The net profit of First Ukrainian International Bank (FUIB) for the year 2019 amounted to UAH 2.6 billion, which is 30% higher than the result of 2018. Due to the fact that all areas of the bank were profitable in the past year, FUIB finished a step higher in the rankings of the most profitable banks, taking third place according to the 2019 results.
The operating income of the bank after reserves amounted to UAH 7.25 billion, which is 27% more than the figures of the year before. During 2019, FUIB has formed reserves in the amount of UAH 215 million.
FUIB's net interest margin in 2019 after deduction of the reserves, increased by 39% to 5.08 billion UAH compared to 3.66 billion UAH in 2018. Net commission income of the bank for 2019 increased by 16% and amounted to UAH 1.75 billion.
In 2019, FUIB's assets amounted to UAH 55.44 billion. The net portfolio of loans to corporate business totaled UAH 21.20 billion, while loans to individuals totaled UAH 11.69 billion.
"Last year was one of the best in the history of the bank: FUIB significantly increased in profitability and retained portfolio quality. All areas were profitable: operating income increased by more than a quarter compared to 2018, and interest margin increased by more than a third. The main driver of growth was retail lending: the growth of the retail loan portfolio was ensured by high-margin products. The growth in the corporate segment has been achieved by increasing lending to SMEs, increasing the share of factoring and leasing, as well as the development of currency lending to new industries such as green energy", commented Serhiy Chernenko, FUIB's chairman of the board.
According to the results of 2019, the bank's liabilities amounted to UAH 46.37 billion, which exceeds last year's figures by UAH 2.82 billion. The increase in liabilities is driven by a significant increase in individuals' deposits. Last year, the capital of the bank increased by 2.75 billion UAH (+ 44%) and amounted to 9.07 billion UAH as of 01.01.2020.
The cost to income of the bank at the end of 2018 amounted to 55%, and the margin to 13.4%. The indicator of bank's capital adequacy at the end of 2019 amounted to 21.21%, with the NBU norm of 10%.
Annual Financial Statements, approved by the General Meeting of Shareholders of April 28, 2020, are available at the website.
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