Ukreximbank

Ukreximbank, 100% state-owned, is Ukraine’s third largest bank with end-1H16 assets of $6.1bn (12% market share). Corporates, mostly export/import-oriented businesses and state-owned enterprises, account for over 98% of the bank’s loan book.
Year 2021 2022 2023 2025
Issue Volume ($m) 150 750 125 600
Coupon Rate (% p.a.) 16.50% 9.625% 9.05% 5) 9.75%
Coupon Frequency S/A S/A S/A S/A
Maturity date 3/2/2021 4/27/2022 2/9/2023 1/22/2025
Ratings: Moody`s/S&P/Fitch -/-/Bemr Caa1/-/B Caa2/-/CCC *+ Caa1/-/B
Market Price* ($) 98.00 104.00 98.50 105.75
Market YTM* 19.00% 6.21% 10.41% 6.99%
Spread over UST* 350 464 753 544
Note: *Based on bid price.
Year 2018 2019E 2020F
Total Assets ($m) 5,838 5,850 -
Total Revenues ($m) 68 160 -
Net Income ($m) 30 50 -
Equity ($m) 305 330 -
NIM (%) - - -
Equity/Assets (%) 5.2% 5.6% -
ROE (%) 7.4% 15.7% -
ROA (%) 0.5% 0.9% -

Latest news about Ukreximbank

Aug 02, 2019
| Banking

Ukreximbank — 2Q19 results improve

State-owned Ukreximbank reported 2Q19 (IFRS separate; unaudited) net profit of UAH 467m ($18m), +18% y-o-y, which put 1H19 profit at UAH 862m ($32m), +27% y-o-y. Total assets (UAH terms) fell 7% q-o-q and 5% y-o-y, with net loans -3% q-o-q but +6% y-o-y. Customer deposits (UAH terms) rose 2% q-o-q and dipped 1% y-o-y. NIM (based on net interest-bearing assets and in UAH terms) increased 0.9pp q-o-q to 2.0% (1.5% in 1H19, -0.2pp y-o-y). Cost/Income stood at 39%, -8pp q-o-q (42% in 1H19, -5pp y-o-y). Cost of risk (annualized) totaled 2.7%, +1.7pp q-o-q (1.9% in 1H19, vs. pos. 1.8% in 1H18 on released provisions). Impaired loans (defined as Stage-3 loans under IFRS 9) stood at 59% of total loans at end-2Q19, +0.2pp q-o-q and +1.2pp YTD, with LLR coverage of 82%, flat q-o-q and +1pp YTD. Cash and cash equivalents decreased by 29% q-o-q but were up 7% YTD at UAH 19.9bn ($0.76bn), representing 13% of total assets, -4pp q-o-q and +2pp YTD. Total capital adequacy ratio (NBU) stood at 13.8%, +0.6pp q-o-q and +1.0pp YTD.
May 07, 2019

Ukreximbank — Remains profitable in 1Q19

State-owned Ukreximbank reported 1Q19 results (IFRS separate; unaudited), booking net profit of UAH 395m ($14m), +53% y-o-y. Total assets (in UAH terms) increased by 1% q-o-q and 2% y-o-y, with net loans -4% q-o-q but +14% y-o-y. Customer deposits (in UAH terms) were up 2% q-o-q and flat y-o-y. NIM (based on net interest-bearing assets and in UAH terms) dropped by 0.7pp y-o-y to 1.0% in 1Q19. Cost/Income stood at 47% in 1Q19, -2pp y-o-y. Cost of risk (annualized) was 1.0% in 1Q19, -0.3pp y-o-y. Impaired loans (defined as Stage-3 loans under IFRS 9) stood at 58% of total loans at end-1Q19, +1.0pp q-o-q, with LLR coverage of 83%, flat q-o-q. Cash and cash equivalents increased 57% y-o-y to UAH 28bn ($1.0bn), or 17% of total assets. Total capital adequacy ratio (NBU) stood at 13.2%, +0.4pp q-o-q and -1.1pp y-o-y.
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