Financials
October 25, 2011
First Ukraine International Bank (FUIB) released its 9M11 UAS financials on Friday (Oct 21). This is the first time which FUIB has reported its consolidated financials after its merger with DongorBank. Overall, the consolidated balance sheet and income statement look significantly better compared to the financials which had been reported by FUIB on a stand-alone basis. We note an improvement in the net interest margin to 7.2% as of end-3Q, up from 5.9% reported in the previous quarter. FUIB now lists consolidated assets of UAH 29bn, which is a 50% increase from the pre-merger level. This positions FUIB as the 9th-largest bank in Ukraine with an estimated share of 2.8% of the banking system’s assets.
