UkrSibbank IFRS results Q1-2018

Ukrsibbank BNP Paribas Group posted in Q1 2018 a net result after tax of 612 M UAH.

Ukrsibbank has posted a solid 1st quarter 2018 net result of 612 M UAH. This strong result confirms the efficiency of the bank’s business model in the stabilized Ukrainian environment.

The increase of market interest rates and the growth of the performing loan book which brought customers loans to 19.8 Bn UAH (+11% QTQ), pushed the net interest income up by 30.5% to 851 M UAH (vs 652 M UAH in Q1 2017). Cost of funds decreased by 33% YoY while customer deposits remained overall stable at a level of 34 Bn UAH.

Net commissions & fees showed a growth of 17%. All in all, Ukrsibbank net banking income reached 1.35 Bn UAH (+24.5% YoY).

Operating expenses have increased by 23%, reflecting the relatively high inflation in the first 3 months of the year (13.8% YTD) and the tensions on the labor market pushing salaries up. Cost/income ratio remains at a very good level of 48%.

Cost of risk decreased by 87% YoY down to -35 M UAH showing the Bank’s ability to keep its credit risks under control and reflecting the quality of the loan portfolio.

Overall, the bank has posted in Q1-18 a strong net income after tax of 612 M UAH (+151% YoY).

The ROA reaches 5.4% while the capital adequacy ratio as of 31st of March is 26.87%, far above the minimum level of 10%, leaving room for further growth and potential dividend distribution.

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