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22.07.08 VAB Bank summarized the results for the six months of 2008
VAB Bank summarized the results of the first-half of 2008. As of July 1st, 2008, the loan portfolio raised to UAH 4.9 billion, increasing from the beginning of the year by 7.8%. Thus, individual loans volume grew on UAH 127.4 million in the first quarter and on UAH 126.4 million in the second quarter, totally comprising UAH 1.5 billion. The size of credits, given to corporate clients exceeded UAH 3.4 billion, increased from the beginning of the year on UAH 100 million
Net assets of VAB Bank on beginning of July, 2008 attained UAH 6.7 billion. The size of money facilities of legal entities on urgent and current accounts is UAH 1.6 billion, and was increased for the first quarter of 2008 on UAH 105 million.
Commenting the financial results for the first half-year 2008, Chairman of the Management Board of VAB Bank Peter Baron said that in spite of the certain decline in the period, the bank succeeded to get to the planned level of profitability. «In addition, in the first half-year of VAB Bank started the program of sales for retail clients, and lowered the operating expenses due to optimization of business-processes and centralization of separate types of purchases», - Peter Baron said.
As compared with the first quarter, the net profit of the bank for the second quarter is UAH 68.76 million, a commission profit grew to UAH 53.77 million, a result on trade operations increased to UAH 19,450 million. The regulatory capital of the bank grew on 34.5% from the beginning of year and on July 1st, 2008 was UAH 908,6 million.
Reference dataVseukrainsky Aksionerny Bank (VAB Bank) has been operating in the Ukrainian financial market since 1992 and belongs to the group of large banks in Ukraine according to NBU. In October 2006, VAB Bank became a member of VAB Group, a full-service financial group. Its branch network consists of 25 branches and 148 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, total capital — UAH 908.6 million.
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