1 Feb 2010 13:42

Raiffeisen Bank Aval reduces assets by 17% in 2009

KYIV. Feb 1 (Interfax) - Kyiv-based Raiffeisen Bank reduced assets by 17.4% to 55.048 billion hryvni (7.999 hryvni/$1 on February 1, 2010) in 2009, the bank said in a financial report tabulated according to Ukrainian standards.

The report said that the bank's equity in 2009 had shrunk by 28.6% To 3.313 billion hryvni.

Last year the bank increased its loan loss reserves by 190% to 5.497 billion hryvni. Administrative expenditures increased by 3.7% to 2.673 billion hryvni.

The bank had 2.0191 billion hryvni in net losses for 2009 against 531.432 million hryvni in net profit in 2008.

Raiffeisen Bank Aval (formerly known as Aval) was founded in 1992. Raiffeisen International Bank-Holding AG owns 95.93% of its shares.

The bank ended the first half of 2009 in 20th place among CIS banks and second among 182 Ukrainian banks on the Interfax-100: CIS Banks ranking.