UKRSIBBANK BNP Paribas Group posted in Q2 2018 a net result after tax of 617 M UAH

UKRSIBBANK has posted a solid 2nd quarter 2018 net result of 617 M UAH, bringing the net result after tax for 6 months to 1.229 M UAH.

The increase of market interest rates and the growth of the performing loan book, which brought customer loans to 19.6 Bn UAH, pushed the net interest income up by 37%, while customer deposits increased by 5.7% and reached 35.9 Bn UAH.

Net commissions & fees and the results on FX transactions increased by 6% and contributed to reach a YTD net banking income of 2.72 Bn UAH (+30% YoY). Driven by salary increases and still high inflation in the first 6 months of the year, the operating expenses have increased by 24%. The cost/income ratio improved to 49%.

The combination of good recovery on the legacy NPL portfolio and the low risk of the loan book generated a positive cost of risk of +42 M UAH for the first half of the year.

Overall, the bank has posted a strong net income after tax of 1.229 M UAH (+117% YoY).

In April, the General Shareholders Meeting of UKRSIBBANK approved dividends distribution of 2017 results for an amount of 1 200 M UAH (BNP Paribas 60%, EBRD 40%). Post distribution, the solvency of the bank remains above 20% for a minimum requirement of 10%.

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