Megabank's Net Income Soars Up 3.2 Times in 1H07
12 July 2008
Megabank (MEGA: BUY) released its 1H07 net income of USD 2 mln, an increase of more than 3 times yoy. In June the bank’s assets grew 36% yoy to reach USD 302 mln. Megabank’s midterm net income is in line with our forecast of USD 3.8 mln for 2007. Additionally, Megabank announced that it signed a loan agreement with state-bank Ukreximbank as part of the World Bank project to finance export activity. The five-year loan is for USD 10 mln, with an option to increase to USD 20 mln. Ukreximbank signed an agreement with the WB in September 2006 to attract a USD 154.5 mln loan to support growth in exports and the Ukrainian economy.
