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Annual Report 2017 ANNUAL REPORT 2017 10th Anniversary of IPO BANK SAINT PETERSBURG AT A GLANCE 50 000 1 930 000 Corporate customers Individual customers incl. 48 000 Internet Bank users incl. 960 000 Internet Bank users Assets Kaliningrad RUB bn 1 branch and 5 offices 607 3% of loans th 3% of deposits St. Petersburg 16 in Russia 58 offices 74% of loans 90% of deposits Moscow Novosibirsk 1 branch and 1 office Representative office Retail 24% of loans deposits 7% of deposits RUB bn 206 15th in Russia RECORD RESULTS IN THE HISTORY OF THE BANK: Revenues Net income RUB bn RUB bn 33 7.5 7% 75% BANK SAINT PETERSBURG Annual Report 2017 2 CONTENTS 04 STRATEGIC REPORT 05 Letter from the Management 07 10 years of public story 14 Strategy 2018–2020 Assets 17 FINANCIAL PERFORMANCE 18 Financial Highlights 607 23 Balance Structure 16th in Russia 27 Economic Trends 31 BUSINESS DIVISIONS 32 Corporate Banking 40 Retail Banking 43 Private Banking 44 Digital Banking 48 FROM RISK TO OPPORTUNITY 49 Risk Management 54 Development of credit risk evaluation approach 55 New horizons 56 CREATING WEALTH RESPONSIBLY 57 Customers 59 Colleagues 61 Community 64 Corporate Governance BANK SAINT PETERSBURG Annual Report 2017 3 Стратегический Финансовые Направления От рисков Корпоративная взгляд результаты бизнеса к возможностям ответственность STRATEGIC REPORT In 2017, Bank Saint Petersburg celebrated the 10th anniversary of IPO which was one of the most important events for the Bank and had a significant effect on all its subsequent history. BANK SAINT PETERSBURG Annual Report 2017 4 Стратегический Финансовые Направления От рисков Корпоративная взгляд результаты бизнеса к возможностям ответственность Strategic Financial Business From Risk Creating Wealth Report Performance Divisions to Opportunity Responsibly LETTER FROM THE MANAGEMENT Dear customers, investors and partners, We are pleased to present the annual results of Bank Saint Petersburg and development trends. The year 2017 saw a certain improvement in the Russian economy: the minimal GDP growth was accompanied by increased consumer demand and lowering interest and inflation rates. We witnessed the revival in corporate lending and a considerable growth in retail loans. The previous year was marked by the bailout of several major private banks and withdrawal of a great number of banking licences, which could not but influence the public trust in the banking system. This situation makes it crucial for the banks to guarantee transparency and reliability of operations. It opened up new opportunities for those who have already proved their stability during challenging times and this fully applies to Bank Saint Petersburg. Our achievements We closed 2017 in a good shape, earning a record high net profit of RUB 7.5 bn, which is 75% more than in 2016. Although during the period of financial market volatility we refrained from active growth; this demonstrates our balanced approach towards risk management. We made a significant improvement in our loan portfolio quality: our loan impairment provision was RUB 3 bn less than in 2016, we noticeably reduced the cost of risk. The Bank’s revenues hit an all-time high of RUB 33.2 bn. The Bank practices reasonable conservatism. It is this vital quality that allowed us to strengthen our presence in St. Petersburg in spite of the challenging situation in the Russian banking sector and achieve higher customer loyalty. We are confidently moving towards our goal to become the number one transaction bank for St. Petersburg enterprises and the bank of choice for the city’s residents. We have already crossed the mark of 50 000 corporate clients and are close to 2 000 000 for individuals, which speaks of unquestionable trust in us. We pay particular attention to building a high-quality and well-balanced loan book, while customer deposits remain one of the Bank’s principal sources of funding. The previous year has proved that we enjoy a wide public confidence: retail deposits have grown by 10%, reaching RUB 206 bn and accounting for more than 57% of the entire customer deposits. 