Alfa Bank Ukraine's 9M09 net loss reaches UAH 140 mln

Alfa Bank Ukraine posted a net loss of UAH 139.9 mln in 9M09, Interfax said yesterday. The bank had net income of UAH 57.1 mln in 9M08. Alfa Bank Ukraine’s assets grew 5.1% over 9M09 to UAH 34.0 bln and liabilities by 6.6% to UAH 30.9 bln.  Mykyta Mykhaylychenko:  Alfa Bank Ukraine posted positive net income of UAH 52.9 mln in 3Q09 mostly thanks to further improvement in net interest income (it almost tripled yoy in 3Q) and by stopping accumulating provisions, which were at 11.3%, well above system average of ~10% as of the end of 2Q09. As we predicted in our recent note “Alfa-Bank Ukraine’12 – Lock in attractive mid-term yield”, the bank managed to halt the outflow of corporate deposits, which grew 3.4% during 3Q09. Retail deposits continued increasing, adding another 20% in July-August on the top of +6.4% in 1H09.