Ukreximbank

Ukreximbank, 100% state-owned, is Ukraine’s third largest bank with end-1H16 assets of $6.1bn (12% market share). Corporates, mostly export/import-oriented businesses and state-owned enterprises, account for over 98% of the bank’s loan book.
Year 2025 2029
Issue Volume ($m) 600 100
Coupon Rate (% p.a.) 9.750% 9.950%
Coupon Frequency S/A S/A
Maturity date 1/22/2025 11/14/2029
Ratings: Fitch/Moody`s/S&P CCC-/Caa3/— //
Market Price* ($) 93.00 69.50
Market YTM* 21.70% 70.10%
Spread over UST* - -
Note: *Based on bid price.
Year 2020 2021 2022E
Total Assets ($m) 6,822 8,017 -
Total Revenues ($m) 59 248 -
Net Income ($m) (207) 71 -
Equity ($m) 366 446 -
NIM (%) - - -
Equity/Assets (%) 5.4% 5.6% -
ROE (%) neg. 17.5% -
ROA (%) neg. 1.0% -

Company Peers

Latest news about Ukreximbank

Feb 22, 2024
| Banking

Ukreximbank — Remains profitable in 4Q23, CAR slips below regulatory minimum

According to preliminary data released by the NBU, state-owned Ukreximbank booked net profit of UAH 1.6bn ($44m) in 4Q23, flat q-o-q, bringing 2023 net profit to UAH 5.2bn ($143m), up from a net loss of UAH 6.9bn ($213m) in 2022. Total assets increased by 8.4% q-o-q in UAH terms (+12% y-o-y), with net loans +2.3% q-o-q (-8.9% y-o-y). Customer deposits rose by 6.0% q-o-q in UAH terms (+21% y-o-y). NIM, based on net interest-bearing assets and in UAH terms, inched up by 0.5pp q-o-q to 3.7% (2.7% in 2023, flat y-o-y). Annualized cost of risk totaled -2.4% in 4Q23 compared to +2.0% (meaning a release of provisions) in 3Q23, with 2023 cost of risk coming in at pos. 1.1% following a 14% provisioning ratio booked in 2022. The total capital adequacy ratio stood at 4.2% (-5.9pp q-o-q, -3.5pp y-o-y).
Jan 10, 2024
| Banking

Ukreximbank may face moderate capital shortage – final results of NBU sustainability assessment

The NBU published the final results of its sustainability assessment of the top-20 banks, confirming that the banking system overall currently has a high safety margin, with the maximum capital shortage across the system estimated at UAH 10bn ($0.26bn). The NBU identified three banks with elevated risk of capital losses over a three-year horizon, including state-owned Ukreximbank, foreign-owned Pravex Bank and locally owned MTB. The central bank said their prospective capital shortage stemmed from their low operating efficiency, i.e. low interest margins and high operating expense/income ratios. These banks will be required to submit to the NBU restructuring and/or recapitalization programs with a focus on asset restructuring and operating efficiency improvement. At the same time, state-owned Oschadbank demonstrated strong capital resilience in the NBU model, its total capital ratio seen almost doubling over three years to 30%.
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