First Ukrainian International Bank (FUIB), which is number nine by assets in Ukraine, announced its net profit under UAS for 4Q2012 of UAH 76 million (+15% Q/Q), as the result its net profit for 2012 is UAH 271 million (+1% Y/Y); and ROE, 7%. The loan portfolio grew by 2% Q/Q and by 5% fr om the beginning of the year through both loans to corporate (+2% Q/Q and +6% from the year beginning) and individual customers (+4% Q/Q; +4% Y/Y). The deposits decreased by 1% Q/Q (-13% from the year beginning) due to drop in corporate deposits (-6% Q/Q and -36% Y/Y), wh ereas individual deposits grew (+4% Q/Q, +18% from the year beginning). The net interest margin declined by 1 p.p. Q/Q to 4.9% (5.5% for 2012; -0.3 p.p. Y/Y); the C/I ratio is up by 3.5 p.p. Q/Q to 46.3% (53.5% for 2012; +9.5% p.p. Y/Y). The cost of risk ratio is up by 1.1 p.p. Q/Q to 4.7% (3.5% for 2012; -1.4 p.p. Y/Y). The CAR grew by 1.0 p.p. Q/Q and 1.7 p.p. Y/Y to 17.6% for 2012. Cash and cash equivalent decreased by 12% Q/Q to UAH 4.3 billion (15% of the assets), and the current liquidity ratio (NBU) is 70%, which is almost two times above its established minimum of 40%. (Bank)
Anastasiya Tuyukova, Chief Analyst of Dragon Capital
“FUIB has demonstrated strong performance results for the fourth quarter, which, as a whole, correspond to the results for previous quarters: the ROE for the year is 7%, which is above the marginal profitability of the domestic banking sector for 2012. Despite the complicated situation in the local money and credit market and tough macroeconomic environment the bank managed to increase its loan portfolio (+2% for 4Q2012) and individual deposits (+4% Q/Q). The loans to deposits ratio stood at the level of 97%, still much better than the sector average. The main reason for drop in net interest margin was, as it seems, the reclassification of the results of revaluation of foreign exchange derivatives into a separate entry (in accordance with the Ukrainian methodology). Moreover, beginning from 2013 the NBU changed its methodology for calculating loan loss provisions, having made it more similar to the IFRS, which mostly explains the fluctuations in the bad loans of FUIB under UAS (but the growth in the cost of risk ratio for the previous quarter shows that there remains the doubt about solvency of the borrowers in the current market environment). We evaluate positively the continuing growth in the CAR of the bank (+1.0 p.p. Q/Q to 17.6%) and stably robust liquidity cushion (cash and cash equivalent amounted to 15% of the bank’s assets).
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