Raiffeisen Bank Aval reports profit of UAH 1 bln for 1Q 2020
Kyiv. 14 May. — Raiffeisen Bank Aval has again achieved good financial results: its profit amounts to UAH 1,037 million by results of January-March 2020. As in the prior reporting periods, the bank has achieved second large financial result in the banking system of Ukraine.
“At the beginning of 2020, we found ourselves in an extraordinary situationThe pandemic has drastically changed the life in our country and in the whole world. Our vision of a normal human and social life, social interaction is acquiring other forms and versions”, noted Oleksandr Pysaruk, Chairman of the Board of Raiffeisen Bank Aval. “Despite a difficult situation in the country, our bank has good positions. The capital adequacy, the quality of assets and liabilities, the liquidity and profitability are on a high level. The bank is still one of the largest creditors of the Ukrainian business in different branches of the economy and a socially responsible company that serves the needs and makes for the well-being of the society.
Our main priority today is ensuring a stable and high quality service for our customers and providing a financial assistance for business in difficult economic conditions”.
By results of the first quarter of the current year, the net interest incomes of Raiffeisen Bank Aval made up UAH 1,858 million what is by 6,7% more compared with the prior-year quarter. The bank earned UAH 626 million of commission incomes in January-March 2020 (13,8% increase as compared with the same reporting period of 2019).
The assets of Raiffeisen Bank Aval reached UAH 93,655 million as at 31 March 2020 demonstrating an increase of 13.1% in January-March of the current year, including customer loans sized UAH 47, 514 million (0.3% growth since the beginning of the year 2020).
The bank’s liabilities grew by 14.6% to UAH 79,967 million since 31 December 2019. The customer costs increased to UAH 73, 474 million (10.1% increase for 1Q 2020).
Like in the previous periods, Raiffeisen Bank Aval has a sufficient capital base (as at 31 March 2020, the capital of the bank amounted to UAH 13 688 million) and a good liquidity. The capital adequacy ratio of the bank was 20.67% at the end of March (at the NBU required minimum of 10%).
Raiffeisen Bank Aval JSC was founded on 27 March 1992. Since October 2005, the bank has become part of the Austrian banking group Raiffeisen Bank International AG. As at 31 March 2020, Raiffeisen Group owned 68.28 per cent of the shares of the bank, and the European Bank for Reconstruction and Development hold 30 per cent of the bank’s stock.
Raiffeisen Bank Aval offers a wide range of banking services to 2.5 million clients through its nation-wide regional network of about 453 branches all around Ukraine.
