UKIO Bankas profit

[Jam Tarts 1874]

Despite the "expert" opinion of many on here over the past 18 months, UKIO Bankas still making profit when all the big banks are making huge losses.

 

http://sport.scotsman.com/sport/Vladimir-Romanov39s-bank--posts.5837943.jp#4623302

 

HEARTS owner Vladimir Romanov's bank has posted profits of ?1.65 million for the first three quarters of 2009.

 

The latest set of unaudited financial results shows a 92 per cent fall in gains compared with the same trading period last year when Ukio Bankas, whose name is emblazoned on Hearts' first team jerseys, recorded net takings of ?21.6 million. The decrease in profits is blamed on a harsh financial climate.

 

Arnas Zalys, head of Ukio Bankas finance division, said: "Even in an economically difficult period, Ukio Bankas Group earned some profit."

 

The majority of Hearts' ?30.48 million debt is owed to Ukio Bankas Investment Group (UBIG).

[Samster]

They always maintained they did not have a bg exposure to US sub-prime and that has clearly helped. The hoboconomists will no dount be laughing at what is a relatively small profit in banking terms but in the current climate any profit should surely be congratulated.

 

Now, where's that striker........

[Guest Bilel Mohsni]

Despite the "expert" opinion of many on here over the past 18 months, UKIO Bankas still making profit when all the big banks are making huge losses.

 

http://sport.scotsman.com/sport/Vladimir-Romanov39s-bank--posts.5837943.jp#4623302

 

HEARTS owner Vladimir Romanov's bank has posted profits of ?1.65 million for the first three quarters of 2009.

 

The latest set of unaudited financial results shows a 92 per cent fall in gains compared with the same trading period last year when Ukio Bankas, whose name is emblazoned on Hearts' first team jerseys, recorded net takings of ?21.6 million. The decrease in profits is blamed on a harsh financial climate.

 

Arnas Zalys, head of Ukio Bankas finance division, said: "Even in an economically difficult period, Ukio Bankas Group earned some profit."

 

The majority of Hearts' ?30.48 million debt is owed to Ukio Bankas Investment Group (UBIG).

 

Wonder if Sir David Moonbeams made much of a profit in the same term... Just wondering since the Daily Record seemed to glory in the financial results of UKIO while Moonbase is on it's knees and acts as a garauntee for about 40 million of Rangers' debt... If the rumours are to be believed.

 

I admit to knowing virtualy nothing about these sort of things but considering a profit was made in a recession is that not relatively decent news? I mean everyone else's bank in Scottish football (Lloyds/HBOS) are even imposing transfer embargos on some clubs in an effort to claw back some of their dwindling profits... We may be signing a lot of useless players but at least we are allowed to sign them? No?

[Phage]

Comparing RBS etc to Vlkad's bank is like comparing the current Hearts team to my subbuteo team.

[Balders]

If it was not for our interest payments they would have made a loss. They really are very very small fry in banking terms.

[Cyclojambo]

The ?20m+ profit Ukio made last year was mostly down to the sale of a large property portfolio in Moscow. It's a pity their property portfolio in Edinburgh hasn't been so successful.

 

They've done well to make any profit in this financial climate. However, this years profits are more in line with a bank the size of Ukio and I'm sure they will improve with time. Just need to be cautious for a while longer.

[Csaba's Broon Shoes]

Comparing RBS etc to Vlkad's bank is like comparing the current Hearts team to my subbuteo team.

 

RBS , HBOS & Llyods should all have went out of business the country would be better of if they did , do Scottish banks have any credibility left in the industry ? Vlads bank did make profit in the worst recession in decades which speaks volumes

[JamboAl]

Comparing RBS etc to Vlkad's bank is like comparing the current Hearts team to my subbuteo team.

 

Yea but did your subbuteo team make a profit?

[flecktimus]

Despite the "expert" opinion of many on here over the past 18 months, UKIO Bankas still making profit when all the big banks are making huge losses.

 

http://sport.scotsman.com/sport/Vladimir-Romanov39s-bank--posts.5837943.jp#4623302

 

HEARTS owner Vladimir Romanov's bank has posted profits of ?1.65 million for the first three quarters of 2009.

 

The latest set of unaudited financial results shows a 92 per cent fall in gains compared with the same trading period last year when Ukio Bankas, whose name is emblazoned on Hearts' first team jerseys, recorded net takings of ?21.6 million. The decrease in profits is blamed on a harsh financial climate.

 

Arnas Zalys, head of Ukio Bankas finance division, said: "Even in an economically difficult period, Ukio Bankas Group earned some profit."

 

The majority of Hearts' ?30.48 million debt is owed to Ukio Bankas Investment Group (UBIG).

 

Any potential profit is good news,but remember that the financial results are unaudited.

[flecktimus]

Yea but did your subbuteo team make a profit?

 

But have UKIO Bankas?

[Geoff Kilpatrick]

Given that Lithuania's GDP went down by over 20%, any profit in a Lithuanian bank is incredible.

