Q 2010RUB bn 4Q 2010

Loans and Advances to Customers 182.82

Total Assets 272.61

Customer Deposits* 202.17

Total Liabilities 244.04

Total Shareholders’ Equity 28.56

Total Capital 35.87

Net profit 1.815

Net Interest margin 4.67%

Capital Adequacy 12.96%

Cost-to-Income ratio 35.80%

Allowance for loan imp. / Gross loans 9.61%

Loans / Deposits 90.43%

ROAA 2.77%

ROAE 26.03%

1515



16

95% 91% 89% 92% 93%

65% 66% 65% 66% 64%

YE 2006 YE 2007 YE 2008 YE 2009 YE 2010

Corporate loans Corporate deposits

Corporate versus retail banking

Share of corporates in total loans/deposits, %Share of corporates in total loans/deposits, %

CommentsComments

Customer deposits dynamics in 2006 – 2010, RUB bnCustomer deposits dynamics in 2006 – 2010, RUB bn

1616

Corporate banking� 35,000 corporate customers as at January 1, 2011� Bank-Client system is used by 17,000 customers

Retail business� Rapidly expanding retail customer base: over 1 million retail customers as at January 1, 2011� The number of cards exceeded 700,000� Internet-Bank – 78,000 users

Retail loans portfolio structure, January 1, 2011, %Retail loans portfolio structure, January 1, 2011, %

Mortgage loans55%

Loans to VIP customers

29%

Car loans5%Other loans

to individuals11%

31,9

65,9

95,1

120,4129,8

15,630,2

49,060,7

72,4

YE 2006 YE 2007 YE 2008 YE 2009 YE 2010

Corporate deposits Retail deposits



17

Trade12,7%

Construction12,1%

Real estate10,7%

Indiv iduals7,0%

Food industry5,8%

Gov ernment f inanced

4,8%

Transport3,8%

Heav y machinery and ship-building

14,2%

Financial serv ices

8,6%

Oil and gas7,4%

Other9,9%

Sports and entertainment

3,0%

3 086

2 384 2 305

2 737 2 780

1 185

998 48

7,1%

4,5%

7,5%

6,9%

7,4%8,6%

5,8%5,1%

6,9%

6,7%

6,6%

7,9%

7,1%6,3%

5,9% 5,9%

0

1000

2000

3000

1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 20100

5

10

15

Provision charge Overdue loans / Gross loans

Impaired not past due* / Gross loans

Loan portfolio and quality

Loan portfolio and allowance for loan impairmentLoan portfolio and allowance for loan impairment Loan portfolio by sector, January 1, 2011Loan portfolio by sector, January 1, 2011

CommentsComments

Provision charge (RUB mln)** and problem loans, %Provision charge (RUB mln)** and problem loans, %

1717

� Loan portfolio growth in 2010:Before provisions: +16.2% compared with January 1, 2010After provisions: +15.6% compared with January 1, 2 010

� Provision charge going down steadily following the improvement of the loan portfolio quality

� As at January 1, 2011:- Corporate overdue loans – 4.80% (7.11% as at Januar y 1, 2010)- Retail overdue loans – 8.77% (10.07% as at January 1, 2010)

� 0.48% (RUB 961.9 mln) of the loan portfolio written off in FY 2010

* Ratios for April 1, July 1, and October 1, 2009 are ratios for restructured loans ** 4Q 2010 results calculation: the loss on loans granted at below market rates in the amount of RUB 525 mln is included in provisions

202,3196,5177,2

150,0 155,2 159,4174,1 178,1

9,6%

6,0%7,3%

8,5%9,1%

10,4%11,1% 10,3%

0,00

30,00

60,00

90,00

120,00

150,00

180,00

210,00

Apr 1, 09 Jul 1, 09 Oct. 1, 09 Jan 1, 09 Apr 1, 10 Jul 1, 10 Oct 1, 10 Jan 1, 11

RU

B b

n

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

(%)

Loan portfolio Allowance for impairment / Gross loans



18

Assets and liabilities structure

Assets structure, January 1, 2011Assets structure, January 1, 2011 Liabilities structure, January 1, 2011Liabilities structure, January 1, 2011

