UkrSibbank BNP Paribas Group posted in 2015 a net result after tax of UAH 23 M and reached a cost/income ratio of 44%

UkrSibbank 2015 financial statements prepared according to IFRS show a net result after tax of UAH 23 M and a gross operating result of UAH 2.4 Bn, in progress of 240% compared to 2014.

UkrSibbank 2015 financial statements prepared according to IFRS show a net result after tax of UAH 23 M and a gross operating result of UAH 2.4 Bn, in progress of 240% compared to 2014. This result has been achieved thanks to total revenues in growth of 70% despite the difficult economic environment and the devaluation, while the operating expenses increased by only 4%. The cost/income ratio improved to a level of 44% from 72% in 2014.

UkrSibbank’s customer deposits grew year-on-year by more than 75% mainly in local currency, the gross loan portfolio increased by 45%, total assets reached UAH 43.4 Bn in progress of 65%. In 2015, the bank strengthened further its already very strong liquidity position both in FX and local currency.

All business lines contributed to the good performance of the bank. Retail banking contributed to sharply increase the funding of the bank in UAH thanks in particular to a steady development with SME’s.

Corporate banking has achieved an increase of its loan book in UAH by a triple digit, gaining a leading position among in lending to international companies. Its 2 legs strategy being International companies on one side of which usual business model is importing/distributing and the exporting sector of the Ukrainian economy, mainly agri sector, has secured for the bank a strong access to export proceeds and a 10% market share in FX.

“The positive performance of UkrSibbank in 2015 indicates that our business model pays off, — says Philippe Dumel, the Chairman of the Management Board of UkrSibbank BNP Paribas Group. — In 2016, we will stick to our strategy and continue to provide our customers with best-in-class products & services and help them develop Ukrainian economy. Our shareholders EBRD and BNP Paribas, holding respectively 40% and 60% of the company, have showed again their strong commitment to the bank by increasing the Tier 1 equity by UAH 3.3 Bn in February 2016. Globally, I’m confident about the future and the further development of our bank in Ukraine”.