[Samster]

RBS , HBOS & Llyods should all have went out of business the country would be better of if they did

 

Possibly the most ridiculous statement I've read on this site (and that takes some doing).

[Gary G]

Comparing RBS etc to Vlkad's bank is like comparing the current Hearts team to my subbuteo team.

 

 

Can your Subbuteo team score goals?

[malcmac]

RBS , HBOS & Llyods should all have went out of business the country would be better of if they did , do Scottish banks have any credibility left in the industry ? Vlads bank did make profit in the worst recession in decades which speaks volumes

 

I would argue that they lost their "Scottish-ness" years ago, and that was their downfall! I'm sure the good people of Halifax aren't assessing their profile in the global financial sector!

 

However, well done Ukio Bankas. Not sure it really helps us though.

[Geoff Kilpatrick]

Possibly the most ridiculous statement I've read on this site (and that takes some doing).

 

On what grounds?

 

Guaranteeing deposits and placing the rest of the bank in admin would have been a lot cheaper for the UK taxpayer.

[wavydavy]

Possibly the most ridiculous statement I've read on this site (and that takes some doing).

 

Here, Here you beat me to it.

[JamboAl]

But have UKIO Bankas?

 

Yes

[wavydavy]

On what grounds?

 

Guaranteeing deposits and placing the rest of the bank in admin would have been a lot cheaper for the UK taxpayer.

 

How many jobs would have been lost and I don't just mean in the Banks themselves.

 

Think of all those other smaller businesses who live off the major banks.

 

How many thousands of people would be on the dole and who pays for that, the tax payer.

 

Surely it is better to have these people in employment spending their money in our shops etc instead of wasting away doing nothing bust signing on.

[Guest jambomickey]

hope they go bust.

[Geoff Kilpatrick]

How many jobs would have been lost and I don't just mean in the Banks themselves.

 

Think of all those other smaller businesses who live off the major banks.

 

How many thousands of people would be on the dole and who pays for that, the tax payer.

 

Surely it is better to have these people in employment spending their money in our shops etc instead of wasting away doing nothing bust signing on.

 

Listen, the UK government has printed 200M of silly money. They could have stepped in as lender as well if they were so insistent on doing so. That money is being used to rebuild the banks' balance sheets rather than being lent to business.

 

Anyway, Shed debate territory.

[Charlie-Brown]

Listen, the UK government has printed 200M of silly money. They could have stepped in as lender as well if they were so insistent on doing so. That money is being used to rebuild the banks' balance sheets rather than being lent to business.

 

Anyway, Shed debate territory.

 

It's ?200 Billion GK not ?200M - worse still the Banks are getting bail out money at almost zero percent and then lending to the UK Government at +3.5% , speculating on financial assets instead of commercial lending and still gambling on derivatives.

[wavydavy]

Listen, the UK government has printed 200M of silly money. They could have stepped in as lender as well if they were so insistent on doing so. That money is being used to rebuild the banks' balance sheets rather than being lent to business.

 

Anyway, Shed debate territory.

 

So why comment here then?

[flecktimus]

Yes

 

Not according to the story above, there is still a financial quarter to go and the the results so far are unaudited. Yes

[flecktimus]

It's ?200 Billion GK not ?200M - worse still the Banks are getting bail out money at almost zero percent and then lending to the UK Government at +3.5% , speculating on financial assets instead of commercial lending and still gambling on derivatives.

 

Correct

 

The BOE print the money, the banks buy the bonds then sell them back and make a tidy profit,

 

Simples (Mods could we have a meerkat smiley:10900:)

[malcmac]

Correct

 

The BOE print the money, the banks buy the bonds then sell them back and make a tidy profit,

 

Simples (Mods could we have a meerkat smiley:10900:)

 

Exactly. The media have painted it into a bail out, but the profit will run the NHS for 6 months. I know this is shed territiory but some of the points being made here are being made using the Sun anti government propeganda as research.

[JamboAl]

Not according to the story above, there is still a financial quarter to go and the the results so far are unaudited. Yes

 

What are you suggesting?

It is a profit as compared with the same quarter last year. That's all, unless there is something untoward that you know.

[Geoff Kilpatrick]

It's ?200 Billion GK not ?200M - worse still the Banks are getting bail out money at almost zero percent and then lending to the UK Government at +3.5% , speculating on financial assets instead of commercial lending and still gambling on derivatives.

 

Sorry Charlie, my bad. What's an extra ?1,800M anyway?

[flecktimus]

What are you suggesting?

It is a profit as compared with the same quarter last year. That's all, unless there is something untoward that you know.

 

 

 

How can it be a profit when it has not been audited,

I could easily say my business has made a profit over the last 9 Mths but end up making a loss for the year

 

It is a reported profit not an actual profit

 

No nothing untoward only facts

 

So back to my question has Ukio made an actual profit this financial year.

[malcmac]

How can it be a profit when it has not been audited,

I could easily say my business has made a profit over the last 9 Mths but end up making a loss for the year

 

It is a reported profit not an actual profit

 

No nothing untoward only facts

 

So back to my question has Ukio made an actual profit this financial year.

