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Ukrsotsbank reduced losses by almost UAH 0.5 billion in the second quarter of 2017

28.07.2017

Ukrsotsbank showed UAH 169. 77 loss in Q2 of 2017, which is UAH 488.07 less compared to the same period in 2016. The bank finishes the first half of 2017 with UAH 375,9 million loss, reducing losses by UAH 185.1 million.

The bank managed to increase the commission income by UAH 24.8 million in Q2 2017 compared to the same period in 2016 and by UAH 48.9 million in the first half of the year.

At the same time, the interest expenses of the bank were decreased by UAH 280.58 million, and commission expenses – by UAH 1.9 million.

The bank's operating income before is UAH 78.74 million.

“Now our bank actively and successfully works to restructure the corporate and retail portfolio and we managed to achieve positive dynamics and reduce losses in comparison with previous years. Unfortunately, the quality of the loan portfolio still affects the financial result of Ukrsotsbank.  Our strategy, which includes work with problem loans, non-core assets sale, as well as new business developing, has already shown successful results and will ultimately lead to the bank's profit. It should also be noted that the bank continues to be reliable and stable and we generate stable operating income,” CFO of Ukrsotsbank Serhii Yermakov noted.

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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