Ukreximbank

Ukreximbank, 100% state-owned, is Ukraine’s third largest bank with end-1H16 assets of $6.1bn (12% market share). Corporates, mostly export/import-oriented businesses and state-owned enterprises, account for over 98% of the bank’s loan book.
Year 2021 2022 2023 2025 2029
Issue Volume ($m) 150 750 125 600 100
Coupon Rate (% p.a.) 16.50% 9.625% 8.75% 5) 9.75% 9.95%
Coupon Frequency S/A S/A S/A S/A S/A
Maturity date 3/2/2021 4/27/2022 2/9/2023 1/22/2025 11/14/2029
Ratings: Moody`s/S&P/Fitch -/-/Bemr B3/-/B Caa2/-/CCC- B3/-/B -/-/-
Market Price* ($) 98.00 102.00 95.00 101.75 97.00
Market YTM* 20.85% 7.54% 11.74% 8.53% 10.83%
Spread over UST* 985 739 928 839 1,055
Note: *Based on bid price.
Year 2018 2019E 2020E
Total Assets ($m) 5,838 5,963 4,457
Total Revenues ($m) 68 278 115
Net Income ($m) 30 39 (56)
Equity ($m) 305 417 273
NIM (%) - - -
Equity/Assets (%) 5.2% 7.0% 6.1%
ROE (%) 7.4% 10.8% neg.
ROA (%) 0.5% 0.7% neg.

Latest news about Ukreximbank

Jun 09, 2020
| Banking

Ukreximbank — Books net profit in April

According to provisional NBU data, state-owned Ukreximbank booked net profit of UAH 0.6bn ($22m) in April, up from a net loss of UAH 2.6bn ($98m) in March and cutting the 4M20 net loss to UAH 1.7bn ($65m). Total assets inched up 0.1% y-o-y to UAH 150bn, while customer deposits declined 1.9% y-o-y to UAH 83bn.
May 20, 2020
| Banking

Ukreximbank – Books net loss in 1Q20

State-owned Ukreximbank booked a 1Q20 (IFRS separate; unaudited) net loss of UAH 2.1bn ($83m), down from net profit of UAH 0.4bn ($14m) in 1Q19. Total assets (in UAH terms) and net loans both fell 13% y-o-y. Customer deposits (in UAH terms) rose 3% y-o-y. NIM (based on net interest-bearing assets and in UAH terms) increased 0.4pp y-o-y to 1.3%. Cost of risk (annualized) stood at 1.2%, +0.5pp y-o-y. Impaired loans (defined as Stage-3 loans under IFRS 9) totaled 64% of total loans at end-1Q20, +5pp y-o-y, with LLR coverage of 81%, -1pp y-o-y. Cash and cash equivalents increased 51% y-o-y to UAH 42.3bn ($1.5bn), or 28% of total assets, +11pp y-o-y. The capital adequacy ratio (NBU) stood at 13.4%, -6.8pp q-o-q and +0.2pp y-o-y. (Bank)
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