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Rodovid Bank Continues Expansion, Opens Five More Branches

Rodovid Bank Continues Expansion, Opens Five More Branches

1 November 2008

Rodovid Bank (RODB: BUY) announced yesterday that new outlets in Poltava, Simferopil, Luhansk, Donetsk and Kyiv regions are now open for business. Two more offices in Lviv, Mukacheve and Kerch are slated to open their doors in November. As of July 1, 2007, the bank’s retail network consisted of 210 branches/outlets. Earlier this week, the bank reported stellar 9M financial results: net income of USD 7.7 mln (up 2.5 times yoy), assets of USD 1.45 bln (up 2 times YTD), and liabilities of USD 1.23 bln (up 70% YTD). Over the period, the bank grew its equity 2.5 times to USD 219.7 mln. Rodovid with it’s 30% upside is one of our top picks and is continuing its rapid retail expansion.

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