The net profit of Ukrgasbank (Kyiv) in January-September 2020 amounted to UAH 685.19 million, which is twice as much as in the same period of 2019 (UAH 346.98 million), according to the bank’s quarterly reports posted on its website.
According to it, in the third quarter Ukrgasbank’s net profit amounted to UAH 248.01 million, which is 3.5 times more than in July-September 2019 (UAH 70.99 million).
This growth in the indicator for the first nine months of 2020 is due to the bank’s positive result under the item “changes in expected credit losses on other assets and other reserves” (UAH 167.88 million), while last year this indicator was negative (‘minus’ UAH 587.28 million).
The bank’s net interest income (after payments for credit losses) for the nine months decreased by 10.9% compared to the same indicator a year earlier, to UAH 1.28 billion, net and commission income increased by 17.3%, to UAH 868.7 million.
Ukrgasbank’s assets in the nine months increased by 32.1%, to UAH 157.36 billion, in particular loans to customers and finance lease by 9.8% (to UAH 42.81 billion), while cash and cash equivalents decreased by 17.9% (to UAH 38.12 billion).
In addition, the bank’s investments, which are valued at a fair value through other comprehensive income, increased by 2.4 times over this period, to UAH 72.61 billion, and investment property decreased by 1.5 times, to UAH 151.65 million.
