Ukreximbank — Doubles 3Q23 profitability, CAR slightly above minimum level
According to preliminary data from the NBU, state-owned Ukreximbank booked 3Q23 net profit of UAH 1.6bn ($44m), up 93% q-o-q, bringing 9M23 net income to UAH 3.6bn ($98m), up from a UAH 7.9bn ($255m) net loss in 9M22. Total assets (in UAH terms) fell by 6.0% q-o-q (+13% y-o-y), with net loans down 1.2% q-o-q (-11% y-o-y). Customer deposits (also in UAH terms) dropped by 8.2% q-o-q (+31% y-o-y). NIM, based on net interest-bearing assets and in UAH terms, rose by 0.7pp q-o-q to 3.2% (2.3% in 9M23, -0.7pp y-o-y). Annualized cost of risk was positive at 2.0% due to a release of provisions last quarter, on top of positive cost of risk of 1.5% in 2Q23 (pos. 2.2% in 9M23 vs. 19% provisioning in 9M22). The bank reported a capital adequacy ratio of 10.1% (+2.2pp q-o-q and -1.5pp y-o-y).