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Bank Forum reports 9M09 net loss of UAH 424 mln

Bank Forum reports 9M09 net loss of UAH 424 mln

20 October 2009

Bank Forum (FORM) reported yesterday that in 9M09 it recorded a net loss of UAH 424.3 mln, vs. its net income of UAH 68.9 mln for the same period one year earlier. The bank also said that its assets declined 9.1% yoy to UAH 18.6 bln and liabilities dropped 11.2% yoy to UAH 16.5 bln.  Bank Forum was Ukraine’s #12 largest bank by assets, as of July 1, according to the National Bank of Ukraine. Mykyta Mykhaylychenko: Bank Forum continues to accumulate provisions for problematic loans, which equaled 21.7% of its total loan portfolio as end-1H09 according to Fitch. This broadly corresponds to the system average. Importantly, the bank has kept attracting retail deposits (some 30% of the bank’s liabilities) which grew 7% in July-August, twice as fast as the system average. Parent Commerzbank is also actively supporting Forum, accounting for up to 50% of Forum’s liabilities (via interbank loans) and plans to increase Forum’s equity by 49% by yearend. Forum’s Eurobonds maturing on October 30 are trading close to par; YTM is now some 19% and we expect Forum to redeem the papers on time. After a 7% share price increase since end-September, FORM currently trades at 1.07x P/B multiple.

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