Platinum Bank presents 2009 Consolidated IFRS Results
Consolidated reporting based on the international standards (IFRS) for 2009 was prepared by Deloitte & Touche. During 2009 as many Ukrainian banks were reporting substantial losses due to imprudent lending and an overall weak economy, Platinum Bank’s consistent conservative risk approach and cost control mentality allowed it to post a significant profit and related ROE.
Greg Krasnov, Platinum Bank CEO, noted: "The year 2009 showed that our business strategy, created over several years, is a successful model. As other banks ceased lending or went bankrupt in Ukraine, Platinum Bank did not stop lending for even a day. Today, Platinum Bank ranks among the top three players in the Ukrainian sales finance market. In 2010, we plan to significantly expand our Bank Branch network and increase our loan and deposit portfolios".
Todd Esposito, Platinum Bank CFO, added: "Financial stability and responsibility in all areas of banking activity are cornerstones of our business strategy. Our ability to properly manage risk and minimize cost shows our ability to execute during a difficult economic environment. In addition to our past successes, Platinum Bank plans to introduce new products in the second half of 2010 – Small and Medium Size Company loans (SME) and re-introduce a Home Equity loan product. We believe that our new initiatives will continue to help support the development of Ukraine's economy".
The complete 2009 IFRS financial statements are available at our corporate web-site at: http://www.platinumbank.com.ua/view.auditfs/.
Platinum Bank (www.platinumbank.com.ua) – specialized retail bank, which since 2005 offers deposits and loan products to individuals through its network of outlets and points of sales throughout Ukraine. As at January 01, 2010, Platinum Bank’s consolidated assets were UAH1.5 billion. The main shareholders of Platinum Bank include international investment funds such as Horizon Capital, East Capital and IFC (a member of the World Bank Group).