Diamantbank reports profit in Q1 2017 next day after bank declared insolvent

Diamantbank reports profit in Q1 2017 next day after bank declared insolventDiamantbank (Kyiv) that was declared insolvent on Monday reported on Tuesday profit in January-March 2017 after four quarters of seeing losses.

This is reported by Interfax-Ukraine.

According to a bank report, it saw UAH 1.7 million of net profit in January-March 2017, while a year ago its net loss was UAH 287.404 million.

Net interest income over the period totalled UAH 44.42 million, which is 4.27 times more year-over-year (UAH 10.399 million).

Taking into account spending on reserves, net interest income of the bank was UAH 16.326 million compared to UAH 306.408 million of net interest loss in Q1 2016.

The bank's credit portfolio shrank by 14.8%, to UAH 3.053 billion. Its assets narrowed by 1.9%, to UAH 7.273 billion.

As reported, the National Bank of Ukraine on April 24 recognised Diamantbank insolvent.

Following the National Bank's decision, the Individuals' Deposit Guarantee Fund decided to withdraw the bank from the market by introducing temporary administration for one month - until May 23, 2017.

Diamantbank was registered by the NBU in November 1993. According to the bank, as of January 1, 2017, its largest shareholders were Ihor Kerez (44.4918% indirectly), Davyd Zhvaniya (23.81%), Andriy Schukin and Viacheslav Tsyhanenko (12.28% each indirectly).

The bank ranked 24th among 93 operating banks as of January 1, 2017, in terms of total assets worth UAH 7.414 billion, according to the NBU.
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