OREANDA-NEWS. January 29, 2010. In 2009, the net assets of bank Forum decreased by 5.2%, y/y to UAH 19.5bn, despite a slight growth of the credit portfolio (0.8%, y/y to UAH 17bn). The net loss of FORM amounted to UAH 665mn in 2009 (UAH 240mn in 4Q09).  The Bank’s equity capital decreased by 11.4%, q/q to UAH 1.9bn in 4Q09.

Millennium Capital sees the main reason of an increase in the FORM’s losses in 4Q09 to be the increase of its loan reserves, which amount was not still disclosed by the bank. Meanwhile, the loss incurred led to a decline of the bank’s equity capital. Millennium Capital will revise recommendation on FORM following the announcement of more detailed statistics and of the decisions approved at its EGM slated for 4 March 2010.