VAB Bank posts UAH 74 mln net loss in 1H09
22 July 2009
VAB Bank recorded a net loss of UAH 74.1 mln in 1H09, vs. net income of UAH 2.8 mln in 1H08, the lender said in a company filing with the State Securities and Exchange Commission. The bank also reported that its assets as of July 1, 2009 were UAH 6.9 bln, down 10.8% yoy, while liabilities amounted to UAH 6.1 bln, down 11.1% yoy. VAB Bank was Ukraine’s #26 largest bank by assets as of April 1, according to the National Bank of Ukraine. Andrii Parkhomenko: The bank’s financials plunged into red mostly as a result of increased reserve and administrative expenses. At the same time, VAB Bank’s interest income surged 49.6% yoy to UAH 189.5 mln in 1H09. The bank’s reserves cover 7% of its loan portfolio.
