OREANDA-NEWS. March 9, 2011. Forum Bank, accounting for 1.5% of total sector assets, expects to earn positive profit in FY12, according to the bank’s announcement on Mar 4. In addition, the bank does not expect any significant LLC in FY12.

Millennium Capital considers the news is NEUTRAL for Forum. Management outlook coincides with our previous expectations of positive net income materializing no sooner than in FY12. We anticipate the bank to post UAH 302mn in net profit in FY12. We have already modelled 7.6x reduction in provision charges in FY11 which coincides with the management guidance.