AKB Industrialbank : INDUSTRIALBANK summarized its performance in IІI quarter 2016

14.11.2016

According to financial statements prepared in compliance with IFRS, INDUSTRIALBANK significantly improved its performance in III quarter 2016.

In July-September 2016, the Bank gained profit amounting to UAH 35 mln., under results of 9 months the loss made UAH 14.2 mln. Such performance is caused, first of all, by expenses related to allowance for impairment of loans to customers incurred in I quarter 2016.

Performance of the Bank was effected both by general situation in banking sector and the national economic background in principle. As a result of gradual recovery of economic activity, borrowers' ability to service the loans received from the Bank has improved, which resulted in write-back of the allowance for credit risks of legal entities. At that, the basic financial indicators of INDUSTRIALBANK on the basis of its performance in III quarter 2016 bear evidence of its stability:

· as on 30 September 2016, assets of the Bank made UAH 2.7 bln.; · equity capital - UAH 832 mln.; · raised funds - UAH 1,794 mil.; · credit portfolio before allowance amounted to UAH 2.2 bln., at that amount of loans to legal entities increased up to UAH 2.1 bln.

'In compliance with NBU requirements, in I quarter the bank formed additional provisions, which had an impact on the total financial performance based on the results of nine months. However, in III quarter the Bank gained operational profit amounting to UAH 22 mln., and for nine months of the year 2016 - UAH 33.6 mln, which speaks for operational effectiveness of INDUSTRIALBANK. We continue to reduce expenses, enhance efficiency of resources and advance our internal processes to improve quality of services rendered to the customers. The Bank works on enlarging its customers base and keeps on performing all its obligations in full', - Mykhailo Bukrieiev, Chairman of the Board of JSCB 'INDUSTRIALBANK', says.

The complete version of financial statements of INDUSTRIALBANK for III quarter 2016 is postedhere.

Reference:JSCB 'INDUSTRIALBANK' (Zaporizhzhia) was established in 1990. It is a universal bank offering a wide range of services to companies, entrepreneurs and individuals. Financial reliability of the bank is confirmed by rating agency 'Credit-Rating' as uaA-, Outlook 'Stable'.