Bank Sankt-Peterburg Q2 2026: NII decline moderates, but profit falls 38.8% y/y

Bank Sankt-Peterburg reported Q2 2026 net interest income of RUB 18,223 mln (-6.6% y/y) and net profit of RUB 5,580 mln (-38.8% y/y). The NII decline was broadly stable versus the -7.2% y/y seen in H1 2026, i.e. revenue growth did not accelerate or decelerate materially; profit, however, deteriorated sharply, with the Q2 net margin on equity falling to 2.6% (5,580/218,353) from 4.3% a year earlier (9,125/212,872).

Q2 2026 vs Q2 2025: headline y/y growth

What drove the result

The profit decline was far steeper than the NII decline, pointing to pressure below the revenue line — likely higher provisioning and/or lower non-interest income — though the data provided do not break these out. Sequentially, net profit fell from RUB 10,911 mln in Q1 2026 to RUB 5,580 mln in Q2 2026, a 48.9% q/q drop, while NII was essentially flat (18,367 mln to 18,223 mln, -0.8% q/q). Equity dipped to RUB 218,353 mln from RUB 227,827 mln at Q1 2026, consistent with a weak quarterly result and/or distributions.

Key figures (RUB mln unless stated)

Outlook

The trend is one of stabilising revenue but deteriorating earnings quality: NII growth has hovered around -7% to -8% y/y for three consecutive periods (Q1 2026 -7.8%, H1 2026 -7.2%, Q2 2026 -6.6%), while net profit growth has been deeply negative and volatile (Q1 2026 -29.7%, H1 2026 -33.1%, Q2 2026 -38.8%). With no guidance or consensus figures provided, the key watch items are the cost of risk and non-interest income, which must be absorbing the gap between a mid-single-digit NII decline and a near-40% profit decline. A sustained recovery in quarterly profit toward the Q1 2026 level would be needed to restore the run-rate implied by FY 2025 net profit of RUB 37,847 mln.