The Bank of St. Petersburg said on Thursday that it was named Best Company of the Year for 2014 in an annual contest that aims to promote businesses in the Russian Federation, as well as improve their image.

The bank, which also was honored for its accounting organization, said companies in Russia are profitable and are heavily involved in economic development.

Nominees for awards were split into large businesses and small and medium-size businesses. A ceremony was held recently at the President Hotel in Moscow.

Earlier this week, Bank of St. Petersburg Chairman Vladislav Guz was recognized by the Russian Chamber of Commerce as "Financier of the Year" in the category of financial technology. Guz and the bank have played an important role in weathering the current economic climate in Russia, during a period of sagging oil prices, regional tensions and international sanctions.