Ukrsibbank reports UAH 831 mln net loss in 1H09

Ukrsibbank said in a company filing that it had a net loss of UAH 830.7 mln in 1H09, vs. net income of UAH 184.6 mln in 1H08. The bank also reported that its assets as of July 1 amounted to UAH 50.9 bln, down 8.5% yoy; and liabilities to UAH 45.7 bln, down 10.1% yoy. BNP Paribas (France) holds 82.42% of Ukrsibbank, which was Ukraine’s #4 largest lender by assets as of April 1, according to National Bank of Ukraine statistics. Andrii Parkhomenko: As with most other banks, the key reason why Ukrsibbank posted losses in 1H09 was due to the accumulation of reserves to cover the bank’s loan portfolio. As of end-1H09 the bank’s equity-to-assets was 10.4%.