Seven Ukrainian banks report 1Q09 results

Yesterday Bank Forum (FORM), Bank Khreschatyk (BXRK), First Ukrainian International Bank, Ukreximbank, Dongorbank, VTB Bank and Nadra Bank released 1Q09 results. As expected, most banks increased their net interest income, and reduced their net income due to increased loan loss reserves. The most disappointing was the 10%-35% decrease in customer deposits on bank accounts compared to end-2008. First Ukrainian International Bank (FUIB) showed the weakest results of this group of seven banks.

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                               Net interest        Net income,   Deposits chg
                       income, UAH mln   yoy      UAH mln      over 1Q09
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Forum (FORM)                 222.9   75%        -86.7         -26.1%
Khreschatyk (BXRK)         61.4    -15%          5.4         -10.9%
FUIB                                282.1   91%       -119.8         -34.1%
Ukreximbank                    771.7  137%          7.6         -21.5%
Dongorbank                      84.5   81%          2.1         -20.4%
VTB Bank                        310.4  141%          8.3            n/a
Nadra Bank                     n/a        n/a       -557.5            n/a
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