S&P upgrades International Bank of Saint Petersburg

RIA NOVOSTI. International rating agency Standard & Poor’s has raised its long-term credit rating on International Bank of Saint Petersburg by a notch from B- to B, a stable outlook, the agency said in a press release, RIA Novosti wired.

The bank’s short-term rating was affirmed at C, and the national scale rating was upgraded from ruBBB to ruBBB+.

The agency’s rating action was driven by substantial improvements in the indicators, using which the agency forecasts risks faced by an institution. In particular, such indicators include loans issued to related parties and the concentration of the largest borrowers.

The lending institution’s 1H 2012 IFRS net profit climbed 35% y-o-y to Rub 153 mln. The lender’s first-half net operating income amounted to Rub 1.03 bln, up 11.7% y-o-y. As of June 30, 2012 the bank’s capital totaled Rub 3.94 bln (an increase of 10.4% compared to January 1, 2012). The lender’s equity jumped after the issue of additional shares, which was wrapped up this February.

The lending institution’s assets amounted to Rub 47.80 bln in January — June 2012. The bulk of the bank’s assets falls to the credit portfolio. Loans issued (excluding reserves) to the clients as of June 30, 2012 equaled Rub 27.76 bln. As of June 30, 2012 the bank’s securities portfolio totaled Rub 8.13 bln.

During the first six months of 2012 funds drawn from customers amounted to Rub 35.85 bln. Most of the funds raised were provided by businesses.