One of the most undervalued banks — Bank St. Petersburg, reported on the results for the first half of IFRS.
📃 In the first half of the year, net interest income after the creation of reserves reached almost 9 billion, an increase of the year by 24.5%, and net commission income increased by 24.7% y / y to 4.2 billion. Profit only in half , 2 billion rubles! With the general capitalization of the Bank at 34 billion. At the same time, the Bank has a pronounced cyclical interest in interest income — in 3 and 4th quarter it is higher than in the first second second. This is explained by the fact that at the beginning of the year there are many non-working days and low economic activity, and in the second half, especially under the New Year, everyone is in a hurry to carry out operations until the tax period ended.
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Thus, we wait for the second strong half a year and the profit is no worse than in the first. According to the results of 2021, BSP can receive 15 billion net profit, 20% pay for dividends.
In addition to dividends, the Bank holds a reverse ransom of shares at a price of 75 rubles per piece, until October.
❗️ Current fair price for Bank St. Petersburg ~ 120 rubles