Raiffeisen Bank Aval records net income of UAH 22.0 mln in 1Q

Raiffeisen Bank Aval (UX: BAVL UK) reported its 1Q10 financial results yesterday according to Ukrainian Accounting Standards in a company filing. During the period, the bank’s net income was UAH 22.0 mln (vs. a net loss of UAH 369.0 mln in 1Q09). Mykyta Mykhaylychenko: Bottom line improvement was due to slower provisions accumulation in 1Q10 (UAH 650 mln) vs. 1Q09 (UAH 1,094 mln), while net interest and fees income stayed almost unchanged. In 1Q10, Raiffeisen Bank Aval’s retail deposit portfolio shrank 1.8%, while total loans declined 3.5%.