Ukrgasbank posts UAH 2.8 bln in loss in 2014

The loss of government-managed Ukrgasbank (Kyiv) came to UAH 2.8 billion in 2014, while in 2013 its profit stood at UAH 1.002 billion.

«In 2014, Ukrgasbank saw a loss of UAH 2.8 billion, including due to the formation of reserves for assets and transactions with banks declared insolvent, the formation of reserves for assets of borrowers who are registered on the territory where the antiterrorist operation (ATO) is being held or on the temporarily occupied territory... or those doing business on the said territories and due to the hryvnia devaluation, the devaluation of fixed assets located in the eastern part of the country where the ATO is being held and on the temporarily occupied territory,» reads the report.

Acting Board Chairman of Ukrgasbank Kyrylo Shevchenko said that the bank observes all liquidity requirements set by the National Bank of Ukraine (NBU) and the bank fully fulfills its liabilities to depositors.

«Today, Ukrgasbank is operating in line with legal initiatives of the government, in tight cooperation with the Finance Ministry and NBU on the increase of the charter capital to ensure stable operation on the Ukrainian banking market. The capitalization program drawn up taking into account the results of the stress test conducted by PricewaterhouseCoopers audit company is being actively introduced,» the banker added.

Ukrgasbank was created in 1993. The main shareholder of the bank at the beginning of October 2014 was the Ukrainian Finance Ministry, with a share of 92.9998%.

According to the National Bank of Ukraine, on October 1, 2014 in terms of assets the bank ranked 15th (UAH 22.97 billion) among the 173 banks operating in the country.

Source: Interfax-Ukraine