26.01.09Fitch Ratings Revises Rating for Ukrainian Banks amid Local Economy Hurdles
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Fitch Ratings agency has decreased long-term Issuer Default Ratings (IDR) for a number of Ukrainian banks including VAB Bank. This step has reflected general trends in the Ukrainian economy. This notwithstanding, VAB Bank has been able to sustain high solvency and has deteriorated none of materials financial indicators. In the past year, VAB Bank has upgraded some of its performance indicators substantially: balance sheet total reached 11,322,757 thousand hrivnias as of 1st January 2009, demonstrating a 15.3% growth versus 2007; credit and investment portfolio went up by 21.5% reaching 6,570,267 thousand hrivnias. Bank net assets have shown a 12.8% increase compared to 2007, making 7,748,528 thousand hrivnias, while balance sheet capital value of 901,900 thousand hrivnias is 27.3% larger. “In the beginning of 2008, the bank revised strategy it had followed in previous years shifting focus towards liquidity improvement and retardation of growth. Throughout 2008, as well as at the beginning of 2009 the bank has sustained and continues sustaining high liquidity; also, we are a net lender on the interbank market. Furthermore, VAB Bank envisages no substantial retirements on either domestic or international borrowings until mid-2010,” commented Lukas Tursa, Head of Treasury and Deputy Chairman of VAB Bank. In addition, the last shareholders’ meeting decided on a US$ 60 million capital increase in the course of 2009. “This, certainly, will neutralise possible negative effects of the ongoing market situation and provide a sufficient durability reserve helping us be confident and plan our further development strategy,” bank chairman Peter Baron emphasised. Reference dataVseukrainsky Aksionerny Bank (VAB Bank) has been operating in the Ukrainian financial market since 1992 and belongs to the group large banks in Ukraine according to NBU. In October 2006, VAB Bank became a member of VAB Group. Branch network consists of 25 branches and 143 outlets throughout Ukraine and a representative office in Budapest (Hungary). A large international company, TBIF Financial Services (Amsterdam, the Netherlands), is among the bank’s shareholders. Total assets of VAB Bank amounted to UAH 6.7 billion as of 01 July 2008.All news |
