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FUIB reports positive 2Q12 financials

FUIB reports positive 2Q12 financials

23 July 2012

First Ukrainian International Bank (PUMBUZ) posted strong growth in key revenues in 2Q12: net income added 9% yoy, and net fees and commissions increased 15% yoy. However, the bank’s total revenues were slightly down yoy due to losses related to the revaluation of securities and foreign currencies. Growth in FUIB’s operating expenses slowed to 15% yoy in 2Q12 from 95% yoy in 1Q12. The spike in costs is likely related to business restructuring following merger with Dongorbank in mid-2011. Provisions declined 23% yoy in 2Q12 as the bank brought its LLR to 17.8%, which implies an NPL coverage ratio of 97%. The lender’s assets declined 1% qoq but net loan book was up 3% qoq. Government T-bills accounted for 8.5% of total assets.

FUIB’s 2Q12 and 1H12 results, USD mln

—————————————————————-
                                                     1H12   yoy  2Q12   qoq   yoy
—————————————————————-
Net interest income                          97   13%    50    6%    9%
Net fees and commissions                21   14%    11   13%   15%
Revenues                                        120    8%    58   -6%   -3%
Operating expenses                         -73   51%   -29  -32%   15%
Pre-impairment profit                       47  -25%    29   57%  -16%
Impairment charge for credit losses  -26  -42%   -14   21%  -23%
Net income                                      16   24%    11  130%   -4%
—————————————————————-
                                        1H12   qoq             
—————————————————————-
Assets                             3,936     -1%             
 Gross corporate loans       1,849    2%             
 Gross retail loans              609     -10%             
 Loan loss reserve             -436     -17%             
Liabilities                          3,424    -1%             
 Corporate deposits             890      1%             
 Retail deposits                   1,193    5%             
Equity                                 512      0%             
—————————————————————-
Source: Company data

Olena Zuikova: We assess FUIB’s 2Q12 results as broadly positive – the bank clearly demonstrated its ability to contain merger-related growth in operating expenses. With NPLs provisioned almost in full, the bank should continue cutting its loan impairment charges further. FUIB’s liquidity cushion is thick enough (cash equivalents and T-bills combined make up 21% of total assets) and its solvency is strong with end-1H12 NBU CAR totaling 15.5% (vs. the minimum of 10%).

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