Ukrsotsbank’s Net Income Up 2.5x yoy in 1Q08

Ukrsotsbank (USCB: BUY) reported that its net income increased by 2.5x to USD 25.8 mln in 1Q08, against a 3.3% yoy drop in 1Q07. Net assets grew by 68% yoy to USD 6.7 bln vs. 75% yoy in 1Q07. Ukrsotsbank expanded its loan portfolio by 95% yoy to USD 5.4 bln, compared to a 86% increase over the same period of 2007. Growth in the bank’s total customer deposits accelerated 40% yoy to USD 3.0 bln vs. 25% growth achieved in 1Q07. Alexander Viktorov: The bank’s strong quarterly results make us more than comfortable with our full-year forecasts: net income growth at 71% yoy to USD 113 mln and assets by 59% yoy to USD 9.9 bln. If the bank keeps up this pace, it would merit an upward revision in our estimates.