 

I think the point is that they don't get audited after nine months! It's merely a claim! That's why it's 'reported'! I guess we'll find that out at the end of the financial year.

[Charlie-Brown]

Sorry Charlie, my bad. What's an extra ?1,800M anyway?

 

Actually GK it's ?199'800M difference! the sums are staggering & horrendous.

[flecktimus]

I think the point is that they don't get audited after nine months! It's merely a claim! That's why it's 'reported'! I guess we'll find that out at the end of the financial year.

 

Correct and for the record i hope Ukio makes a profit.

[Csaba's Broon Shoes]

How many jobs would have been lost and I don't just mean in the Banks themselves.

 

Think of all those other smaller businesses who live off the major banks.

 

How many thousands of people would be on the dole and who pays for that, the tax payer.

 

Surely it is better to have these people in employment spending their money in our shops etc instead of wasting away doing nothing bust signing on.

 

How many jobs have already been lost , how many jobs still to be lost

never mind all the repercussions this causes through homes and lifestyles nationwide .

All because our so called bigger banks were throwing money out to bussinesses and people through mega loans willy nilly and rewarding their own staff with outrageous bonuses for doing so

This recession is far from over

If the banks went under as other industries would have without the government bailing them out the country would be in a far better state now and in the immediate future

[Geoff Kilpatrick]

Actually GK it's ?199'800M difference! the sums are staggering & horrendous.

 

Christ, well seen I was drinking last night!

[bigwull22]

How many jobs have already been lost , how many jobs still to be lost

never mind all the repercussions this causes through homes and lifestyles nationwide .

All because our so called bigger banks were throwing money out to bussinesses and people through mega loans willy nilly and rewarding their own staff with outrageous bonuses for doing so

This recession is far from over

If the banks went under as other industries would have without the government bailing them out the country would be in a far better state now and in the immediate future

 

Just like we did in the 1930's eh?

[jambos are go!]

Let me repeat again. If HMG had not gone in and rescued the big banks they would have shut down their branches and their auto tellers on that fateful Tuesday last year with only a few hours notice. People with those banks would not have been able to access their wages or their savings and their would be no place to deposit wages and savings. Employers would have had to revert to cash but that would not have happened overnight. Thats how bad it was.

 

The means of exchange would have collapsed for a few weeks at least and their is likely to have been rioting in the streets. HMG had no option but to step in some form to prevent this. Whether or not their chosen solution turns out to be good or bad is unlikely to be known for 5 to 10 years.

 

The reality is that the Banks were to big for HMG to let them go under and that is why most politicians are now calling for them to be broken up so that we wont have the same situation in future. I doubt it will. BTW the Tories had to eat severe humble pie on this and admit the banks had to be rescued.

[portobellojambo1]

HEARTS owner Vladimir Romanov's bank has posted profits of ?1.65 million for the first three quarters of 2009.

 

Think the sale of property in Moscow, originally purchased for around ?40 million and sold for around ?20 million, is included within that figure, and I'd imagine that figure is being quoted unaudited.

 

For the benefit of a certain poster, if the use of the words think and imagine render the above post as not credible then so feckin be it.

[Thunderstruck]

The first part of the Herald series on the state of Scottish football listed all of the owners and described the owner of Hearts as:

 

"...multinational conglomerate with business interests in propert, metals, sport an finance. Awell-funded organisation controlled by Vladimir Romanov".

 

For Rangers it simply says:

 

"Sir David Murray" and, tellingly, no mention of his conglomerate, metals or other companies or being well-funded.

 

The announcement of a profit, albeit not a large profit, in these times is confirmation that the owners are in reasonable shape. It's a far cry from this time last year when we were in the midst of wailing and gnashing of teeth surrounding the non-payment of wages "fiasco".

[jambos are go!]

If VR is strong in a weak economy then prepare for a feeding frenzy.

[topcat]

If it was not for our interest payments they would have made a loss. They really are very very small fry in banking terms.

 

 

Banks make profit by charging more interest than they receive. So the profit made on the Hearts Debt is the total of the interest payments minus the interest paid to depositors on that amount.

 

If Ukio hadn't lent that money to Hearts then it would have made money on it somewhere else, even if it was just sitting as deposits with Lithuanian Central Bank.

 

Which might have been better as Hearts debts are denominated in Sterling which has depreciated significantly against the Lita the drop in the Lita value of the debt has probably wiped out any actual profit they've made on it.

 

What would be interesting to know is whether they've marked down the value of any of that debt further when putting these accounts together in recognition of the likelihood that they're probably going to have to write some of it off as part of any exit strategy.

[JHunter1874]

one of the strongest income streams for ukio for the last 4 years has been the guaranteed yearly interest repayments from HMFC. ask any business person would they invest in a profit making or a loss making business if they personally had a major interest in the bank that lends them their money? anyone looking for a suggesting to our owners long term agenda regarding HMFC then the answer might possibly be in this reply.