Bank St. Petersburg missed forecasts on Thursday with a first-quarter net profit of 349.8 million rubles ($11.02 million).
Bank St. Petersburg, seen as an indicator of the health of midsize Russian banks, which are emerging from the worst crisis in a decade, was expected to post a net profit of 505 million rubles, according to an average forecast of nine analysts.
"We increase our loan portfolio bit by bit keeping a conservative approach to creation of provisions. … We managed to stabilize net interest margin at 5.6 percent," St. Petersburg bank's chief executive, Alexander Savelyev, said in a statement.
The bank's profit for the first quarter was up 45 percent from the same period a year ago, but down 4.6 percent on the previous quarter.
Bank St. Petersburg was among the first private banks to go public in 2007, selling 18 percent of its shares for $274 million. Two years later, the bank got $200 million more through a placement of preferred shares.