KYIV. July 27 (Interfax-Ukraine) – Net interest-bearing income of Oschadbank (Kyiv) in January-June 2015 grew by 22.5% year-over-year, to UAH 3.8 billion, the bank said in a press release.
“The bank’s net interest-bearing income grew by 22.5% year-over-year, to UAH 3.8 billion, and net commission income grew by 17.3%, to UAH 700 million,” the bank said.
The bank said that its operating profit soared by almost four times, to UAH 6 billion.
Its loss in January-June 2015 totaled UAH 2.8 billion, while its profit year-over-year stood at UAH 340.01 million.
“With the purpose of removing the influence of destabilizing factors the bank formed reserves of UAH 8.8 billion during six months. The formation of a large volume of reserves is linked to the following factors: worsening of the quality of assets due to the hryvnia devaluation, worsening of the quality of assets in the Anti-Terrorist Operation (ATO) zone, the announcement of technical default by some state enterprises which are restructuring their debt and clients of Oschadbank, the downgrading of their credit ratings by rating agencies. As a consequence, in January-June 2015 the bank saw loss of UAH 2.8 billion,” reads the report.
According to the report, as of July 1, 2015 the adequacy of regulatory capital was 15.95% with a limit of no less than 10%
Oschadbank was founded in 1991. Its sole owner is the state.
Oschadbank ranked second among 133 operating banks in the country on April 1, 2015 by total assets (UAH 150.8 billion), according to the National Bank of Ukraine.
