Ukreximbank increases net income 28% yoy in 1Q10

Ukreximbank, the state-owned import-export bank, reported yesterday in a UAS company filing that its net income increased 28.1% yoy in 1Q10 to UAH 9.8 mln. Mykyta Mykhaylychenko:  While net interest and fees income stayed unchanged yoy in 1Q10, provisions accumulation slowed down to UAH 571 mln in 1Q10 vs. UAH 757 mln in 1Q09. The bank saw retail deposits increase by 8.2% in 1Q10 vs. the system average of +3.8%. The government also increased Ukreximbank’s charter fund by 64% (UAH 6.4 bln) through contributing UAH T-bonds but not cash in capital. The bank’s loans portfolio increased only 1.1% in 1Q10.