1818

Other; 0,4%Due to other banks; 4,2%

Capital markets; 10,8%

Shareholders' equity; 10,5%

Customer accounts

(individuals); 26,6%

Customer accounts

(corporates); 47,6%

Loans and advances to customers

67,1%

Fixed and other assets6,8%

Amounts receivable under reverse repurchase agreements

3,1%

Due from other banks4,5%Cash & cash

equivalents4,8%

Securities portfolio13,7%



19

Securities portfolio

Securities portfolio*, January 1, 2011Securities portfolio*, January 1, 2011 CommentsComments

1919

● Conservative approach to risk:

- 90%+ of the debt securities belong to the CBR Lomb ard list;

- 89% of the debt securities portfolio is rated on p ar or above the Bank’s rating:

- 67% of the debt securities are BBB- andabove rated

- 22% of the debt securities are BB- and above rated

● Average duration is 1.5 years

* Securities portfolio includes trading securities, trading securities pledged under sale and repurcha se agreements, investment securities available-for-sale and investment securities held-to-maturity

Corporate bonds61,3%Municipal bonds

13,6%

Russian Federation Eurobonds

2,2%

Corporate shares3,4%

Corporate Eurobonds8,2%

Federal local bonds11,3%



20

44,3

97,9

162,0206,9

9,5

26,9

177,0

5,2

32,1

43,0

9,7

4,9

1,8

5,1

4,0

YE 2006 YE 2007 YE 2008 YE 2009 YE 2010

RWA - banking book RWA - trading book RWA - off-balance-sheet

51

Capital and funding

Capital adequacy, %Capital adequacy, % Repayment schedule for 2011-2014, USD, mlnRepayment schedule for 2011-2014, USD, mln

CommentsComments

2020

Risk-weighted assets (RWA)*, RUB, bnRisk-weighted assets (RWA)*, RUB, bn

113

171219

276,8

� Capital adequacy is back to pre-crisis level

� Local bonds issues:- April, 2010: RUB 5 bn (coupon rate – 8.1% p.a.)- September, 2010: RUB 5 bn (coupon rate – 7.5% p.a.)- December, 2010: RUB 3 bn (coupon rate – 8.5% p.a.)

� August, 2010 – USD 55 mln club syndicated loan

� November, 2010 – USD 65 mln loan from the EBRD

12,8%

16,4%14,1%

15,2%13,0%

9,6%10,7%9,7%

12,3%

7,9%

YE 2006 YE 2007 YE 2008 YE 2009 YE 2010

Total Capital ratio Tier 1 Capital ratio

113,0

67,0

216,0

269,0

2011 2012 2013 2014



21

Table of contents

2121


II. Financial highlights




22

Recent Developments & Prospects

2222

� A new share issue is an option in 2H 2011

� Corporate actions in 1H 2011:

March 10, 2011 – the record date

March 24, 2011 – the Bank’s Supervisory Board recomm endeddividends for FY 2010:RUB 0.11 on 1 ordinary share: total sum of dividends - RUB 31.0 mlnRUB 0.11 on 1 preference share: total sum of dividends - RUB 2.2 mlnRUB 11.66 on 1 type A preference share: total sum of dividends - RUB 760.4 mlnTotal: RUB 793.6 mln

April 28, 2011 – the Bank’s Annual General Sharehold ers Meeting

June 14, 2011 – Dividend payments start

* Paid in RUB at the official exchange rate quoted by the CBR for the date of the dividends recommendation made by the Bank’s Supervisory Board



23

Presentation team

2323

All information for the investors is available on t he Bank’s web site: http://en.bspb.ru/204/Contact information:

E-mail: [email protected]: +7 (812) 332 78 36

Tatiana OreshkinaHead of IR

Konstantin NoskovDirector, International Finance and Financial Institutions

Konstantin BalandinDeputy Chairman of the Management Board

FY 2010 Presentation - bspb.ru · • Loans: 16.1% - corporate, 5.2% - retail • Deposits: 11.9% -...

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Transcript of FY 2010 Presentation - bspb.ru · • Loans: 16.1% - corporate, 5.2% - retail • Deposits: 11.9% -...