Raiffeisen Bank Aval has UAH 1.1 bln net loss in 1H09

Raiffeisen Bank Aval (BAVL) reported a net loss of UAH 1.1 bln in 1H09, according to a company filing made public yesterday. The bank said that as of July 1, 2009 its assets amounted to UAH 57.2 bln (down 12.5% yoy), and liabilities were UAH 50.8 bln (down 12.4% yoy). According to the National Bank of Ukraine, Aval was the second largest Ukrainian bank by assets, as of April 1, 2009. Andrii Parkhomenko: Raiffeisen Bank Aval was yet anotherUkrainian bank that suffered huge losses due to expenses for reserves to cover its loan portfolio. Raiffeisen spent UAH 2.5 bln for this purpose in 1H09. Now its reserves cover 12% of the bank’s loan portfolio. The bank’s equity-to-assets ratio was 11.3%. See a separate news item today on Raiffeisen Bank Aval’s redemption of a USD 83.5 mln loan tranche.