Ukrgazbank Reports Strong 1H07 Growth, Eyes Further Expansion

Yesterday Ukrgazbank (UGZB: BUY) released its 1H07 net income, which increased 3.1 times in 1H07 to USD 8.3 mln. The bank also recorded 37.9% growth in assets to USD 1.2 bln. Ukrgazbank has opened 56 branch offices YTD, bringing its network to 220 in total. Shareholders in Ukrgazbank decided to increase the bank’s share capital by 25% to USD 100 mln at their AGM yesterday. Subscription is scheduled to take place September 3 to October 5. At a press conference yesterday, Deputy Chairman of the Board Yegor Rusin said the bank is open to the idea of placing the entire share issue with foreign investors. Rusin also said the Ukrgazbank is looking at expansion into Belarus, Moldova and Georgia by the end of 2008.