Pt Platinum Public Limited Reports 2011 Consolidated IFRS Results
Pt Platinum Public Limited (hereafter Platinum Bank) ended the financial year 2011 with net income after tax of US$11.281 thousand (2010: US$10.674 thousand). Return on Equity (ROE) reached 13%. Cost to Income ratio improved to 54%.
Following 2010 record results, Platinum Bank’s 2011 results confirmed once again its’ reputation of a strong, sustainable financial institution with the potential to become one of the leaders of CEE’s retail banking sector. Even with the acquisition of a similar sized bank last year, 2011 operational performance allowed Platinum Bank to post a significant profit and related ROE. In 2011, Platinum Bank completed the acquisition of PJSC “Home Credit Bank” (renamed to PJSC “Bank Vostok”) from Home Credit BV. Subsequently the assets and liabilities of PJSC “Bank Vostok” were transferred to Platinum Bank and PJSC “Bank Vostok” was disposed of by the end of 2011. In 2011, Platinum Bank’s retail deposit portfolio increased by more than 450%, UAH retail loan portfolio by more than 200% and its Total Assets increased by 120%.
Greg Krasnov, Platinum Bank CEO, noted: "2011 for us was a year of continued growth. We have significantly expanded our Branch network (to 70 branches), and increased our UAH retail loan portfolio by more than 200%, most of which we have achieved through organic growth. These results make us one of the Top 10 banks among Retail Loan Banks in Ukraine."
Todd Esposito, Platinum Bank CFO, added: "I am proud to say that this is a 3rd year in a row of IFRS profitability and double digit ROE for Platinum Bank. We will continue our focus on a balance of growth and profitability to maximize returns for our shareholders”.
Platinum Bank – is a specialized retail bank providing deposit and loan products to individuals, small and medium-sized business through a network of outlets and customer service centers all over Ukraine since 2005. The main shareholders of Platinum Bank are international investment funds: Horizon Capital, East Capital Financials Fund AB and IFC (subsidiary of the World Bank).
Platinum Bank won the prestigious title of the “Best Retail Bank” in "Ukrainian Banker Awards 2011" by Investgazeta.