The shareholders of Bank Saint Petersburg approved a 1H24 dividend of RUB27.26 per ordinary share and RUB0.22 per preference share.
The total amount of funds earmarked for dividends is a record RUB12.2 bn (50% of 1H24 IFRS net profit), and making a dividend yield of 7.2% to the current price, according to the estimates by Renaissance Capital.
The payment could lead to a reduction in capital adequacy of about 1.4 percentage points, which is not critical as the indicator was at “an impressive” 21.4% on N1.0 basis as of end-July.
As followed by bne IntelliNews, the bank's profit for 2023 overall amounted to RUB47.3bn, flat year on year and making an ROE of 30%. BSPB posted net profit under Russian Accounting Standards (RAS) in 2Q24 and 1H24 of RUB10.5bn and RUB24.9bn respectively, down by 22% y/y and 12% y/y and implying returns on equity of 23% and 28%.
RenCap also reminds that BSBP is a beneficiary of key rate hikes in July and September due to its balance sheet structure (emphasis on corporate lending at floating rates and a high share of current accounts).
Related Articles
Caught between growth-driven Putin and cautious CBR, Russian government could raise VAT
Russia’s President Vladimir Putin convened an economic cabinet meeting for the second time in a month amid growing concerns over the country's faltering economic momentum, as reported by RBC ... more
Drones strike Russia’s largest oil port of Primorsk
More than 30 Ukrainian drones targeted Russia’s biggest oil terminal of Primorsk overnight on September 11–12, The Moscow Times reported on September 12. A pumping station caught fire as a ... more
Russia’s central bank cuts key rate by 100bp to 17% in cautious move, defies calls for deeper easing
The board of the Central Bank of Russia (CBR) at the policy meeting of September 12 resolved to cut the key interest rate by 100 basis points from 18% to 17%, according to the regulator’s press ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
23 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago