Ukrsotsbank’s Net Income up 26% yoy in 2007

According to Interfax, Ukrsotsbank (USCB: BUY) said that it raised its net income by 26% yoy to UAH 362 mln (USD 71.7 mln) in 2007. Last week, Ukrsotsbank reported asset growth of 78% yoy to UAH 31.2 bln (USD 6.2 bln) in 2007, loan portfolio expansion of 90.4% yoy to 24.2 bln (USD 4.8 bln). Alexander Viktorov: Net income was 30% below our full-year forecast and is expected to be one of the lowest growth among traded banks. We are still positive on the bank: we maintain our target unchanged at USD 0.32 per share. As Italian UniCredit group takes over, we expect acquisition-related positives to materialize in the upcoming year in terms of cheaper funding, higher capital injections and improved efficiency.