OREANDA-NEWS. October 13, 2009. According to the preliminary results in 9M09 the commercial bank losses amounted to UAH 17.2bn. Namely, the banks income amounted to UAH 108.2bn, while banks' total expenses were UAH 125.4bn. Meanwhile, the banks transferred UAH 47.1bn to the accounts in the NBU to cover possible losses from the loans provided in 9M09 (UAH 5.5bn in September).

Millennium Capital sees the news to be negative for the commercial banks, since the main reason of the banks’ losses, the increased reserve transfers, were even tightened in September 2009. Namely, the banks are now to keep 50% of their reserves on the special NBU accounts, which decrease their liquidity. Moreover, considering the correction of 8M09 losses amount from 15.4bn to 20.5bn by the NBU, we expect that the actual losses of the commercial banks were around UAH 23bn in 9M09.

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of tickets selling for its flights due to high arrearage to the creditors of the company.