FUIB earned UAH 2.6 billion of net profit during the 12 months of 2020. The bank maintained its net profit for the same period of precrisis 2019.
The bank's operating income as for the 12 month of 2020 amounted to UAH 7.82 billion versus UAH 7.25 billion in 2019; an increase of 7.74%. Interest income increased too: the bank's net interest income before provisions increased by 29.4% compared to the same period in 2019 and reached UAH 6.84 billion. Net commission income in 2020 amounted to 1.67 billion hryvnias, showing a slight decrease of -4.03%.
The bank's equity amounts to 9.68 billion hryvnia. FUIB's assets amount to 75.26 billion hryvnia, whereas liabilities amount to 65.58 billion hryvnia. According to the results of the 12 months of 2020, client funds have amounted to 57.51 billion hryvnia.
"In 2020, FUIB maintained its profitability at the level of last year, earning UAH 2.6 billion, the bank's liquidity and capital adequacy equal almost twice as much as the standards set by the regulator. This result testifies to the efficiency and reliability of the business model, competent corporate management and readiness to adequately respond to external challenges. We quickly rebuilt the processes, set up remote team work, and focused our efforts on protecting and supporting employees, clients, partners, and medical workers. Together we managed not only to go through this difficult year, but also to achieve significant results," commented Serhiy Chernenko, FUIB's Chairman of the Board.
The quality of FUIB's loan portfolio remains at a high level and according to the results of 2020 the share of troubled assets in total assets and financial liabilities decreased from 10.2% to 4.9%, and on 01.03.2021 - to 4.4%, while in the entire banking system, this figure at the beginning of the year was 16.1%.
FUIB conducts internal stress testing in accordance with NBU regulations, the bank received a SREP 2 rating, and the international rating agency Fitch assigned the bank the highest rating equal to the state rating.
As FUIB has maintained the financial results of the precrisis year, and its financial condition has a significant margin of safety, the bank will pay dividends to its shareholders in 2020. The total amount of annual dividends to shareholders will be 1.3 billion UAH, the amount of dividends per one FUIB's ordinary registered share will be UAH 91. The reserve fund of the bank increases by UAH 1.3 billion.
As of March 22, 2021, FUIB's capital adequacy ratio makes 19.5%, which is almost twice as much as the regulatory value of 10%. Given the payment of dividends, capital adequacy was 16.8%. By directing 50% of profits to increase the reserve fund, the fixed capital indicator will improve to 15.7% at a regulatory value of at least 7% (2.2 times higher).
Dividends will be paid to the bank's shareholders through the depositary system of Ukraine, in accordance with the procedure and terms established by the legislation of Ukraine.
Annual Financial Statements, approved by the General Meeting of Shareholders of March 22, 2020, are available at the website.
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