24 June 2011, Friday
First Ukrainian International Bank (FUIB) released its Annual Report 2010.
The FUIB’s Annual Report 2010 gives a brief overview of the Bank’s new Growth Strategy for 2010-2014 aiming at reaching by the Bank TOP 5 Ukraine’s financial institutions over the next four years, with it’s market share not less than 5% and becoming the best bank in Ukraine by quality of service.
In 2010 FUIB paved the way for further growth: developed the new Strategy, Mission and Values, reorganised its organisational structure. In addition, it was set up the Strategic Marketing Department and the Project Management Office, developed the IT Strategy – these fundamentals will facilitate sustainable and systematic FUIB’s development.
“Our Strategy provides for the Bank’s growth outperforming the market and we think several steps ahead,” Konstantin Vaysman, Chairman of the FUIB’s Management Board, says. “In 2010 FUIB made the highest ever in its history profit – USD 54 million (under IFRS) and ranked the sixth by profit among Ukrainian banks (UAH 235 million under UAS). The Bank’s ROE and ROA are among the best ones in the market. FUIB is aimed at one of the top positions in the Ukraine’s banking system within the coming years.”
FUIB consciously aims at implementation of the best international banking business standards and practices: in 2010 the Bank ranked second in Ukraine (8 positions up versus 2009) according to the Standards & Poor’s Informational Transparency Survey 2010. Also, the Bank entered The Banker Top 1000 World Banks 2010 ranking by Tier 1 capital.
“We support the FUIB’s growth strategy and believe in success of the Bank’s tight-knit management team. FUIB faces clear goals: strengthening positions in the banking industry and securing strong return on equity,” Ilya Arkhipov, Chairman of the FUIB’s Supervisory Board, marks. “Over 2010 the Bank’s new Strategy already delivered first results. The Bank honoured its commitments to the shareholders and achieved results meeting our expectations.”
FUIB ranked the 11th by equity, improved its ranking by assets one position up to the 13th, and ranked the 6th by profit among Ukrainian banks. The FUIB’s ROA and ROE are among the best ones in the Ukraine’s banking market (2.6% and 13.4% respectively).
The most important event of 2010 was the decision on integrating FUIB with Dongorbank that is to be completed in 2011. The estimated economic benefit from the banks’ integration: an increased profit by 10% through economy of scale. Also, the bigger bank will be able to offer more advantages to its customers, partners and employees.
FUIB was the first Ukrainian company to implement International Financial Reporting Standards in 1992, ever since preparing its financial statements under IFRS.
