OREANDA-NEWS. August 14, 2009. PricewaterhouseCoopers is the auditor of Commerzbank Group, member of which Bank Forum has become since March, 2008, reported the press-centre of Bank Forum.

The 2008 Financial Statements display the effects of the current financial crisis which weakened financial stability and creditworthiness of borrowers. Therefore Bank Forum has used a more pragmatic approach to its provision for impairment of loans which resulted in a considerable increase of charges of the provision.

The charge of provision for impairment increased in 5 times while loan portfolio only in 1.7 times, compared to the previous year.

This has worsened the financial results of the Bank and led to its financial losses in 2008. It is worth mentioning though, that Bank Forum managed to make the pretax preloan loss provision profit of UAH 429,057,000.

The shareholders and Management of Bank Forum are aware of the current economic situation and have been implementing all necessary instruments to stabilize and optimize the business processes within the bank. At the end of 2008 the core capital was increased by UAH 638,580,000 and was registered by the National Bank of Ukraine in February, 2009.
In the current year Bank Forum is taking further steps to use all available resources for effective activity in banking services field.

Joint-Stock Commercial Bank “Forum” was founded in 1994. It is one of the largest banks in Ukraine. Commerzbank AG, second biggest bank in Germany and one of the major European banks, is the main shareholder of JSCB “Forum”. As of July 1, 2009 bank’s core capital amounts to UAH 2 260 mln., net assets - UAH 19 132 mln., loan portfolio — UAH 15 897 mln., total balance — UAH 30 482 mln., balance capital — UAH 1 889,2 m.