Ukrgazbank Increases Net Income 3.2 Times in 9M07
26 October 2008
Ukrgazbank (UGZB: HOLD) disclosed that it boosted its net income to USD 11.6 mln in 9M07 (up 3.2 times yoy). The bank doubled assets to USD 1.73 bln during the period, grew its equity 33% YTD to USD 125.8 mln and increased liabilities two times to USD 1.68 bln. The 9M growth is generally in line with our forecasts. We maintain a HOLD recommendation on the stock.
