OREANDA-NEWS. On 30 March 2009 was announced, that according to the Temporary Administrator of Nadra Bank < NADR UZ N/R >, the bank repaid UAH 0.4bn of retail deposits and returned UAH 0.3bn of the loans during the first month of the temporary administration (since 10 February 2009). NADR's administrative expenses decreased by 15%, m/m in February. Meanwhile the amount of its funds on the NBU's accounts rose by 43%.

Millennium Capital sees the news to be NEUTRAL for NADR, since Millennium Capital considers that the loans repayment was held mainly via the corporate funds, which constituted only 25% in NADR’s credit portfolio as of 1 Fubruary 2009. Meanwhile the major share of NADR’s loans (67%) is provided to its retail clients with around 44% mortgage loans share, which will be more difficult to return in the short run period. Therefore, Millennium Capital expects that the real recovery of NADR’s performance may start only in the case when the NBU provides at least UAH 5bn of its refinance loan to the bank.

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of the major investment banking institutions.