Ukrgasbank Annual General Shareholders Meeting
Ukrgasbank Annual General Shareholders Meeting was held on 06 April 2012. The meeting reviewed reports of the bank’s Auditing Committee and external auditor on the bank’s YE2011 business results. In particular, the following YE2011 indicators were announced during the meeting:
- corporate loan portfolio almost doubled comparing to a year before totaling UAH 11,150.9 m. The loan portfolio growth was among the fastest in the banking system of Ukraine;
- bank’s impairment provisions were formed in full in line with the requirements of the National Bank of Ukraine and recommendations of the auditors’ under IFRS;
- For the first time since recapitalization, the bank achieved a positive operating cash flow in the reporting period and satisfactory results by all business lines.
The bank also announced its strategic goals for the year 2012, in particular:
- to reduce a share of impaired assets;
- to expand and diversify the customer base;
- to increase a share of non-interest income in the total income of the bank;
- to increase share of the bank in the card issuance business;
- to increase retail loan portfolio;
- to become more active in SME and micro lending.
For reference: A share of the Government of Ukraine in the bank’s share capital increased to 93% in the reporting period. Share capital of Ukrgasbank grew to UAH 10 bn.
Income of the bank before impairment provisions for 2011 made UAH 378.9 million.
12.04.2012