Ukreximbank decreases net income 27x yoy in 1H09

Ukreximbank, the state-owned import-export bank, reported yesterday that its net income declined 26.8x yoy in 1H09 to UAH 12.2 mln. Ukreximbank also said its assets rose 17.6% yoy to UAH 56.7 bln and liabilities by 11.1% yoy to UAH 48.6 bln. Ukreximbank is Ukraine’s #5 largest bank by assets, according to the National Bank of Ukraine, as of April 1. Andrii Parkhomenko: The main reason why the bank posted such a small net income figure was a 652% yoy increase in reserve expenses. Nevertheless, Ukreximbank’s income statement looks more sound than the aggregate income statement of Ukraine’s banking system, which in 1H09 posted a net loss of UAH 10.2 bln (net margin –14.2%).