Ukrsibbank net profit slumps 4% in H1, assets grow 15.5%
MOSCOW. Aug 8 (Interfax) - Ukrsibbank, one of Ukraine's largest lenders, earned a net profit of UAH 3.43 billion in the first half of 2024, 3.7% less than a year earlier, Ukrainian media reported, citing the bank's quarterly report.
The bank's net profit fell 4.9% year-on-year to UAH 1.73 billion in the second quarter of this year.
Net revenue from banking operations edged up 0.7% to UAH 7.21 billion, including 2.8% to UAH 3.69 billion in the second quarter. Net interest income rose 1.5% to UAH 6.01 billion in the first half and net commission income grew by 3.4% to UAH 0.84 billion.
The bank's assets grew by 15.5% or UAH 22.02 billion in the first half to UAH 163.94 billion at the end of June.
The growth was driven primarily by the increase of funds in correspondent accounts at other banks from UAH 28.65 billion to UAH 42.26 billion; mandatory reserves and short-term deposits at the National Bank of Ukraine (NBU) from UAH 11.89 billion to UAH 15.36 billion; and cash from UAH 1.91 billion to UAH 2.31 billion.
The growth of investments in securities from UAH 2.60 billion to UAH 87.88 billion also made a contribution. Ukrsibbank's investments in NBU deposit certificates slipped by 0.3% to UAH 35.46 billion, while investments in the Finance Ministry's domestic bonds grew by 23.6% to UAH 23.23 billion.
Loans and advances to customers decreased by 7.4% to UAH 10.41 billion.
Client funds at the bank grew to UAH 141.07 billion at the end of June from UAH 119.62 billion at the start of the year, while other banks' funds decreased to UAH 1.28 billion from UAH 1.45 billion.
Ukrsibbank's liabilities grew to UAH 143.14 billion at the end of June from UAH 124.55 billion at the start of the year.
The bank's capital grew by 19.8% to UAH 20.80 billion in the first half, including by UAH 1.73 billion in the second quarter. Retained earnings rose to UAH 13.19 billion from UAH 11.49 billion in the period.
Ukrsibbank was the seventh largest of Ukraine's 63 operating banks by total assets as of June 1, NBU data showed.
The official exchange rate was UAH 41.04/$1 on August 7.