Ukrsotsbank targets threefold profit increase in 2010

Ukrsotsbank (UX: USCB UK) Board Chair Borys Timonkin said yesterday that the bank planned to increase its net profit by threefold in 2010 to more than UAH 380 mln, targeting an unchanged loan portfolio at end-2010 (vs. end-2009), Interfax reported yesterday. Timonkin said the increase in profits would be possible due to reducing costs and restoring lending. Ukrsotsbank’s 2009 net profit was UAH 126.8 mln (according to UAS), down 6.2x yoy; last year the lender’s gross loan portfolio declined by 8.7%.