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In 1H 2013 FUIB net profit is nearly 50% up according to IFRS
08 August 2013
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Performance results of First Ukrainian International Bank (FUIB) as of 30 June 2013 (year-over-year):

  • Net profit equal to USD 26.3 m or 47.8% up;
  • Net assets at USD 3.9 bn or 19.6% up;
  • Loan portfolio at USD 2.7 bn or 5.8% up;
  • Customer accounts equal to USD 2.5 bn or 19.0% up;
  • Equity at USD 661.4 m or 7.1% up.

Efficiency ratios:

  • Return on assets (ROA) before provisions and taxes up to 3.2% (2.1% for 1H2012);
  • Return on equity (ROE) before provisions and taxes equal to 18.1% (11.7% for 1H2012);
  • Net interest margin up to 5.4% (5.0% for 1H2012).

Structural ratios:

  • Average net loan portfolio/Deposits down to 94.7% (96.7% for 1H2012);
  • Average customer accounts/Liabilities equal to 77.4% (79.1% for 1H2012).

Asset quality ratio:

  • Provisions/NPL dropped to 62.5% (73.4% as of 30 June 2012) following partial corporate bad debt write-off, nonetheless remains high.

Capital adequacy ratios:

  • Strong CAR (Basel) at 22.9% (26.1% as of 30 June 2012);
  • CAR (NBU) at 15.7% (15.5% as of 30 June 2012).

The FUIB’s net profit for 1H2013 is USD 26.3 m or 47.8% up year-over-year (USD 17.8 m for 1H2012).

The growth in the net profit is due to year-over-year increase in the net interest income by 20.9% to USD 79.7 m, net fee and commission income by 53.5% to USD 25.3 m, and trade and other volatile incomes by 37.0% to USD 10.4 m.

As of 30.06.2013 the Bank’s assets are USD 3911.2 m, which is 19.6% up year-over-year. The (gross) loan portfolio is up by 5.8% to USD 2656.1 m: growth in the retail loan portfolio (+8.4%) was higher than in the corporate loan portfolio (+4.8%). As of 30.06.2013 the corporate loan portfolio was USD 1948.8 m; the retail loan portfolio, USD 707.3 m.

The customer accounts grew by 19.0% to USD 2490.2 m: corporate accounts grew by 15.8%; retail accounts, by 21.4%.

The FUIB’s equity grew by 7.1% to USD 661.4 m as of 30 June 2013.

“Over the first half of the current year FUIB has significantly built up its assets due to loan and securities portfolios growth. Despite our middle-of-the-road policy in raising resources in the market and market average deposit rates, the growth in the customer accounts with FUIB was significant. Towards efficient placement of the surplus liquidity, the Bank invested resources in the Ukraine’s government bonds and highly liquid corporate bonds. Over the reporting period, FUIB strengthened its ROA and ROE before provisions and taxes due to better profitability of corporate and retail businesses,” commented Igor Kozhevin, Deputy Chairman of the Management Board – CFO of FUIB.

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