Ukrsotsbank's Net Profits More Than Double In 2006
12 January 2008
Ukrsotsbank (USCB: BUY) announced yesterday that its net profits reached USD 57.3 mln in 2006 almost 2.5 times greater than the bank’s 2005 profits (USD 23.2 mln). According to the bank’s CEO Boris Timonkin, 2006 was a record year for USCB in terms of profits. The bank’s loan portfolio increased by 75% yoy to USD 2.5 mln, of which retail clients accounted for USD 1.4 mln, and corporate clients made up 1.1 mln. Timonkin added that the bank was on its way to establishing a loan portfolio in line with western banks where retail clients make up 70-75% of the loan portfolio. Last year Ukrsotsbank announced plans to attract roughly $1.5 bln through the placement of Eurobonds, syndicated credit and a private placement in 2007. USCB is Ukraine’s sixth largest bank.
