Fitch Affirms Bank Saint Petersburg at 'BB' with Stable Outlook

Fitch Ratings, an international credit rating agency, has affirmed the Long-Term Issuer Default Ratings (IDRs) of Bank Saint Petersburg PJSC at 'BB'. The Outlook is Stable.

Fitch analysts note that the IDRs of Bank Saint Petersburg PJSC at 'BB' are driven by the Bank's standalone financial strength, as reflected in its Viability Rating of 'bb'.

According to Fitch, the affirmation of ratings reflects the Bank's moderate franchise in the concentrated Russian banking sector and notable exposure to the potentially vulnerable construction & real estate sector, on the one hand, and, on the other hand, these ratings demonstrate stable asset quality metrics, improving profitability and reasonable capitalisation metrics.

Today Bank Saint Petersburg PJSC is among twenty largest credit institutions of the Russian Federation and is one of the most prominent regional banks in the country. The Bank operates in St. Petersburg, the Leningrad Region, the Moscow Region, in the Novosibirsk and Kaliningrad Regions, in Krasnodar and Rostov-on-Don. Loans to individuals and legal entities, transactions in the interbank and FX markets, services to legal entities, and transactions with securities are the Bank's priority areas.

For full text of the press release, visit the website of Fitch at: https://www.fitchratings.com/site/pr/10183886

For information about other ratings of Bank Saint Petersburg, visit the Bank's website: https://www.bspb.ru/investors/ratings/