Bank Forum’s Net Income Surges 2.2x yoy in 3M08

Bank Forum (FORM: BUY) announced that its 3M08 net income increased by 2.2x yoy to USD 2.4 mln. Net assets grew 93% yoy to USD 3.1 bln over the period. Forum expanded its loan portfolio by 88% yoy to USD 2.0 bln and total customers’ deposits by 85% yoy to USD 1.7 bln. Alexander Viktorov: Forum’s strong quarterly results are generally in line our FY2008 earnings estimates of robust 120% yoy growth to USD 23 mln.