Bank St. Petersburg has earned its highest quarterly profit in six years, according to a bank press release.

The bank's first-quarter net income reached $26.4 million, the highest since the first quarter of 2011.

”Our efforts to reduce risk profile in the corporate book are starting to yield results. We believe the bank has a strong potential for further cost of risk decrease and ROE recovery," Alexander Savelyev, chairman of the bank's management board, said in the release.

The bank's net fee and commission profits rose 3.8 percent in the first quarter compared with the same time frame last year. Income from credit and debit card settlements grew 35.7 percent in the first quarter compared to the same time last year.