News of the Bank

Deloitte&Touche fixed profit growth of PRAVEX-BANK

PRAVEX-BANK announced about audit completion by audit company Deloitte&Touche of bank financial reporting for the first half — year of 2007. Intermediate reporting is made up in accordance with International Accounting Standards (IAS).

International audit company Deloitte confirmed balance of PRAVEX-BANK as of 30.06.07. in accordance with international standards of audit. In accordance with specialists of Deloitte company, financial accounting, provided by bank for the first half-year of 2007, authentically reflects all existing aspects of bank financial activity.

In accordance with PRAVEX-BANK activity during last half-year there was fixed increase of the raw of financial indexes.

In accordance with financial accounting PRAVEX-BANK showed considerable growth of profitability : net profit of the bank after taxes payment for the first half-year of 2007 increased two times in comparison with analogous period of the last year and constituted USD 7,508 mln. on 30.06.06  — USD 3,744 mln.).

Equity increase of PRAVEX-BANK for the first half-year of 2007 constituted 97% and now equity is equal to USD 113,5 mln. (at the end of 2006 — USD 57,71 mln.).

Total assets of the bank as of 30 Juin 2007 constituted USD 968 mln., growth — 42% (at the end of 2006 — USD 678 mln).

«In accordance with audit accountability for the first half-year of 2007 company Deloitte&Touche made, undoubtedly, positive audit conclusion of financial statements of PRAVEX-BANK. Besides, IAS accounting allows to estimate better real situation in bank and gives opportunity to accept more reasonable administrative decisions. In accounting year there were a lot of activities on reforming of business management system, improvement of assets and liabilities structure, risks lowering, new banking products, services and technologies introduction. These measures favor stable increase of bank capitalization and make our business attractive for investments including foreign. If the management wants to increase investment attractiveness of the bank for obtaining credits in foreign banks and also tries to enter international markets, there inevitably appears a task to get financial statements corresponding to international standards.

We are contented by the results of the statements which give us rights to speak confidently about the rightness of our selected strategy which is based on our constant endeavor to improve conditions of provision and qualities of our services. It allows us to strengthen our positions at the market and win trustiness of majority of both present and potential clients.», — commented Nataliya ZUBRITSKAYA, Chairwoman of the Board of PRAVEX-BANK.

Since 1997 PRAVEX-BANK passes annual international audit to correspond to international standards of financial statements, approaching to international markets and maximal understanding of bank business-model by international investors. Since 2003 and till the present time Bank passes audit in the international audit company Deloitte&Touche USC.

«As we are guided by principles of transparent business, since this year PRAVEX-BANK passes audit and half-year financial statements equally with standard audit of annual statements. The main target of statements audit on IAS — conclusion of adequacy of reflection in it of bank financial situation, operation activity results and cash resources movement for accounting period. And besides this is an instrument which is called to protect society against unreliable financial information », — made conclusion N.ZUBRITSKAYA.

As of 01.09.2007 assets of PRAVEX-BANK constitute UAH 5,5 bln., regulatory capital is UAH 640 mln, authorized capital is UAH 371,5 mln.