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Monday, August 20, 2018

OSCHADBANK - UKRAINE: Sberbank's net profit for the first half of 2018 is UAH 108.4 million

Oschadbank - Ukraine issued the following announcement on Aug. 1.

Savings Bank provided profitable activities in the first half of the year 2018. So, as of 01.07.2018, the net profit of the Savings Bank is UAH 108.4 mln.

Sberbank takes II place in terms of assets, credit and deposit portfolios. The dynamics of growth of commission income of Savings Bank, namely an increase of 1.3 times compared to the corresponding period of last year, ensured that Oschadbank retained a leading position in the market by this indicator. Oschadbank demonstrated an increase of individuals' funds at 5.5 bln. The growth rate is 6.3%, which 2.3 times exceeds the value of a similar indicator in the banking system - 2.8%, respectively.

Oschadbank continues to intensify its work on the market of the Moscow Interbank Currency Exchange in accordance with the defined leadership strategy for 2018-2022 as a priority. Thus, for half a year, clients of the IBSM issued loans worth 1.3 billion UAH. and the deposit portfolio of the Moscow Interbank Currency Bank increased by UAH 5.5 billion.

As of 01.07.2018, Oschadbank completed transition to IFRS 9. The main effect of applying the requirements of the standard introduced: reclassification of assets; reflection on the capital accounts of the result of "initial impairment"; impairment / revaluation of instruments at fair value; change in reserve volume. At the same time, Oschadbank secured on July 1, 2018 full compliance with the economic standards stipulated by the requirements of the National Bank of Ukraine. In particular, the capital adequacy is 15.5%.

International rating agency Fitch Ratings, based on the analysis of the financial condition of Oshchadbank in July 2018, confirmed the rating of the Savings Bank, established on the international scale at the level of the sovereign rating of Ukraine (B-).

Original source can be found here.

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Oschadbank - Ukraine

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