Ukrsotsbank's assets 12% up in 2014

Assets of Ukrsotsbank (Kyiv) grew by 12% in 2014, to UAH 48.3 billion, the bank said in a press release.

According to the report, the bank's loss last year came to UAH 2.6 billion, while in 2013 its profit stood at UAH 10.988 million.

"This was a heavy year. The annexation of Crimea and hostilities in Donbas were the drivers of worsening the financial situation in the country. In 2014, we had to form UAH 2.8 billion of reserves for overdue credits, which resulted in the annual loss of UAH 2.6 billion [UAH 1.1 billion in Q4 2014]," the press service said, citing Ukrsotsbank CFO Giacomo Volpi.

He said that net interest-bearing income last year totaled UAH 1.3 billion and net commission income amounted to UAH 645 million.

As of January 1, 2015, the Ukrsotsbank's liquidity position was estimated at UAH 7 billion.

Volpi also said that the bank actively worked on the minimization of risks: in Q4 2014 the bank converted 18.4% of currency credits of individuals.

Ukrsotsbank was founded in 1990. UniCredit Bank Austria AG by October 2014 owned 36.9041% in Ukrsotsbank, PJSC Ferrotrade International – 35.5811%, UniCredit S.p.A. – 26.479%.

According to the National Bank of Ukraine, as of October 1, 2014 in terms of assets Ukrsotsbank ranked sixth (UAH 43.057 billion) among the 166 banks operating in the country.

Source: Interfax-Ukraine