16 August 2011, Tuesday
First Ukrainian International Bank announces its 1H2011 financial results according to International Financial Reporting Standards (IFRS).
During the first six months of 2011 FUIB earned U.S.$14.2 million net profit. As of June 30, 2010 the Bank's assets amounted to U.S.$2,198.1 million.
Over the reporting period the Bank’s loan portfolio grew by 5.5 per cent to U.S.$1,808.8 million ensured by an increase in corporate loan portfolio (8.9 per cent to U.S.$1,408.3 million).
In the first half of 2011 the structure of FUIB liabilities was improved due to a substitution of indebtedness due to foreign banks and the National Bank of Ukraine (NBU) being repaid ahead of schedule for customer accounts. Total customer accounts increased by 14.1 per cent to U.S.$1,147.9 million due to an increase in both corporate and retail customer accounts (19.8 and 10.9 per cent respectively).
As of June 30, 2011 FUIB capital amounted to U.S.$450.3 million, upped from the beginning of the year by U.S.$15.5 million. Capital adequacy, calculated according to Basel was to the tune of 25.5 per cent, well above the required level of 8 per cent.
"The Bank continues to develop its product line and improve services: we resumed lending for cars purchase, launched iPUMB, the mobile banking service, extended partner network of ATMs, intensified an activity with medium and small businesses, developed new all-in services for corporate clients in particular factoring. In addition, we were involved in an operational merger with Dongorbank, which was completed in July. Hopefully we can see results of this consolidation in the late 2011”, said Konstantin Vaysman, Chairman of the Management Board.
According to the NBU as of the end of 1H2011FUIB was in the top 10 most profitable banks with its– net profit of UAH100.5 million (U.S.$12.6 million) according to UAS.
