Privatbank decreases net income 45% yoy in 1H09

Privatbank, Ukraine’s largest bank by assets, reported on Friday that its net income came to UAH 405.2 mln in 1H09, down 45.1% yoy. As of July 1, 2009, the bank said its assets amounted to UAH 79.5 bln (down 0.8% yoy) and liabilities to UAH 70.9 bln (down 1.4% yoy). Andrii Parkhomenko: The bank’s small net income can be attributed to a 337% yoy increase in reserve expenses. However, in our opinion, Privatbank’s income statement looks more sound than the aggregate income statement of Ukraine’s banking system, which in 1H09 posted a net loss of UAH 14.3 bln (net margin –19.9%).