Credit Agricole Bank (Kyiv) saw a 37% rise in profit in 2017, to UAH 1.11 billion, the bank has said in a press release.
“For Credit Agricole Bank, this was a successful financial year with a record net profit of UAH 1.11 billion. Along with this remarkable financial result, I would like to emphasize the increase in the bank’s contribution to the economy of Ukraine, which was made possible by increasing the bank’s loan portfolio by 25% in 2017 after growth of 12% in 2016. This positive trend creates the prerequisites for an increase in the bank’s net income in 2018,” the press service of Credit Agricole Bank said, citing CFO Regis Lefevre.
According to the report, the growth of the bank’s profit was achieved due to diversification of the main sources of the bank’s revenues and a decrease in the cost of risk.
Net income of the bank decreased by UAH 86 million or 3% in 2017 compared to 2016, to UAH 2.791 billion thanks to the reduction in currency spreads and the number of currency forward contracts with customers. The decrease in net income of the bank was compensated mainly due to an improvement in the cost of risk, which fell by 68%, or UAH 594 million compared to 2016 and amounted to minus UAH 275 million, the bank said.
Credit Agricole Bank was founded in 1993. Credit Agricole S.A. on January 1, 2017 owned a 99.9961% stake in PJSC Credit Agricole Bank.
Credit Agricole Bank ranked 11th among 88 operating banks in the country on October 1, 2017 by total assets (UAH 30.159 billion), according to the National Bank of Ukraine.
