Thursday, July 10, 2008

Forum bank increases net profit by 85% y/y to UAH 41.6mn in H1/08.

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Forum bank increases net profit by 85% y/y to UAH 41.6mn in H1/08. Forum bank posted net profit of UAH 41.6mn in H1/08, showing an increase of 85% y/y. At this, bank’s net assets reached UAH 15.4bn, shareholders’ equity was UAH 1.4bn, and credit portfolio amounted to UAH 11.3bn. On July 21, 2008 Forum bank starts placement of D series UAH 500mn (USD 103mn) bonds. The bonds mature in 5 years, and coupon annualized yield is set at 12%. The bank will issue 500,000 bonds with a nominal face value of UAH 1,000. As we reported, Fitch assigned AAA(ukr) to the forthcoming issue. To note, German Commerzbank owns 60+1 share of Forum Bank.

Securitisation is not dead

FX poll 2008:

Forum bank increases net profit by 85% y/y to UAH 41.6mn in H1/08.

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