Ukrsotsbank sees net income drop 77% yoy in 1H09

Ukrsotsbank (USCB), in a company filing yesterday, posted net income of UAH 61.7 mln in 1H09, down 76.8% yoy. The company also said that as of July 1, 2009 its assets amounted to UAH 45.0 bln (down 9.5% yoy) and liabilities UAH 39.7 bln (down 10.8% yoy). Ukrsotsbank was Ukraine’s #6 largest bank by assets as of April 1, according to the National Bank of Ukraine. Andrii Parkhomenko: The bank’s P&L results look better than the banking system’s average net loss of UAH 14.3 bln in 1H09. The bank’s reserves cover 7% of its loan portfolio. Its equity-to-assets ratio is 11.6, higher than the system’s average of 13.4.