29 Jan 2010 17:30

Kyiv-based Finances and Credit Bank boosts assets by 5.5% in 2009

KYIV. Jan 29 (Interfax) - Kyiv-based Finances and Credit Bank had 19.457 billion hryvni (8.0012 hryvni/$1 on January 29, 2010) in net assets as of January 1, 2010, the bank said in a statement.

It was earlier reported that the bank's assets in 2008 had increased by 26% to 18.439 billion hryvni. As a result, the asset increase for 2009 came to 5.5%.

The press release said that, as of January 1, 2010, total funds raised from clients and individuals had reached 4.509 billion hryvni.

The banks' operational profit for 2009 came to 638.3 million hryvni while net losses came to 450 million hryvni, compared to 142.59 million hryvni in net profit for 2008.

In 2009, the bank formed reserves on covering its risks on all asset operations. The reserves came to 1.28 billion hryvni.

The press release said that it was one of Ukraine's leading importers of foreign currency. In 2009, the bank imported $207.72 million and $76.65 million euro while also selling 794 kilogram in bank metals over the past year.

Finances and Credit Bank was formed in 1990. The main shareholders in the bank are OOO Askaniya with 48.877% and F&C Realty with 47.0592%.

The bank was 70th largest credit organization in the CIS by assets at the end of the first half of 2009 and 14th largest Ukrainian bank according to the Interfax-1000: Banks of the CIS, compiled by the Interfax Center for Economic Analysis (CEA).