USCB Releases Sound 3Q 2010 Financials
OREANDA-NEWS. October 27, 2010. Ukrsotsbank published its 3Q2010 financial results on October 26, posting a net income of UAH 6mn in 3Q2010.
The bank’s net interest income of UAH 745mn grew by some 2.3% qoq driven by significant decline in interest expenses (-10.4% qoq). Fee & Commission income strengthened by 9.8% to UAH 133mn while operating expenses sank by 5.9% qoq. Impairment charge grew by 19.4% qoq to UAH 644mn.
On the balance sheet, total assets remained virtually flat, adding 0.7% qoq. Loan book contracted by 1.1% qoq to UAH 38,046mn on loan repayments and that allowed the bank to raise its cash (+7.8%) and investment securities (+28.0%) holdings. The bank’s LLR increased to UAH 6,200mn, a 11.8% growth qoq. Deposits added 4.8% qoq and now stand at UAH 14,728mn.
Millennium Capital: the results published are POSITIVE for USCB
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