Ukrainian Bank Net Income Soars 50% yoy in 11M07

According to Interfax, the net income of Ukrainian banks surged 50% yoy in 11M07 to UAH 6.3 bln (USD 1.25 bln) from UAH 4.2 bln (USD 0.83 bln) last year. Revenues during the period totaled UAH 59.9 bln (USD 11.36 bln). The banks’ equity capital increased by 51.9% YTD to UAH 64.7 bln (USD 12.31 bln). Meanwhile, liabilities rose 64.3% YTD to UAH 489.1 bln (USD 96.35 bln). Finally, the banks’ assets totaled UAH 572.7 bln (USD 113.4 bln) rising 62.2% YTD. Alexander Viktorov: The 11M earnings increase of Ukrainian banks was slightly lower than our annual growth forecast of 60-65% yoy. We fully expect that Ukrainian banks will catch up to our full year forecasts, as income traditionally accelerates ahead of year-end. Asset growth is line with our forecast of 70% growth in 2007.