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First Ukrainian International 2011 Net Fell 21% on Reserves

April 24 (Bloomberg) -- First Ukrainian International Bank’s profit last year fell 20.8 percent after it used more cash to cover reserve requirements.

Net income fell to $56 million from $71 million a year earlier, Konstantin Vaisman, the bank’s chief executive officer, told reporters in capital Kiev today. Pretax profit rose 13.6 percent to $76 million, he said.

“We would like profit to increase in 2012,” Vaisman said adding that it will at least be on the level of 2011. The bank expects to increase number of its clients from 1.5 million now to more than 2 million in 2014, he said.

First Ukrainian International, also referred to as FUIB, is owned by Ukraine’s richest man, Rinat Akhmetov, and is a part of Akhmetov’s holding System Capital Management, which includes also the country’s biggest steelmaker Metinvest, energy company DTEK and other businesses.

Credit portfolio growth in 2012 is expected to be similar to 2011, Vaisman said. Last year, FUIB’s credit portfolio rose 9.8 percent to $2.4 billion.

To contact the reporter on this story: Kateryna Choursina in Kiev at kchoursina@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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