Russia’s Bank St Petersburg approves 1H24 dividend

By bne IntelliNews September 19, 2024

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).

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Russian T-Bank to fully integrate merged Rosbank

Russia’s only pure online bank T-Bank (former Tinkoff, controlled by TCS Holding) will fully integrate its peer Rosbank after ... more

Moscow “hopes” Putin visit to Turkey is upcoming, report speculates Kremlin leader wants to make trip accompanied by Russian fighter jets

Kremlin spokesman Dmitry Peskov said on September 11 that Moscow hopes Russian President Vladimir Putin can pay a visit to Turkey for talks with Turkish President Recep Tayyip Erdogan once ... more

Russia looks to further expand influence in Africa through fresh Kremlin-controlled campaign

Russia is intensifying its influence campaign in Africa through a newly established media organisation called the African Initiative, which has taken over structures left by the disbanded Wagner ... more

Follow Us On

Most Read

  1. Hungary acted as front for China in extending €500mn loan to North Macedonia
    6 days ago
  2. Jihadists “in full swing” preparing “new September 11”, warns Afghanistan expert
    6 days ago
  3. Russia mulls uranium export ban to US as latter considers Ukraine missile use permission
    5 days ago
  4. Shocking findings show Kazakh company keeps Russian warplanes in air by sourcing French avionics, investigations NGO says
    6 days ago
  5. Former Lithuanian premier Andrius Kubilius appointed first EU defence commissioner
    1 day ago
  1. Possible record heat index of 82.2°C reported in southern Iran
    21 days ago
  2. Russia’s new war middle class
    27 days ago
  3. Have lab-grown diamonds changed the diamond industry forever?
    22 days ago
  4. Russia overtakes Japan to become the fourth largest economy in the world in PPP terms
    3 months ago
  5. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    5 months ago

Reports

Dismiss