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Net interest income of UniCredit Bank increased by 107%

20.10.2015

Net interest income of UniCredit Bank increased by 107% in Q3 2015 compared to previous quarter, thus totalling UAH 466.527 m. Also, commission income of the bank grew to UAH 258.069 m.

At the same time, the bank reported UAH 363.345 m of losses in the quarter compared to UAH 6.4 bn of losses in Q2, as stated by Giacomo Volpi, CFO at UniCredit Bank.

"The challenging economic and political environment in Ukraine still has its impact on our results as we keep making provisions – over UAH 500 m – to cover potential risks. This is what eventually leads to losses. However both interest and commission income keep growing along with transaction volumes. Furthermore, current liquidity is high with UAH 4.3 bn being kept in highly liquid assets – this allows our bank to ensure comfortable and uninterrupted services to millions of clients. Notably, our capital adequacy ratio remains at solid 15.57% (with 10% minimal requirement), which is yet another testimony to strong positions of the bank," – Giacomo Volpi said.

 

NOTE

Ukrsotsbank is one of the largest universal banks of Ukraine, operating in the local market since 1990. The bank offers full range of services to individuals and corporate clients.

The renovated Ukrsotsbank emerged on 31 October 2016 as a result of strategic deal whereby 99.9% of Ukrsotsbank shares have been transferred from UniCredit Group to ABH Holdings S.A. (АВНН) in exchange for a minority 9.9% stake in ABHH. Thus, the bank has combined 26-year-old traditions of Ukrsotsbank’s client-centric attitude, European quality of service inherent to UniCredit, as well as international banking expertise of ABHH in a number of European countries including CIS. Thanks to the successful synthesis and synergy of the two assets of ABHH in Ukraine, Ukrsotsbank and Alfa-Bank, the banking market of Ukraine will see the rise of a new stronger financial institution. This, in turn, will spur up technological advance, increase efficiency, improve quality of service for the clients, reduce cost of banking services whereas their range will inevitably expand.

The extensive retail network of Ukrsotsbank consists of 237 branches, its headcount reaching nearly 5 thousand employees.


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