OREANDA-NEWS. October 19, 2010. Bank Forum reported 3Q10 financials on Oct 15, posting a UAH 601mn loss in 3Q2010.

Net interest income soared 35.2% qoq to UAH 133mn mostly on lower interest expenses (-12%) while net fee & commission income added 9.4% and reached UAH 30mn. Operating expenses remained virtually flat at UAH 178mn (vs UAH 177mn in the 2Q10). Bank continued to build up its LLR aggressively, yet slashing charges by half qoq to UAH 568mn in 3Q10.

Total assets reached UAH 15,523mn, down 9.2% from the previous quarter. The drop was triggered by higher loan loss reserves (+21.5%) as well as a slight reduction in gross loans (-1.6%).

Millennium Capital considers 3Q2010 results as NEUTRAL for FORM. The loss on the bottom line matched Millennium Capital’s expectations (UAH 601mn reported vs UAH 583mn expected) as the impairment charges came close to Millennium Capital’s projections (UAH 568mn reported vs UAH 600mn projected). Other items were also in line.