OREANDA-NEWS. February 01, 2010. In 4Q09 Ukrsotsbank posted a net income (NI) of UAH 42mn, which contributed to the total NI of UAH 127mn in 2009. USCB assets declined by a mere 1% to UAH 43.7bn, while its credit portfolio decreased by 2% to UAH 40.7bn.

Millennium Capital considers that USCB’s net income was due to quite a moderate loan reserves policy, despite a significant share of mortgage loans in its credit portfolio (31% in 9M09), while 80% of the bank’s loans were denominated in the foreign currency. Millennium Capital considers that USCB performance lies in line with that of other commercial banks, such as BAVL, and good financials are the result of a proper accounting policy of the bank.