Bank Forum posts UAH 549.4 mln loss in 1H11
27 July 2011
Bank Forum (UX: FORM UK) posted a UAH 251.7 mln loss in 2Q10, bringing its total loss in 1H11 to UAH 549.4 mln (USD 68.7 mln), according to UAS results published yesterday. Forum’s end-1H11 RoE equals -225% and RoA -15.5%. In 1H11, Forum increased its equity by UAH 1.5 bln to UAH 5.9 bln. Svetlana Rekrut: The loss was primarily driven by provisions accumulation, which rose from 31% of its loan portfolio as of end-2010 to 34% as of end-1H11. On the top of that, ongoing internal operations restructuring kept SG&A costs in 1H11 high, with Cost/Income at 140.5% (vs. 159.2% in 2010E). The bank’s net interest margin amounted to 4% in 2Q11, up from 3.0% at end-2010 (4Q-rolling).
