Bank Saint Petersburg reports record net income, announces dividend increase
Bank Saint Petersburg, one of Russia's largest financial institutions, has reported record net income for the first half of 2023.
The bank's net income for the period was RUB 10.2 billion (US$139 million), a 22% increase compared to the same period last year. The bank's total assets also increased by 15% to RUB 560 billion (US$7.6 billion).
Bank Saint Petersburg's strong financial performance was driven by a number of factors, including a rise in net interest income, increased fee and commission income, and gains from trading activities.
The bank's net interest income increased by 25% to RUB 4.8 billion (US$66 million) in the first half of 2023. This growth was primarily due to an increase in the bank's loan portfolio and a decrease in its cost of funds.
Fee and commission income also increased by 18% to RUB 2.6 billion (US$35 million) in the first half of 2023. This growth was primarily due to an increase in the bank's fee income from its investment banking and asset management businesses.
In addition to its strong financial performance, Bank Saint Petersburg also announced that it will be increasing its dividend payout to shareholders for the first half of 2023. The bank will pay a dividend of RUB 2.5 per share, which is a 25% increase compared to the dividend paid for the first half of 2022.
Bank Saint Petersburg's strong financial performance and dividend increase are a positive sign for the bank's future. The bank is well-positioned to continue to grow its business and provide value to its shareholders.
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