OREANDA-NEWS. FUIB finished 1Q 2015 with profit before provision and tax of UAH 1.2 billion, which is by 74% higher than the result of the same period of the past year. The growth of operating profitability is connected with the increase of net fee income by 20.2% (UAH 240.1 million) and trade income by 166% to UAH 731.6 million. Net interest income was almost unchanged and amounted to UAH 564.1 million.

Since the beginning of 2015 net assets of the bank have increased by 9.4% to UAH 41 billion. Gross loan portfolio increased by 9.9% and reached UAH 31.2 billion.

Customer accounts amounted to UAH 29 billion having increased by 10.2% YtD. The increase of corporate customer accounts made 6.5% (to UAH 14.5 billion), while the increase of private customer accounts was 14.1% (to UAH 14.4 billion).

Because of dramatic devaluation of national currency and active military campaign at the beginning of the year FUIB made significant allowance for loan impairment. Comparing to the 1Q 2014 allowance for loan impairment increased almost 4 times and amounted to UAH 1.6 billion. As a result, the financial result of 1Q 2015 was negative (-348.7 MUAH).

“In the first quarter, the bank improved its operating profitability by increasing the proportion of commission and trading income in the total income of the bank. Because of the dramatic devaluation of the hryvnia in February, we, like all banks in Ukraine, faced with a new wave of panic and outflows of clients that we have passed without stopping payments even for a minute. In addition, we managed to maintain the level of capitalization of the bank at a high level, as well as complete the merger of FUIB and Renaissance Credit”, noted Sergey Chernenko, the Chairman of the Management Board of FUIB.