The net profit of state-run Ukrgasbank (Kyiv) in 2019 may amount to UAH 1 billion, which is 30% more than in 2018 (UAH 768.698 million).
“At the end of the year, a profit of UAH 1 billion is expected, which corresponds to the financial result outlined in the bank’s development strategy for 2019-2021. Such plans were approved by the supervisory board of Ukrgasbank,” the bank said on its website on Tuesday.
According to First Deputy Board Chairman Oleksandr Dubrovin, it is planned that by the end of 2019, the bank’s return on capital will be 15.8%.
“The bank is improving its efficiency, and according to the results of 2019, we expect that the return on capital will be 15.8% compared to 13.8% in 2018,” he said.
In addition, Dubrovin said that the cost-income ratio (CIR) is expected to improve from 57% in 2018 to 55% in 2019.
As reported, Ukrgasbank’s net profit in January-October 2019 amounted to UAH 576.3 million, which is 7.1% more compared to the respective period of 2018 (UAH 538 million).
JSB Ukrgasbank was established in 1993. The state represented by the Ministry of Finance owns 94.94% of the shares of the financial institution.
According to the National Bank of Ukraine, as of October 1, 2019, Ukrgasbank ranked fourth in terms of total assets (UAH 114.133 billion) among 76 banks operating in the country.
Top managers of the International Finance Corporation (IFC) at a meeting of the National Investment Council of Ukraine in Davos (Switzerland) has confirmed their readiness to consider investment in the capital of state-owned Ukrgasbank, Head of the Office of the National Investment Council Yuliya Kovaliv has said.
As reported, in November 2017, Ukraine’s Ministry of Finance agreed on cooperation with the International Finance Corporation (IFC) in the process of privatization of Ukrgasbank. The memorandum of cooperation also envisaged a possibility of entering the capital of the bank by IFC to support its sale. The investment will depend on several factors, including the outcome of the due diligence of the bank.
Ukrgasbank was established in 1993 and as of January 1, 2017 the state represented by the Ministry of Finance owned 94.9% of its shares. Since 2015, the bank has been included in the list of state-owned facilities of strategic importance for the economy and national security.
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.