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FINANCIAL RESULT
The financial result of the activity of the Finance and Credit Bank for 2005 made up UAH 14.7 million.
The income earned in 2005 made up UAH 516.6 million; that is 55.4% more as compared with that in 2004. Herein, the income of the Head Bank totaled UAH 311.6 million and that of the branch network was UAH 205 million.
The greatest share of the income falls on the interest income - 71.7%, i.e. UAH 370.8 million, including:
UAH 21.7 million from the funds with banks (corresponds to the 2004 level)
UAH 219.1 million from the customer loans (55.0% growth as compared with 2004)
The specific share of the commission income amounts to 19.2% or UAH 99.5 million.
On the whole, in 2005 the Bank earned UAH 128.1 in commission and trade incomes that constitute 156% of the 2004 level including UAH 56.2 million in the Head Bank's income and UAH 71.9 million in the branch network's income. The net trade income earned in 2005 amounted to UAH 28.7 million or 117.7% of the net trade income earned by the Bank in 2004.
The Bank's annual expenditures totaled UAH 501.9 million or 54% more than
in 2004.
The greatest specific share in the total expenses falls on interest costs - 57%; their volume makes up UAH 285.9 million. Their largest portion (81.9%) is expenses related to the funds received from the customers being the major factor of impact on the growth of the Bank expenditures as a whole.
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The interest expenses on the funds borrowed from the banks dropped by
2.5 % as compared with 2004.
The commission expenses constituting 1.9% of the total expenditures (UAH 9.6 million) decreased by 20.8% in 2005 as compared with the previous year, including due to the changed chart of accounts and the portion of expenditures reclassified as miscellaneous expenses in pursuance of the National Bank's demand.The rental and other operating expenses increased totaling UAH 11.41 million in 2005 and exceeded the previous year's figures by 72.9%. Such dramatic increase is attributed to the changed card of accounts and rapid growth of the Bank's regional network.
One of the crucial items influencing the generation of expenses is the general administrative costs, which accounts for 44% (UAH 125 million) in the total expenses 2005. In comparison with the previous year, the costs mentioned increased by 44.8%
The 2005 personnel costs amounted to UAH 67.3 million; their specific share in the total administrative costs of the Bank made up 53.4%. In comparison with the previous year, mentioned expenses increased by 56.6% due to the growing average number of employees during the year. Thus, as of the end of 2005, the number of employees in the Finance and Credit Bank was 2 903 persons; that is 43% more than as of the end of 2004. In 2005 the expenses related to the allocations to reserve amounted to UAH 47.5 million or 49.6% more than in 2004. According to the 2005 results, the net profit of the Bank made up UAH 14.7 million or 121.7% more than in 2004. The profit tax expenses amounted to UAH 2.4 million.
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