Ukrsotsbank posts 1Q10 net income of UAH 1.5 mln

Ukrsotsbank (UX: USCB UK), in a company filing yesterday, posted net income of UAH 1.5 mln in 1Q10, vs. UAH 54.2 mln in 1Q09, according to UAS. Mykyta Mykhaylychenko: The net income decline was mostly due to lower forex trading revenues in 1Q10 (UAH 4 mln) vs. 1Q09 (UAH 91 mln). Net interest income fell 4.6% yoy in 1Q10, while provisions accumulation of UAH 522 mln was 7% lower than in 1Q09. Ukrsotsbank’s retail deposits went up 8.2% in 1Q10 vs. the system average of +3.8%, while its total loan portfolio shrank 3.6%, improving its Loans/Deposits ratio from 375% as of end-2009 to 350% as of end-1Q10.