Oschadbank’s operating income doubles in Jan-Sept

By on October 27, 2015
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The operating income of state-run Oschadbank (Kyiv) totaled UAH 10.2 billion in January-September 2015, which is twice more that a year ago, the bank said in a press release.

Net interest-bearing income grew by 23.2% year-over-year, to UAH 5.9 billion and net commission fee income rose by 24%, to UAH 1.1 billion.

The bank’s loss in the first nine months of 2015 came to UAH 5.4 billion, while a year ago its profit stood at UAH 550.899 million.

“The worsening of the quality of assets due to hryvnia devaluation towards foreign currencies, worsening of the quality of assets in the Anti-Terrorist Operation zone, the announcement of technical default by some public enterprises, which were at the stage of debt restructuring and are clients of the bank, and the downgrading of credit ratings by authorized rating agencies resulted in the formation of a large volume of reserves by the bank in the amount of UAH 12.6 billion. As a result, in January-September 2015 the bank saw loss of UAH 5.4 billion,” reads the report.

Assets grew by 22.2%, to UAH 156.6 billion, and credits were up by 5.8%, to UAH 94.3 billion.

Oschadbank was founded in 1991. Its sole owner is the state.

Oschadbank ranked second among 127 operating banks in the country on July 1, 2015 by total assets (UAH 148.148 billion), according to the National Bank of Ukraine.

Source: Interfax

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