Business news from Ukraine

STATE-OWNED UKRGASBANK HAS 2.5-FOLD RISE IN NET PROFIT IN Q1

State-owned Ukrgasbank (Kyiv) in January-March 2018 saw UAH 54.201 million of net profit (a 2.52-fold rise year-over-year). According to a financial report posted on the bank’s website, net interest bearing income grew 1.8-fold, to UAH 770.067 million. Net interest bearing income after the write-back of part of reserves came to UAH 854.876 million (a 2.6-fold rise year-over-year).
Net commission income grew by 32%, to UAH 149.453 million.
The bank saw UAH 241.281 million of loss from transactions with foreign currencies compared with UAH 6.443 million of profit a year ago.
Total non-interest loss accounted for UAH 5.098 million in January-March 2018, while in Q1 2017 profit of UAH 198.343 million was seen.
Assets grew by 7.4%, to UAH 74.318 billion. The loan portfolio narrowed by 8%, to UAH 30.944 billion. The volume of short-term securities significantly grew – by 42.1%, to UAH 29.233 billion.
The deposit portfolio expanded by 8.3%, to UAH 65.7 billion.
Ukrgasbank was founded in 1993. As of January 1, 2017, the state represented by the Finance Ministry owned 94.9% of its shares.
According to the National Bank of Ukraine (NBU), as of January 1, 2018, Ukrgasbank ranked fourth (UAH 69.274 billion) in terms of assets among the 84 banks operating in the country.

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