First Ukrainian International Bank (FUIB) presented the consolidated financial statements under the international standards (IFRS) for the FUIB Banking Group (the ‘Group’). From 2013 the Group includes PJSC “FUIB” and JSC “BANK RENAISSANCE CAPITAL” whose 100% of share capital was acquired by FUIB on 12 December 2013.
“In 2014 the banking system faced the biggest ever challenges. This year showed that FUIB has a sustainable business model able to generate operating profit in the situation of deep political and economic crisis in the country. Despite the fact that FUIB was forced to leave one of the most economically developed regions the Bank significantly strengthened its market positions”, comments the results of the year Sergey Chernenko, the Chairman of the Management Board of FUIB.
Financial indicators of the Group as at 31 December 2014 were as follows:
- Net assets of the bank increased by 16.4% to UAH 37.4 billion;
- Total loan portfolio increased by 36.0% to UAH 33.4 billion;
- Customer accounts increased by 24.7% to UAH 26.3 billion;
- Equity amounts to UAH 5.5 billion;
- Total income increased by 65.3% to UAH 4.3 billion;
- Profit before provisions and tax increased by 117.3% to UAH 2.7 billion;
- Costs of provisions for impairment of assets increased by 418.9%.
- Return on assets (ROA) before provisions and tax was 7.2%;
- Return on equity (ROE) before provisions and tax was 48.2%;
- Net interest margin made 7.3%.
- Average net loan portfolio/deposits ratio made 103.6%;
- Average customer accounts /liabilities ratio increased to 79.7%.
Asset quality ratios:
- Sufficient coverage with provisions: Provisions/loans to customers ratio made 15.2%.
Capital adequacy ratios:
- CAR (Basel) is at the high level, 17.4%;
- CAR (NBU) – 15.1%.
By results of 2014 net assets of the Group increased by 16.4% to UAH 37.4 billion. Total loan portfolio increased by 36.0% and amounted to UAH 33.4 billion. Corporate loan portfolio increased by 45.6% to UAH 25.9 billion and retail loan portfolio increased by 11.1% to UAH 7.6 billion.
Customer accounts increased in 2014 by 24.7% to UAH 26.3 billion. Retail customer accounts of FUIB increased by 11.4% having reached UAH 12.7 billion while the corporate customer accounts increased by 40.2% to UAH 13.6 billion.
The equity of FUIB is UAH 5.5 billion. Capital adequacy calculated according to Basel Committee recommendations reduced by 7.0% and made 17.4%.
In 2014 total income of the Group increased by 65.3% to UAH 4.35 billion and the profit before provisions and tax amounted to UAH 2.7 billion having increased by 117.3%. The increase of operating profitability is related to the interest income growth by 36% to UAH 2.3 billion as well as to net commission and interest income by 121.3% to UAH 2.0 billion.
Following the conservative risk management policy and taking into account dramatic deterioration of macroeconomic indicators, Hryvnia devaluation, default of clients from Crimea and growth of problem debt of clients from Donetsk and Lugansk regions, FUIB four times increased costs for provisions against lending transactions. Therefore, the financial result of FUIB in 2014 made minus UAH 135.8 million.
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