OREANDA-NEWS. May 14, 2008. As of March 31, 2008, in URSA Bank management estimates, total assets reached US\\$ 7.5 billion, which is over 50% higher compared to 31 March of 2007. The shareholders’ equity grew by more than 100% over the same period, reaching \\$1.3 billion. The net loan portfolio of the Bank was US\\$ 5.8 billion, up by 70% year-on. The 90-day NPLs stood at 4.1%, as always fully covered by provisions.

As of March 31, 2008, the total deposit portfolio of the Bank reached US\\$ 2.4 billion, thus increasing by 50% year-on. The net growth of deposits in the first quarter alone was by US\\$130m.

In 1Q2008, the Bank earned \\$65.2 million in net income, or 170% higher compared to the same period in 2007.

The Cost to Income Ratio improved from 45% in 2007YE to 36%, demonstrating the Bank’s focus on efficiency and high pace of income growth.

The full set of IFRS financials statements for 1Q2008 with notes are expected in early June 2008.

Management estimates of key financials for 1Q2008 (IFRS), USDm, %
Total Assets 7,537.8
Shareholders' Equity 1,288.2
Net Income 65.2
Loan Portfolio, Net 5,820.5
Customer Accounts 2,428.2
Return on Average Equity 27.5%
Return on Average Assets 3.8%
Net Interest Margin 9.6%
Total Capital Adequacy Ratio 18.5%
Cost to Income Ratio 35.9%
NPL (more than 90 days) /  Gross Loans 4.1%
Provisions / Gross Loans 4.1%.