Raiffeisen Bank Aval earned over UAH 4 billion in profit for 9 months of 2017

The FINANCIAL — Raiffeisen Bank Aval continues to demonstrate high financial results: in 3Q 2017 the bank earned a profit sized UAH 1, 294 million. From the beginning of the year, the bank’s profit has amounted to UAH 4,032 million on an accrual basis.

Net interest incomes of Raiffeisen Bank Aval have amounted to UAH 4,226 million since the beginning of the year 2017, what is by 17.1 per cent more in comparison with the same period in the previous year. The bank has also received UAH 1,692 million of net commission incomes (25.1 per cent growth as compared to the results for January-September of 2016).

“Our success is based on a number of factors”, comments Volodymyr Lavrenchuk, CEO of Raiffeisen Bank Aval. “Firstly, the bank is building long-term relations with highly reliable clients. In 2017, the bank has managed to give record loan volumes at good prices to business entities while adhering to a weighted credit policy. Interest incomes have largely contributed to the general result”, he added.

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“At the same time, a good combination of such policy with our experience of a long-term cooperation with customers has allowed us to avoid extreme costs for credit risk coverage.

And, thirdly, we continue to increase the efficiency of the bank’s processes, stick to a reasonable cost saving policy and introduce up-to-date technologies”, continued Volodymyr Lavrenchuk.

Since the beginning of 2017, the assets of Raiffeisen Bank Aval have increased by 11.8 per cent and reached UAH 62,582 million as at 30 September 2017, of which UAH 35,916 million were customer loans (an increase by 28.3 per cent or UAH 7,912 million since the year beginning).

The bank’s obligations were nearly UAH 52,107 million as at the end of the third quarter with an increase by 13.5 per cent or UAH 6,179 million for a 9-month period of 2017, according to Raiffeisen Bank Aval.

Raiffeisen Bank Aval has a sufficient capital base (UAH 10,475 million as at 30 September 2017) and good liquidity. The capital adequacy ratio of the bank (H2) was 20.07 per cent at the end of September (at the required minimum of 10 per cent).