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Bank Forum Net Income Soars 69% yoy in 9M07

Bank Forum Net Income Soars 69% yoy in 9M07

11 October 2008

Bank Forum (FORM: BUY) reported that it has boosted its bottom line 69% yoy in 9M07 to USD 7.3 mln. Forum’s USD 2.8 mln net income in 3Q was 65% of the amount the bank recorded for the entire 1H. Net assets have surged up 55.7% yoy to USD 2.2 bln. Its loan portfolio also leapt 63.6% yoy to USD 1.64 bln over the period and customer deposits grew 86.5% yoy to USD 1.0 bln. Share capital increased 70.2% yoy to USD 258 mln. We believe the one-off negative effect that depressed margins in 1H07 by converging the bank’s provisioning policy with stricter IFRS standards is behind it and has been one of the main reasons for the bank’s stellar financial performance in recent months. We also see the acquisition of a 60%+1 stake last month by Germany’s Commerzbank as having contributed to the bank revealing its true financials. The bank’s current share price offers a 19% discount to the deal price implied by Commerzbank’s acquisition. We confirm our USD 9.70 target price and put a strong BUY on the stock.

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