Earnings Report /
Russia

Bank St Petersburg: 2Q21 IFRS results – Moderately positive

  • Bank St Petersburg (BSPB RX: O/W; TP RUB60) reported its 2Q21 IFRS results

  • Considering the credit quality trends in BSPB, we might expect the downward correction of the CoR guidance

  • After 39% rally YTD, the stock trades at 0.35x P/TBV 2021F, being nearly at par with last 5Y avg. multiple.

Evgeniy Kipnis
Evgeniy Kipnis

Senior Banking/Consumer Analyst

Alfa
25 August 2021
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