2017 strengthened our standing with mortgages: with total mortgage loan portfolio increased by 27%, we entered the Top 3 fastest growing Russian banks. Furthermore, we enjoyed a 46% growth of our consumer lending business. In 2017, we launched the refinancing plan allowing our customers to consolidate all outstanding loans under a single loan agreement, reduce the monthly payment amount and receive additional funds. Our Internet Bank, which allows our customers to make most transactions, remains one of the best in Russia. Our cards support all the cutting-edge mobile payment technologies offered by Apple Pay, Samsung Pay and Android Pay. New challenges and opportunities We are satisfied with our 2017 performance, but the rapidly changing environment and our own ambitions prevent us from being complacent. The toughening competition, intensified activity of state-owned banks, non-bank fintech players entering the market, shrinking of profit margins in the banking sector, more pronounced cyber threats along with the geopolitical and macroeconomic uncertainty – all these require our immediate response and efficient solutions. BANK SAINT PETERSBURG Annual Report 2017 5 Стратегический Финансовые Направления От рисков Корпоративная взгляд результаты бизнеса к возможностям ответственность Strategic Financial Business From Risk Creating Wealth Report Performance Divisions to Opportunity Responsibly In February 2018, the Bank’s Strategy 2018–2010 was approved, which sees us for the first time aiming at such an ambitious strategic goal as tripled market cap. In addition, our main strategic goals are to achieve a sustained ROAE of 15%+, while remaining among the Top 20 Russian banks in terms of total assets and to increase transaction revenues by 50%. In order to achieve these goals, we have to significantly expand the transaction business and boost corporate lending. One of the most important tasks in implementing the Bank’s Strategy 2018–2010 is to completely transform the corporate business by introducing industry specialization and segment approach. Enhanced industry expertise should allow us to be more efficient in lending and learn to accept greater risks while attaining greater profit margins. The segment approach will give us an opportunity to provide each customer with high quality services by utilizing sales channels and offering products matching such customer’s needs to the greatest extent possible. In addition, we will continue to expand retail business through improving the customer experience and broadening the available product range. Responsibility 10 years ago, in 2007, we made the decision to go public and became the first Russian privately- owned bank to make an IPO. Being public implied additional commitments: an enhanced quality of governance and greater transparency of the Bank. Over the 10 years, we have successfully built a corporate governance system, independent directors make up at least 1/3 of the Supervisory Board, our management regularly reports to the market. Moreover, we have seriously intensified our external communications, having held 1 700 meetings within 10 years and flew around the globe about 8 times with the presentations and roadshows. Looking back, we realize that the obligations of a public bank assumed by us 10 years ago along with the higher responsibility for our decisions to a large extent allowed us to avoid the problems faced by many of our market counterparts. We are proud of our achievements, the growing confidence of our customers and our impeccable reputation. We would like to express our most sincere gratitude to all customers, investors and partners for our mutually beneficial cooperation. Elena Ivannikova Alexander Savelyev Chairperson Chairman of the Supervisory Board of the Management Board BANK SAINT PETERSBURG Annual Report 2017 6 Стратегический Финансовые Направления От рисков Корпоративная взгляд результаты бизнеса к возможностям ответственность Strategic Financial Business From Risk Creating Wealth Report Performance Divisions to Opportunity Responsibly 10 YEARS OF PUBLIC STORY THE FIRST RUSSIAN PRIVATELY-OWNED BANK TO CARRY OUT AN IPO Exactly 10 years ago, in November 2007, Bank Saint Petersburg successfully carried out an initial public offering (IPO). The innovative deal involved a mixed offering of shares and depositary receipts convertible into shares, which was unprecedented in the Russian market. The management went on an extensive roadshow, ultimately building an order book of USD 2 bn. The book was oversubscribed on the very first day of the roadshow. After the pricing, with 7 times oversubscription, the Bank raised USD 270 mln from 130 investors. The Bank’s ordinary shares (stock ticker: BSPB, ISIN: RU0009100945) are listed on the stock market of the Moscow Exchange and since 2016 have been traded with a level 1 listing (top level). The Bank’s shares are included into the following Moscow Exchange indices: the Broad Market Index (MICEX BMI/RUBMI) and the Sectoral Financials Index (MICEX FNL/RTSFN). Information on the price can be found on the Moscow Exchange website at www.moex.com (stock ticker: BSPB). 2007 2017 BANK SAINT PETERSBURG Annual Report 2017 7 Стратегический Финансовые Направления От рисков Корпоративная взгляд результаты бизнеса к возможностям ответственность Strategic Financial Business From Risk Creating Wealth Report Performance Divisions to Opportunity Responsibly BUSINESS GROWTH OVER A 10-YEAR HORIZON Ranking in Russia 16th The Bank gains
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