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Oschadbank assets surge, profitability improves slightly in 1Q12

Oschadbank assets surge, profitability improves slightly in 1Q12

25 April 2012

Oschadbank (OSCHAD) released its 1Q12 financials under UAS: net interest income was up 19% yoy while net fees and commissions improved 9%. Strong growth in revenues was partly erased by a 24% yoy increase in operating expenses but pre-impairment profit was 13% yoy higher. The bank’s bottom line improved only marginally to USD 22 mln. Oschabank saw its balance sheet surge 7% qoq in 1Q12 even though its net loan book declined 3% – the bank deployed new resources into government securities and notably its cash increased 43% qoq to nearly USD 1.0 bln (10% of end-1Q12 assets).

Oschadbank 1Q12 financials, UAS, USD mln

——————————————————–
                                                   1Q12    yoy    
——————————————————–
Net interest income                        151    19%    
Net fees and commissions                33     9%    
Operating expenses                        -87    24%    
Pre-impairment profit                      108    13%    
Impairment charge for credit losses -40   -48%    
Net income                                     22    41%    
——————————————————–
                                               1Q12    qoq    yoy
——————————————————–
Assets                                     9,802     7%    15%
     Gross corporate loans          6,657    -2%    33%
     Gross retail loans                552       -1%    -9%
     Loan loss reserve               -1,080     3%    40%
Liabilities                                7,558     8%    18%
     Corporate deposits              1,010     6%   -35%
     Retail deposits                    3,380     7%    30%
Equity                                     2,244     2%     7%
——————————————————–
Source: Company data

Vitaliy Vavryshchuk: The 1Q12 figures are neutral for the bank, in our view. Following a 31% yoy upsurge in loan book 2011, the trend reversed and loan portfolio contracted 2% qoq, which we take as a positive, enabling bank to keep focus on loan quality. Rapid growth in operating expenses remain a concern but the bank says it’s mainly due to one-offs related to improvement in IT infrastructure. We maintain a positive view on the bank’s liquidity and solvency.

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