Rodovid Bank had net loss of UAH 1.5 bln in 1H09

Rodovid Bank (RODB) had a net loss of UAH 1.5 bln in 1H09, vs. net income of UAH 54.9 mln in 1H08, the company said in a filing yesterday. Rodovid’s assets as of July 1 were down 33.8% yoy to UAH 8.7 bln, and its liabilities fell 24.6% yoy to UAH 8.9 bln. Rodovid was Ukraine’s #20 largest bank by assets as of April 1 based on National Bank of Ukraine statistics. Andrii Parkhomenko: Rodovid’s financial statements look substantially worse than those of other Ukrainian banks. The bank’s net loss was mainly caused by UAH 1.42 bln in reserve expenses and compares to 787% of the bank’s net interest revenue and 17% of its assets. The bank’s reserves now cover 19% of its loan portfolio, the highest number reported by a major Ukrainian bank, so far. Nevertheless, we remain quite positive on the bank after the government injected UAH 2.8 bln of equity into Rodovid and became a 99.97% stakeholder in the bank.