Bank Sankt-Peterburg's Q2 net profit fell 38.8% YoY, yet margin stayed above 30%

In Q2 2026, Bank Sankt-Peterburg earned RUB 5,580 million in net profit, down 38.8% YoY. Net interest income fell 6.6% to RUB 18,223 million. Despite the decline, net margin stood at 30.6% versus 46.8% in Q2 2025.

Key figures, RUB bn

What the report showed and what's behind it

In Q2 2026, Bank Sankt-Peterburg's net profit was RUB 5,580 million, down 38.8% YoY. Net interest income fell 6.6% to RUB 18,223 million. This continues the trend: in Q1 2026, the decline was more pronounced at -7.8% for net interest income. Over the trailing twelve months (LTM), net profit reached RUB 29,686 million and net interest income RUB 74,900 million.

Quarterly dynamics: NII, % YoY

Margins and costs

Net margin in Q2 2026 was 30.6%, notably lower than 46.8% a year earlier. The margin decline reflects costs growing faster than revenues. Still, a level above 30% remains high for the banking sector. Over the last twelve months, return on equity (ROE) was 10.0%.

Debt, cash flow, capex

The Q2 2026 report does not disclose operating cash flow, capital expenditures, or net debt. Therefore, an assessment of leverage and cash generation is not possible from available data. We await further disclosures in the next report.

Valuation and what to watch next quarter

The current P/E LTM multiple is 3.53, which looks low. Dividend yield for the last twelve months is 13.44%. Market capitalization stands at RUB 104,670.5 million. In the next report, the key will be the trend in net interest income: if the decline continues at around 6-8% YoY, it will pressure profits. Also important is a recovery in margins and the appearance of cash flow data.

Valuation on the latest reported figures