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UniCredit Bank assets have increased by 12% in 2014 - to UAH 48 bln

02.02.2015

UniCredit Bank assets have increased by 12% in 2014 - to UAH 48 bln. This was announced by the bank’s chief finance officer Giacomo Volpi.

"It was objectively a tough year. Crimea annexation, military operations in the Donbas became the catalysts causing the worsening of the country’s financial condition. We increased bad loans provision by UAH 2.8 bln in 2014, which resulted in an annual loss of UAH 2.6 bln (UAH 1.1 bln - in the 4Q2014), - said Giacomo Volpi, UniCredit Bank CFO. - Such an  allocation of provision will ensure a sizable cushion to cover materialized risks in future. At the same time, it is important that the core banking business continued to generate income: net interest income amounted to UAH 1.3 bln last year, net fee and commission – UAH 645 mln. In addition we are still one of the most liquid banks in Ukraine. As of January 1, 2015 our liquidity position was UAH 7 billion, which strengthens our reliability and allows to fulfill all obligations to customers without any delay even in the current volatile market conditions. NBU recognized UniCredit Bank as a systemic bank, confirming our importance for the Ukrainian banking system".

Mr. Volpi also noted that in 2014 the bank was actively working on minimizing risks. In particular, this applies to the foreign currency loans portfolio - during the 4Q2014 UniCredit Bank converted 18.4% of individuals’ foreign currency loans. According to the banker, it eliminates the currency risk and reduces the risk that such portfolio to become problematic.

 

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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