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Ukrgazbank Boosts Net Income 3.2 Times in 9M07

Ukrgazbank Boosts Net Income 3.2 Times in 9M07

16 October 2008

Ukrgazbank (UGZB: HOLD) lifted its net income 3.2 times yoy to USD 11.6 mln, according to Interfax. The bank reported asset growth of 96.4% YTD to USD 1.7 mln and share capital increased 33% to USD 125.8 mln. Ukrgazbank’s loan portfolio expanded 95.1% during the period to 836 mln: corporate lending rose 92.5% to USD 600 mln and retail loans grew 101.9% to USD 236 mln. UKrgazbank’s current price offers little upside to our target price (USD 1.32), however with the release of the company’s full financial results, expected in about two weeks, we maybe revising our target upward.

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